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Lifetime Mortgage & General Equity Release Advice in Ealing
Reviewed by Tom Philips
Get in touch today on 0330 058 1579 for a free, zero obligation consultation. We can help you locate equity release advisors in your local area.
Thousands of people across Ealing and the rest of London are currently considering equity release Ealing as a way of gaining access to the money that is currently tied up in your house.
If you have a mortgage and have lived in your house for many years, then you will have a significant amount of equity built up in your house, which you can choose to release through using an equity release loan [1].
Some of the reputable lenders the financial advisors will research on your behalf include Scottish Widows, Legal & General, Aviva, Liverpool Victoria (LV), Canada Life, more2life, Hodge, Just Retirement, Pure Retirement, One Family and LiveMore Mortgages.
All advisors and lenders are regulated by the Financial Conduct Authority (FCA).
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Equity release Ealing is another form of loan or mortgage, which allows you access to your equity. In exchange for access to your equity, you will either sell a percentage of your property to the lender or agree to give them a percentage of the proceeds of your house sale.
There are lots of different types of equity release Ealing, which suit lots of different situations and needs.
However, an equity release loan is different to an ordinary mortgage. With an equity release loan in Ealing, you only have to repay your equity release loan after you pass away or move into long-term care.
This means that instead of repaying your loan through monthly repayments, you won’t have to repay a penny if you do not want to. The equity release loan will last for as long as you live or move into long-term care.
Once you pass away or move into a care home, your house will be sold and the proceeds you get from the sale of your house will pay off the loan.
The great thing about equity release in Ealing is that all loans and products will benefit from a no-negative equity guarantee.
This means that if your house should decrease in value for whatever reason (such as potential subsidence) and the sale of the house does not cover the cost of the loan, the lender will be liable to pay the difference – not your next of kin.
Whilst most people believe that opting for equity release in Ealing means that you are not allowed to move home in the future, this is simply not the case. Instead, most lenders allow individuals to move and transfer their equity release loan as long as your new lender accepts the agreement.
Most people also think that equity release in Ealing and re-mortgaging are the same thing. However, this is not the case. When an individual re-mortgages their house, individuals have to pay a monthly repayment fee to cover the loan and any interest on that loan.
If you are considering equity release in Ealing, then it is important that you seek help, support and advice on how equity release works by an equity release advisor.
You should take their advice very carefully, and make sure that you fully understand the ins and outs of equity release in Ealing before you make a decision.
You are also recommended to speak to your loved ones and next of kin about your plans to take out an equity release loan so that they are well aware of what you plan on doing and how it might affect them and their inheritance in the future.
Across Ealing, London and the rest of the UK homeowners tend to use two main types of equity release, which are lifetime mortgages and home reversion plans. These two types of equity release are explained below in more detail.
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Lifetime mortgages are by far the most popular type of equity release in Ealing, London and across the rest of the UK. This is because with a lifetime mortgage in Ealing, you are able to withdraw the equity from your house and do not have to repay a penny if you do not want to until after you pass away or move into a care home.
Lifetime mortgages in Ealing involve taking out a loan which is then secured against your property. When you sell your property, the sale proceeds then pay off the loan. Until this happens, you do not have to repay the loan.
However, it is important to remember that with a lifetime mortgage you will be charged interest on your loan.
Interest will be added each month, and will inevitably build up into compound interest if it is left over many years. In order to avoid this from happening, lots of people choose to pay off their interest through monthly repayments so that it does not build up and compound unnecessarily.
Some people opt for a type of lifetime mortgage which allows them to gain access to their equity in one large lump sum, which is known as a lump sum lifetime mortgage. Others choose to opt for a drawdown lifetime mortgage plan which allows individuals to gain access to their money on a monthly basis.
How you choose to gain access to your money, and how you choose to spend your equity release money is entirely up to you.
However, some people are recommended to take out a drawdown lifetime mortgage as you are only charged interest on the money that you release from your home in stages, as opposed to paying interest on one large lump sum.
The most attractive thing about lifetime mortgages across Ealing, London and the rest of the UK is that you remain the sole owner of your property, and no one can ask you to leave at any stage.
In order to qualify for a lifetime mortgage in Ealing, you must be aged 55 or over and own your own home in the UK which is worth a minimum of £70,000. The property must be your main residence, meaning that it must be the main place you live and spend your time.
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Home reversion plans are very different to lifetime mortgages, and are also less popular than lifetime mortgages across Ealing, London and the rest of the UK.
When someone opts for a home reversion plan in Ealing, they will sell a portion and percentage of their home in return for their equity cash. They will be selling their property to the home reversion lender for less than the market value of the property.
Unfortunately, this means that you will never be selling your home to the home reversion lender for more than you would sell it for on the housing market.
However, even though you might not sell your house for as much money, you will gain access to the equity money and will also be able to remain living in your house until you pass away or decide to move into a care home for health reasons.
