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Lifetime Mortgage & General Equity Release Advice in Milton Keynes
Reviewed by Tom Philips
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Equity release Milton Keynes is growing increasingly popular. This is because more and more pensioners are struggling to afford the cost of living on a pensioners’ budget.
This means that lots of pensioners are finding themselves living a retirement they are simply not happy with.
People invest hundreds of thousands of pounds into their homes, which means that year after year, their money is tied up in their property. If you are struggling for money, then this can be incredibly frustrating.
This is where equity release in Milton Keynes comes in. Equity release in Milton Keynes is a great option for anyone in this situation who needs access to the money that has built up in their home.
By doing so, you will gain access to this money in one large lump sum, or through a number of smaller payments.
This is great for anyone who wants to spend their money on their health or care as they grow older, any home improvements they might want to make or helping loved ones with house deposits or paying for further education.
Equity includes things such as your deposit, your monthly mortgage repayments each year as well as any increase in value your house has benefited from. As you can imagine, this could add up to a considerable amount of money [1].
As you can imagine, houses in Milton Keynes have increased in value over the next few decades. If you bought your house many years ago and if you live in Milton Keynes, then you should expect to see a large and significant increase in the value of your home and property.
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Equity release Milton Keynes works by allowing individuals the chance to gain access to their money, on the basis that they repay the loan after they pass away or move into long term care.
When this happens, your next of kin will sell your house and the proceeds from the sale of the property will pay off the equity release loan in its entirety.
Your house should have increased in value significantly since you first bought it, so the sale of your house should cover the loan amount.
Don’t worry, a valuation will take place before you are approved for your equity release loan to ensure that your house has already increased in value and is set to increase further.
Most equity release loans are only available to those aged 55 or over. Your equity release loan will also come with a fixed interest rate. This interest rate will stay fixed for the duration of your loan, unlike with other loans and mortgages.
Whilst this is a great feature of all equity release loans, it is important to remember that your interest will build each month into compound interest.
This amount is added onto the initial loan amount, which means that it could add up to a significant amount of money [1].
When it comes to equity release Milton Keynes, lifetime mortgages are the most popular type of equity release in Milton Keynes, followed by home reversion plans.
You are under no obligation to repay your loan whilst you live, although you can opt for some interest only plans, which you pay off each month in order to reduce the overall loan amount.
Home reversion plans work a little bit differently to lifetime mortgages, as they involve selling a percentage of your home to your lender, in return for access to your money. You are in control of how much you sell to the lender.
This could be 90% or 10%. Whatever you do, you will be selling a percentage of your property for less than the current market value.
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Lots of people who are considering equity release in Milton Keynes want assurance on what they are and are not allowed to spend their money on. Luckily, there are few restrictions when it comes to how you spend your equity release money.
When it comes to equity release in Milton Keynes, it is important that you spend your money in the best possible way, meaning that you either gain a return on investment or you benefit from how you choose to spend your money in some way.
Lots of people choose to invest in home improvements around the house, so that they can comfortably grow old in the house for the years to come.
Typically, lots of people who opt for equity release in Milton Keynes choose to take out a drawdown plan, to help with the cost of living. This might go towards paying off any care costs, a health club or a nice holiday once a year.
If your family is in need of help, you might choose to give your money to your loved ones. For example, your grandchildren would be incredibly grateful for help towards their University fees or first home.
However, you choose to spend your equity release money, make sure that you are open, honest and transparent with your equity release adviser on how you spend your money so that they can put you on the most appropriate loan and plan for you and your current situation.
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There are many, many benefits when it comes to equity release in Milton Keynes. For many people, equity release is the solution to their retirement troubles.
The main benefit to equity release in Milton Keynes is that you do not have to leave the home you cherish so much.
With equity release in Milton Keynes, you do not have to sell your home and move away, which for many retirees might be their only option.
You can also use the money you get on home improvements, to make your home as suitable as possible for you as you grow older. You also get to spend the money however you want, as long as your equity release adviser approves of this [2].
Unlike with other types of loans, you do not have to make any mandatory repayments whilst you live. You only repay the loan after you pass away or move into long term care and your house is sold [2].
When it comes to equity release in Milton Keynes, you can also choose to pay early repayments, to avoid compound interest building up.
This is a great option, as it reduces the overall loan amount and means that your next of kin might receive some left over inheritance after your house is sold and the loan is paid off [2].
