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Lifetime Mortgage & General Equity Release Advice in Blackburn
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.
If you live in Blackburn and you’re looking for a way to gain more money without getting into debt, equity release could be the scheme for you. It’s highly regulated and approved by reputable organisations and individuals.
Although equity release isn’t right for everyone, it can be a good financial product for people who need more money at an older age.
Individuals from the age of 55 can release money from their home by getting an equity release lifetime mortgage or a home reversion plan.
There are no repayments for either of these equity release Blackburn products; the repayment occurs when the homeowners pass away and their home is sold by the equity release provider.
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You may be familiar with conveyancing, but equity release conveyancing is different. You still meet with a solicitor to discuss your plans for your property, but the solicitor must be qualified to work with equity release.
The general approach to conveyancing is the same. When you meet with a solicitor, you will discuss various options for your property, and you will receive a welcome pack with plenty of useful information.
At this stage, you also need to give your contact details to the solicitor. They will offer their details in return, so that you can reach them whenever you have a question about equity release in Blackburn.
While you work out the other aspects of equity release, your solicitor will begin to check your property’s title deeds. If any issues are identified, they will inform you as soon as possible.
If not, you can begin to fill out the equity release application with your solicitor, before meeting to sign the mortgage deed and have your personal ID verified.
After submitting the application, your prospective equity release in Blackburn lender will get their own solicitor to analyse your case and check that all is as it should be. They may need to liaise with your solicitor about specific subjects, e.g., the rules around releasing equity for tenants in common.
Equity release conveyancing comes to an end when the application has been approved by both solicitors and the equity release lender.
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Equity release advisers make sure equity release customers are supported in their decision, even if this means encouraging them to look into a fitting alternative to equity release.
They should describe how equity release Blackburn works, how the application must be filled out, what the pros and cons are, and various other subjects that give a good picture of how the equity release scheme will look for each individual client.
Advisers are specialists in equity release, so they must be ready to offer specific information about equity release products, lenders, interest rates etc.
The dedicated team at Equity Release Warehouse provides independent advice, so we are not biased in our support.
As well as being experts in the scheme itself, the best equity release advisers are experts in their clients’ situations. They know everything from whether their client is eligible for equity release to what their client’s estimated loan-to-value ratio would be.
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To find out which equity release plan would give the best results for you, don’t hesitate to call us on 0330 058 1579.
The more information we have about your circumstances, the better the guidance we can offer for equity release in Blackburn.
You may have heard some general recommendations in the media – take these with a pinch of salt.
Some common examples are:
There are valid reasons behind each of these points, but they are far from being true for everyone.
For instance, lifetime mortgages are better than home reversion plans for the average person. There’s more variety, you don’t have to sell your home, and you may get more value for money.
However, it would be illogical to say that lifetime mortgages are better for everyone. There is clearly a reason that home reversion plans are offered, and they are more suitable for some people. The lower interest rates are just one reason an equity release in Blackburn client may prefer to have a home reversion.
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As a neutral firm, we do not give specific recommendations for equity release in Blackburn lenders. What we can do is list some reputable providers that you can put your trust into. Some popular examples all over the country are:
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The Equity Release Council is the best-known equity release regulator in the UK. Its rules and guidelines are followed by the majority of reputable lenders, including plenty of lenders who offer equity release in Blackburn.
Other trustworthy regulators to look out for are:
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We don’t pass judgement on your financial decisions; we’re here to discuss whether equity release in Blackburn would positively or negatively affect your finances (amongst other things).
In other words, spend your equity loan on whatever you want or need as you approach retirement.
Sensible ideas might be to pay off debts, put money aside for bills, gather savings for your long-term care in the future, or gift funds to a struggling relative.
You may also want to find something enjoyable to spend your money on, such as decorating your home or going on holiday.
It’s wise to work out your plans for inheritance before deciding what to spend the equity release in Blackburn money on.
Whether that’s getting inheritance protection, getting a no negative equity guarantee or not leaving an inheritance at all, make sure you have the means to fulfil your plans.
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There is no doubt that debt is a huge problem in the UK. According to ONS, from April 2016 to March 2016, total household debt was £1.28 trillion (1).
You may have heard the argument that equity release contributes to the high rates of debt in our country.
