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Lifetime Mortgage & General Equity Release Advice in Norfolk
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.
How much do you really know about equity release Norfolk? Are you a homeowner aged 55 or over and are thinking about taking out an equity loan, but don’t know where to start?
Do you worry about the future, your retirement and your inheritance? If you do, then equity release in Norfolk might be the solution for you.
Equity release in Norfolk is a fantastic way of gaining access to some of the equity that has built up in your home over years.
Once you release equity from your home, you are able to spend it however you like, and it could help you enjoy a more comfortable, fun and secure retirement.
Lots of people who live in Norfolk and the surrounding area would benefit from equity release in Norfolk. This is because lots of people who live in Norfolk find themselves short of money, even though they might own their own property which has hundreds of thousands of pounds tied up in it.
For many people who live in Norfolk, selling up and downsizing might seem like the only option. However, lots of people across Norfolk aged 55 or over simply do not want to do this.
They might have a large family, and might not want to move away from the area. Likewise, they simply might not want to sell the home they have created so many memories in over the years.
This is why equity release in Norfolk is the perfect solution for so many people across Norfolk aged 55 or over. When you are considering taking out an equity release plan, you should consider how much your property might now be worth.
For example, lots of people who bought their home in Norfolk many years ago might find that their property has grown in value by a substantial amount since they bought it.
Norfolk is a beautiful place to live, so it is no surprise that lots of people want to live there. With soaring demand, house prices have increased in Norfolk considerably over recent years.
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In fact, house prices in Norfolk have increased considerably since 2020. In fact, a recent study carried out by Rightmove found that some house prices in Norfolk had increased by 13% between 2019 and 2020, with the most increase seen in Thornham, in Norfolk.
An equity release loan is taken out based on how much your property is now worth, taking into consideration your age and current health status.
Each equity release plan is another form of mortgage, which allows you direct access to the cash allowing you to spend it in whichever way you choose.
Lots of people who take out equity release in Norfolk choose to spend their money on home improvements, such as an extension, or treat themselves to a holiday or simply a better lifestyle.
It is important to understand that with equity release in Norfolk, unlike with a normal mortgage, you will not be required to pay back money in monthly repayments.
However, the compound interest on the loan amount that you have taken does compound over the year. Lots of people choose to pay off this compound interest in the form of monthly repayments, to ease the end-of-year bill.
It is also important to understand that the equity release loan, along with any remaining interest will not need to be paid off until you pass away, or until you move into long term care such as a care home.
This is why equity release in Norfolk is the perfect solution to those wishing to remain living in their Norfolk home as they grow older.
If you do wish to move home whilst you are still alive, that is also fine. However, you will need to transfer the loan to another property if you wish to do so.
More and more people in Norfolk are considering equity release. If you would like more information on equity release in Norfolk, then speak to a member of our Equity Release Warehouse team for professional help and advice from qualified and trained specialists.
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If you live in Norfolk and are aged 55 or over, then you might be considering releasing equity from your home.
There are many different reasons why someone in Norfolk might choose to release equity from their home.
Lots of people choose equity release Norfolk to replace their existing traditional mortgage.
Although you have to be coming towards the end of your mortgage to qualify for an equity release plan in Norfolk, many people choose a lifetime mortgage as it has no end date, and therefore no pressure to repay the debt off as quickly as possible, like with many traditional mortgages.
With equity release in Norfolk, there is no pressure to pay the money back monthly. Although interest will compound throughout the year, you and choose whether to pay this off monthly or to allow the interest to add to the outstanding mortgage balance.
Another reason to choose equity release in Norfolk is because it allows you to spend the cash in whichever way you want to.
Lots of people choose to spend their equity release money on home improvements, holidays for special memories, to buy a new car or to help friends and family members out financially.
In fact, lots of people release equity from their home in Norfolk because it allows them to leave more inheritance in place for their loved ones.
Lots of people leave their equity in their will for their children to grandchildren, or might choose to spend their equity release in Norfolk on their grandchild’s university fees or first deposit on a house.
In addition to this, lots of people who live in Norfolk might not want to move away from their home, friends and family members. Therefore, selling up simply isn’t an option.
With equity release Norfolk, you will be able to remain living in your home and will remain living close to loved ones.
There are many reasons to consider equity release in Norfolk. If you would like more information, or would like to speak to a member of our team at Equity Release Warehouse, then give us a call and let our fully-trained specialist advisors talk you through the process from start to finish.
Some of the reputable lenders the financial advisors will research on your behalf include Saga, Scottish Widows, Legal & General, Aviva, Liverpool Victoria (LV), Canada Life, more2life, Hodge, Just Retirement, Pure Retirement, One Family and LiveMore Mortgages.
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Equity release Norfolk is much easier to pursue than most people think. As long as you meet the eligibility criteria, and you are prepared to meet with an adviser, the process is generally straightforward.