When this happens, your next of kin and loved ones will sell your property. They will sell the percentage of the property that you still own, and the sale of the property will cover the cost of any interest on the loan. If anything is left over, it will go to your loved ones as an inheritance.
Once again, as with a lifetime mortgage you can choose to receive your money in one large lump sum or through a number of smaller, monthly payments.
You are also allowed to move house but the lender must first agree to take on the new house as collateral, as they will technically be sharing ownership with you.
If you want to apply for home reversion equity release in Ealing, then you will need to be aged 65 or over, own your own home in the UK with a value of £70,000 or more and use that property as your main residence.
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Equity release in Ealing is not a new concept. In fact, people have been releasing equity from their home across Ealing, London and the rest of the UK for years.
However, equity release in Ealing has evolved and changed over the years. Due to these changes, lots of features that used to exist have now changed and adapted.
As a result of this, there is now a lot of confusion, disinformation and myths surrounding equity release in Ealing and the rest of the UK.
At Equity Release Warehouse, we are determined to help to overcome these myths and misinformation, so that individuals who are considering equity release in Ealing will be armed with all the right information to make an informed and responsible decision.
For example, many people believe (wrongly) that by choosing equity release in Ealing you are ripping your loved ones of their inheritance. However, this is not the case. Whilst you might not be leaving as much inheritance to your loved ones, this very much depends on how much your property increases in value.
Any money that is left after the loan is paid off from the sale of your house will be left to your next of kin. In order to help to reduce this loan amount, you can choose to repay the interest on your loan through monthly repayments.
Other people also wrongly believe that if you choose equity release in Ealing, you are trapped into living in that property for the rest of your life and you are not allowed to move out unless it is to a care home. Again, this is not the case. With equity release in Ealing you are able to move house as long as your lender accepts the new property as collateral.
Over the years, the myth that you have to earn money to qualify for equity release in Ealing has circulated. However, you do not need to work or bring in income in order to qualify for equity release in Ealing or anywhere else in the UK.
An equity release plan is a form of a loan which is given to you based on how much your property is valued at as opposed to how much you currently or have previously earnt.
Finally, it is important to remember that you will never be forced out of your home. Lots of people believe that with equity release in Ealing and throughout the UK you will be forced out of your home if you do not repay monthly repayments.
With equity release in Ealing there are no monthly repayments, any repayments are voluntary and you will never be asked to move out of your home.
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It is important to remember that although you do not have to repay your equity release loan whilst you still live, the interest on your loan will be charged every month. It is completely up to you whether you want to leave this interest and allow it to compound, or if you want to pay off this interest each month.
The interest rates that the Bank of England [2] charge on equity release loans are higher than they are on traditional mortgages, and it is always important to remember that if you do not pay off the interest on your loan frequently, then the interest will build up and compound over time.
It is also important to remember that if the value of your property increases (which it probably will over time) then the amount of share the mortgage provider owns increases too.
It is important to remember that interest rates do rise over time. In order to establish what the most current interest rates are and why they might go up,, take a look here [3]
As you can see, the interest charges do add a significant amount of money onto your equity release scheme. On top of this, there are a number of other set up charges associated with equity release in Ealing.
For example, you will need to pay for an equity release advisor to help you in the early stages of your equity release loan. This is to ensure that all information you are given is correct, legal and up to date. Your advisor will also work out how much equity you are able to release from your home, as well as how much interest you will have to pay.
On top of this, most lenders also charge a set up charge when you first apply for an equity release loan, although these aren’t often expensive.
In addition to this, you should also expect to pay a number of legal costs too. They will ensure that all is above board legally, and that the contract is safe and secure.
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House prices have well and truly soured over the past few decades. Put simply, £100,000 gets you a lot less now than it did in the early 2000s.
Whilst this is bad news for first-time buyers, it is great news if you bought your house many years ago and have been paying off your mortgage ever since.
This could mean that you are sitting on a large sum when it comes to the equity in your home. This is because you have been paying off a lot of your mortgage, and your house has most probably increased in value significantly since you first bought it.
How much equity you have in your Ealing home will depend on a number of different factors, including your age, your current state of health and how much your property is worth.
If you are considering equity release in Ealing and are wondering how much equity you could have in your home, then speak to one of our specialists at Equity Release Warehouse.
Our advisers will use our very own equity release calculator to work out how much equity you have in your home and how much of that equity you will be able to release.
Please call our 24-Hour Helpline: 0330 058 1579
Lots of people who are considering equity release in Ealing are very keen to understand the process early on. The equity release process is actually very simple, and your equity release advisor will be able to talk you through the process from start to finish. Below is a summary of each stage of the process.
The very first thing you should do if you are considering equity release in Ealing is speaking to an equity release advisor. They will be able to arrange a free consultation with you to go over how equity release works and the facts and figures surrounding equity release in Ealing.
Your equity release advisor will then be able to draw up your very own equity release illustration which lays out the costs of equity release in Ealing. It’s important to remember that you are not committing to taking out an equity release plan at this stage – you will need to make an application in order to commit to your plan and illustration.