While this is true, being in debt with equity release in Blackburn is not the same as getting into debt with a traditional mortgage. You will not end up bankrupt, and your house will not be taken from you, as you will not be expected to repay the debt.
With equity release in Blackburn, the ‘debt’ is taken from the sale of the equity release consumer’s home after they pass away. Customers who have a no negative equity guarantee have even more protection, as their family will not be asked for money even if the debt is higher than the property value.
Yet, equity release in Blackburn debt is still technically debt, so how can it possibly help people who are in traditional debt?
As the customer doesn’t repay the loan, they can use it to pay off their other debts. This won’t create a cycle of debt, as their equity release provider won’t ask them for the money back at any point.
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There are various alternatives to equity release in Blackburn that work very well for certain people.
If you still have plenty of time before you need to retire, and your financial situation is stable enough, you could stick to a strict budgeting plan and wait to see what your retirement income looks like.
Some people find that they have more funds than they realised, especially if they have a private pension on top of a state pension and savings.
We know this is much harder at the moment due to the cost-of-living crisis. Make sure you make the most of any financial aid you qualify for, such as state benefits and government grants.
For our readers who need the funds now, and don’t want to release equity, we would suggest looking into downsizing. However, as with equity release in Blackburn, there are drawbacks to doing this, so speak to a financial adviser before making any serious decisions.
If you’re willing to give up your home in favour of a smaller or less valuable property, you can downsize at any age. For lots of people, this allows them to enjoy their life more as they finally have enough money to spend on enjoyable things as well as the necessities (e.g., bills and food).
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When you release equity in retirement, you experience the freedom of being able to spend your money on fantastic holidays, gifts for family, home renovations, and anything else that you have always wanted to splash out on.
If you are in need of financial support, you can access enough funds to carry yourself through retirement without relying on loved ones or state benefits (though the amount of cash available varies).
Long-term care is something sensible people are already planning for at the start of their retirement. Equity release in Blackburn can help people to fund their care costs, when they may have otherwise had to settle for a type of care they didn’t want.
Finally, it’s notoriously challenging to qualify for loans as a pensioner. It isn’t always possible to have loans as an alternative option to releasing equity. As equity release in Blackburn is available to people aged 55 and over, customers don’t have to worry about being turned away because of their age.
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Compound interest is perhaps the biggest drawback of equity release in Blackburn, but we want to put your mind at rest about this intimidating concept.
The reason most people fear compound interest is that they worry their debt will become uncontrollable. As most people already borrow a lot of money for equity release in Blackburn, the compound interest total can be enormous.
However, it has to be said that this isn’t as concerning when you consider that equity release loans aren’t paid back until both homeowners die or go into permanent care.
Even if the total interest debt is huge, the equity release in Blackburn provider will still only take the funds from the home that they are entitled to (if there is a no negative equity guarantee in place, this means collecting an equivalent amount of funds to the initial amount of money borrowed).
So, no, compound interest isn’t risky if you make sure you get as much security as possible out of your equity release in Blackburn plan, i.e., a no negative equity guarantee and inheritance protection.
You could even opt for a type of equity release that doesn’t involve compound interest, such as the interest only lifetime mortgage.
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No, you do not qualify for equity release in Blackburn if you rent your house or apartment.
Only homeowners can access equity release, and they must also meet the following conditions at a minimum:
If you’re interested in equity release in Blackburn as a renter, you would need to look into buying a home. If this isn’t possible, you could pursue an equity release alternative, as many of these are suitable for renters.
You can’t take equity out of someone else’s property on their behalf – unless you have a power of attorney and you are making decisions for someone who has lost mental capacity.
This prevents people from engaging with equity release in Blackburn against their loved one’s wishes.
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Ready to learn more about equity release in Blackburn? Interested in finding out how much money you could get out of your home in Blackburn?
Contact our friendly team on 0330 058 1579. We’re here to talk through the good and bad aspects of equity release, even if it means you decide to pursue an alternative. Our expert advice is something our clients have treasured since the very beginning.
[1] Household debt in Great Britain: April 2016 to March 2018 https://www.ons.gov.uk/peoplepopulationandcommunity/personalandhouseholdfinances/incomeandwealth/bulletins/householddebtingreatbritain/april2016tomarch2018
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