However, the tricky part is understanding how equity release works before making an agreement with an equity release lender in Norfolk.
Overall, the key things to note about this scheme are:
There are many more questions to ask before you decide to release equity in Norfolk. Have a look at our Help Centre, where we cover a wide range of topics relating to this scheme.
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The two types of equity release are lifetime mortgages and home reversion plans.
With a lifetime mortgage, customers can borrow a loan from an equity release company by taking equity from their home.
This loan is repaid when the customer passes away or goes into long-term care, as the equity release lender will sell their home and take the appropriate amount of money back.
The specifics of each lifetime mortgage vary as there are eight different plans available (buy-to-let, drawdown, voluntary repayment, second home, income, enhanced/ill-health, interest only, and lump sum).
Home reversion plans are based on a similar concept. The customer does not have to repay their loan until they enter care or pass away.
Yet, instead of releasing equity in the traditional way, the customer agrees to hand over their property to the equity release provider.
This means that the provider can easily sell the home at the appropriate time. Until then, the customer lives in their Norfolk home rent-free and has access to a lump sum of tax-free cash that they are given at the start of the scheme.
Some customers choose to hold onto a share of their property. In this case, the provider will only take the sale profits from the share that they own.
When deciding between equity release schemes, it’s best to speak to a qualified equity release adviser. Understanding the details of each scheme will help you to choose a suitable equity release product as well as a suitable lender.
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A lifetime mortgage is the most popular form of equity release in Norfolk. A lifetime mortgage works slightly differently to a normal mortgage.
With a lifetime mortgage, the amount of money you borrow depends on how old you are, and how much your property is worth as opposed to your income and savings, as with a traditional mortgage.
There are lots of different types of lifetime mortgage equity release plans, including a Drawdown Lifetime Mortgage, Interest Only plans and a Lump Sum plan.
You can either choose to access this money in smaller amounts, and only pay interest in what you receive. This will help to reduce the value of the loan over time.
However, others might choose to receive their equity release loan in some lump sum. If you are considering a lifetime mortgage equity release plan, then there are a few things to take into consideration.
If you are considering a lifetime equity release plan in Norfolk, then speak to a member of the Equity Release Warehouse team for advice and support on whether equity release in Norfolk is right for you.
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Alternatively, individuals are able to choose a home reversion plan. With a home reversion equity release plan, individuals are able to release and sell part of their property at less than the market value.
In return, you will receive a tax-free lump sum, or can choose to receive monthly or quarterly sums. You will stay in your home as a tenant on the percentage that you sell, and will not have to pay any rent on it.
It is also important to understand that a home reversion plan is a high risk product. A home reversion plan can have major implications for your tax, any additional benefits, loans or inheritance you are due.
You will need to inform Department for Work and Pensions that you are now benefiting from equity release, and this may mean your benefits are stopped.
That is why it is always important to talk to an advisor and specialist before you take out a home reversion equity release plan.
If you are to sell your home, then the lender will get the percentage of the proceeds of the sale agreed upon contract. For example, if you sell the entire property to them then they will get the entire proceeds.
If you sell half of your property to the lender, then upon sale you will receive half of the proceeds.
If you opt for a home reversion in Norfolk, then you will most likely only get between 20% and 60% of the market value for your property. Until then, you are able to continue living in your home rent-free.
It is important to understand that with a home reversion equity release plan in Norfolk, the older you are the higher percentage you will get of your property’s value. For this reason, most home reversion plans are limited to those aged 65 or over.
If you are considering a home reversion plan, then you will need to consider the following factors.
If you live in Norfolk and are considering equity release, then speak to a member of our friendly and professional team for help and support when choosing between a lifetime mortgage equity release plan and home reversion equity release in Norfolk.
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If you are considering taking out equity release in Norfolk, then there are a number of things that you should be doing beforehand in order to ensure that the deal you are getting is going to be a good one.
In order to ensure that you take out a safe equity release plan, you will need to ensure that you can afford the equity release plan going forward. This is why we advise you to ensure that you speak with an equity release advisor before taking out your plan.
All advisors and lenders are regulated by the Financial Conduct Authority (FCA) and registered on the Financial Services Register. This means you can complain to the Financial Ombudsman Service if you are unhappy with the advice you receive.
All advisors and lenders are members of the Equity Release Council. The benefits of this include all products come with a no negative equity guarantee.
Whilst an equity release plan gives you money, it is important to ensure that you can afford to pay any interest over time, and it is also important to remember that you will have less money available to your next of kin when you sell the property.
Secondly, you should always ensure that you have a lasting power of attorney in place prior to taking out an equity release plan.
This will ensure that you will have someone else on your side who will be able to make any tough or hard decisions for you if for whatever reason, you are simply unable to at a later date.
For example, you might suffer from an illness as you grow older that affects your state of mind or memory, such as dementia or Alzheimer’s disease.