In addition to this, all equity release lenders are monitored by the Financial Conduct Authority and should be members of the Equity Release Council, to ensure that their products meet the standards that are set.
If there are any complaints about your equity release plan then these complaints will go to the Financial Ombudsman Service. All lenders who are part of the Equity Release Council are noted on the Financial Services Register.
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If you decide that equity release in Milton Keynes is for you, then you might be intrigued to find out how much equity you will be able to release from your home. In fact, you might be pleasantly surprised as to just how much money you can release from your home.
How much equity you are able to release from your home depends on lots of different things. Most importantly, this depends on how old you are, the value of your home and how much you want and need to release from your home.
Your health and lifestyle will also heavily impact how much you are able to release at any one given time.
Please note, in order to opt for most equity release loans you must have already paid off the majority of your mortgage, if not all of your mortgage before applying for an equity release loan.
With equity release in Milton Keynes, your house will be valued as part of your equity release application process, so make sure that your home is in tip-top condition before this valuation takes place.
Hopefully, your house would have increased in value, and you will be able to release a significant amount of money from your home.
If you would like to know how much money you would be able to release from your home, then talk to our team at Equity Release Warehouse and use our equity release calculator for an estimated amount.
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Of course, all leasehold owners are able to release equity from their property. Whilst this process might be slightly more complex than if you were a freeholder, it is possible.
You must declare how long is left on your leasehold and if there are only a few years left then you might need to extend the length of time on your leasehold property and mortgage.
If you are a leasehold owner, then talk to a member of the team for help and support on how to apply for equity release in Milton Keynes.
There are many alternatives to equity release in Milton Keynes. Whilst these alternatives to equity release are not for everyone, they are well worth considering before you officially apply for equity release in Milton Keynes:
Downsizing your property is a popular option for most retirees. By doing so, you will move to a smaller and cheaper house, which will free up some cash.
Creating a budget for your retirement is always a good idea. By doing so, you will know exactly how much money is coming in each month and how much you are spending each month.
Selling off your assets is also a popular way of freeing up some cash in your old age. You might have a vintage car in the garage that is growing dust which you could sell. Alternatively, you might want to clear out the attic to see if there’s anything of value you could sell.
Lots of retirees opt for getting a retirement job during their later years. This could be working in a coffee shop, local hardware store, supermarket or bakery. You could work part-time or even just on weekends to make some extra cash.
It’s also worth noting thee are a number of disadvantages of equity release, not least the cost of borrowing under an equity release agreement. You can read about the cost of equity release here.
If you are wanting to apply for equity release to better meet the rising cost of living, then it may be better to first try to better budget the money you do have available to you already. Below, we list organisations in the local area that can help you with this task:
Address: 361 Midsummer Blvd, Milton Keynes MK9 3HP
Telephone: 0808 278 7991
Website: https://www.miltonkeynescab.org.uk/
Address: Peartree Centre, 1 Chadds Ln, Peartree Bridge, Milton Keynes MK6 3EB
Telephone: 01908 550700
Website: http://www.ageuk.org.uk/miltonkeynes/
Address: Civic Offices, 1 Saxon Gate East, Central Milton Keynes, Milton Keynes, Buckinghamshire MK9 3EJ
Telephone: 01908 691691
Website: https://www.milton-keynes.gov.uk/benefits/cost-living-support
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Yes, you will always need to use a solicitor to handle your application and exchange if you opt for equity release in Milton Keynes. Your solicitor will handle all the money and paperwork associated with your equity release loan.
Whilst a solicitor might cost you up to a few thousand pounds, it is a necessary part of your application [3].
With equity release in Milton Keynes, not all solicitors will be able to handle your equity release application, so you should always check that your solicitor is capable of handling this exchange.
All solicitors should be regulated by the Solicitors Regulation Authority, to ensure that they are operating fairly and appropriately.
Talk to our team at Equity Release Warehouse if you would like more information on the ins and outs of equity release in Milton Keynes.
You can talk to our team for free, and everything is completely confidential. We will also not harass you in any way or force you to take out an equity release loan.
Our team is available 7 days a week, on 0330 058 1579 or by contacting us via our contact form.
[1] https://www.equityreleasewarehouse.com/help-centre/
[2] https://www.equityreleasewarehouse.com/plans/
[3] https://www.equityreleasewarehouse.com/help-centre/solicitors-why-essential/
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