If you receive your equity release illustration and decide that it is for you, then you should speak to your advisor about making a formal application. Your equity release advisor will then help you to make a formal application using the application form. At this stage, you will know exactly how much interest you will be paying back and will know which lender you have chosen to go with.
Granted, there might be a lot of paperwork to fill in at this stage and read through. However, once this paperwork is done you, your equity release advisor and lawyer will then be in a position to apply for your equity release loan.
Before you are offered your official loan from the lender, you will need to get your house valued. This means that someone will come in and survey your home.
They will be looking to establish how much they think your house is now worth in value. They will be looking for any signs of subsidence, and will most likely need to look internal as well as externally.
Once your application has been received and hopefully approved, your solicitor will make sure that you are fully aware of the terms and conditions of your loan before they allow you to receive the money. Once this has been done, your equity release solicitor will work as a middleman in between you and the bank. They will be the ones to exchange the money from the lender to your bank account.
However, it is important to remember that most equity release solicitors will need paying at the stage of loan completion.
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Equity release in Ealing can be an initially expensive option compared to other solutions such as downsizing or taking out a bank loan. The costs of equity release in Ealing have risen over recent years, but it is still fair to say that at Equity Release Warehouse, we believe that the benefits of equity release certainly weigh out the drawbacks of equity release.
It is important that individuals considering equity release in Ealing are aware that there will be some initial costs before they are able to receive their funds, which means that they must be able to afford to pay these costs before they receive any equity.
For example, one of the first things that you will need to pay for will be the arrangement and application costs. Not all products make you pay for your equity release application, but others do and they can charge a few hundred pounds just to simply apply.
Next, you will need to engage a solicitor which also costs money. Each solicitor charges a different rate, and some will be cheaper than others. It is important to look around for the best and cheapest solicitor for you, do not be led into using a solicitor just because you have used them before – there might be cheaper options available to you.
Once you have appointed a lawyer and agreed that you want to go ahead with equity release in Ealing, you will need to arrange a valuation. This means that someone will come to your home and assess how much they think it is worth. This usually only takes a few hours and only costs approximately £100 – £200.
There might be a chance that you also have to pay for completion fees, which covers any set up costs as well as any transfer fees. Finally, you will need to pay any equity release or financial advisors.
If you are releasing equity to combat the cost of living, then it might be better to first try to see if you can better manage your budget. Below, we list organisations that may be able to help in Ealing:
Address: The Lido, 63 Mattock Ln, London W13 9LA
Telephone: 0300 012 5464
Website: http://ealingadvice.org/
Address: The Lido, 63 Mattock Ln, London W13 9LA
Telephone: 0300 012 5464
Website: http://ealingadvice.org/
Address: Profile West, 950 Great West Rd, Brentford TW8 9ES
Telephone: 020 8607 5020
Website: http://www.planesavercu.co.uk/
Address: London W13 0SY
Telephone: 020 7372 2341
Please call our 24-Hour Helpline: 0330 058 1579
The Equity Release Council [4] is a body which makes sure that all of their members stick to the standards that they set. They ensure that all advisors and lenders only recommend and provide ethical and responsible products, and act with integrity and transparency throughout the process.
The great thing about The Equity Release Council is that all members are able to ensure their clients that every product and offering they offer to them is safe and reliable. They focus on two things which are product standards and ensuring that everyone takes independent legal advice before they apply for their equity release loan.
The Equity Release Council ensures that every member and lender sticks to very strict product standards. Some of these standards are explained further below.
The Equity Release product standards ensure that all lifetime mortgages must benefit from a fixed interest rate, which means that how much you have to repay in interest will stay the same throughout the entirety of your equity release loan, for as long as you live. If you are offered a variable interest rate, then this must be capped.
The Council also ensures that you are able to remain living in your home for as long as you want, and you will not be asked to move home at any stage. You will remain living in your home for as long as you are alive or until you move into long-term care.
The Council have also created rules surrounding your right to move home in the future. You are always allowed to move home if you choose to do so, but your new lender must accept your new property as collateral.
Finally, the Council also ensures that you benefit from a no-negative equity guarantee, which essentially means that your loved ones will be protected from repaying any of the loan after you pass away.
The Equity Release Council also asks everyone to get some legal advice before they officially apply for equity release. You will need to seek the advice of an equity release specialist as well as your own solicitor before you take out your loan.
Your solicitor will end up playing a huge role in your equity release process and will go through the terms and conditions with everyone and will also finalise your contract.
The Equity Release Council will also ensure that their rules will always promote public safety and confidence in the equity release process, and will always be in the best interests of those considering and taking out equity release in Ealing and throughout the rest of the UK.
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[2] https://www.bankofengland.co.uk/knowledgebank/what-are-interest-rates
[3] https://www.bankofengland.co.uk/knowledgebank/why-are-interest-rates-in-the-uk-going-up
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