This not only means that you will not be able to communicate your wishes, but any of the admin tasks that come with equity release will also feel impossible and confusing. It is incredibly important that you have someone who you trust in place to make these decisions and carry out these tasks for you, should the worst happen.
In addition to this, before taking out an equity release plan you should also discuss in depth with your equity release advisor exactly why you are releasing equity, and what you are releasing equity for.
For example, an equity release specialist will ask this question so that you do not waste or spend your money on anything unnecessary, such as a flashy car to make the neighbours jealous. At the end of the day, they have your best interests at heart.
It is also worth assessing the various common drawbacks of equity release and first considering the alternatives.
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 Norfolk:
Address: 23 Earlham West Centre, Norwich NR5 8AD
Telephone: 01603 501301
Website: https://norfolkfirstcu.com/
Address: Assembly Rooms, Ruthen Pl, Dereham NR19 2TX
Telephone: 0800 144 8848
Website: https://www.ncab.org.uk/
Address: Library, Tolhouse St, Great Yarmouth NR30 2SH
Telephone: 0800 144 8848
Website: https://www.ncab.org.uk/
Address: The Forum, Millennium Plain, Norwich NR2 1TF
Telephone: 0800 144 8848
Website: https://www.ncab.org.uk/
It may also be worth reaching out to national organisations such as StepChange and the Money and Pensions Service. You can also find resources on Norfolk County Council’s website.
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For this reason, an equity release specialist will advise you not to spend your equity on anything unnecessary.
An equity release specialist in Norfolk also needs to have a good idea about how you plan on spending your equity, as this might inform what kind of plan you need.
For example, anyone who chooses to spend their equity on a holiday home would need a second home plan, instead of a normal lifetime mortgage equity release plan.
In order to release your equity in the best way possible, you will also need to decide whether you want the equity in monthly payments or a lump sum all at once, or all at once.
There is a massive difference when it comes to these two different ways of receiving your equity, and you will have to decide which one is best for you before taking out your plan.
If you need the money quickly, let’s say to pay for your grandchild’s University fees, or to carry out any home improvements, then a lump sum would be the best option for you. However, some others might decide that they need a monthly top-up, in which case this would be the better option for you.
An alternative to both of these options is a drawdown equity release plan. This is where individuals receive an initial lump sum, and then are able to withdraw more money as and when they need it in the future.
It is also important to understand that, as with any loan, there will be interest associated with your loan. If you are able to pay off any interest quickly, then you should.
Lots of people who have released equity from their homes do this in the form of a voluntary repayment plan and an interest-only plan where they pay off their interest very early on.
If you are considering equity release in Norfolk but want more information on the process, then speak to a member of the Equity Release Warehouse team for guidance and support on how to take the first steps to releasing equity in your home.
Our equity specialists will use our trusted equity release calculator to ensure that you are getting the very best deal on offer.
We also appoint solicitors who are familiar with the equity release process. You can learn about the importance of using solicitors during the equity release process here.
All solicitors are, of course, regulated by the Solicitors Regulation Authority and are members of the Law Society of England and Wales. If you are unhappy about the work you receive during the equity release process, you are entitled to raise a complaint with the Legal Ombudsman.
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If you live in Norfolk and are considering equity release in Norfolk, then it is important that you understand what a no negative equity guarantee is.
Since all lenders and members of the Equity Release Council, every equity release product comes with a no negative equity guarantee.
Before you can understand what a no negative equity guarantee is, it is best to start with understanding exactly what negative equity is.
Negative equity is when someone sells their house for less than they bought it for. This might be because the house has significantly reduced in value due to a market crash or some sort of issue in the home, such as subsidence or an area getting worse.
This means that when someone sells the house, the proceeds and sale of the house does not cover the loan (the mortgage) that they took out in the first place, which subsequently means that the bank or lender has lost their money.
Unfortunately, this cost does not fall to the bank. Instead, the consumer has to pay the difference between the loan and the sale of the house. In essence, this is negative equity.
Nevertheless, if you take out an equity release plan in Norfolk, then you will benefit from a no negative equity guarantee. This means that if the value of your home decreases after taking out an equity release plan, you will not need to pay anything extra or pay the difference.
Therefore, if you opt for equity release in Norfolk and the future value of your property decreases, you do not have to fear. The great thing about equity release in Norfolk is that no matter what happens to the housing market or local area, your money is protected.
With equity release in Norfolk, your no negative equity guarantee means that you can be safe in the knowledge that you won’t lose out.
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If you enter a mortgage agreement or own a home as tenants in common, then this simply means that when you sell your property, you will each be able to leave your share of your money to whoever you like, as per your will and testament.
If you co-own a property, then your equity release plan must be in both of your names, regardless of who owns what percentage of the house.
In order to do so, you can take out a joint lifetime mortgage (which is the most popular equity release plan across Norfolk and the rest of the UK). You must do this under ownership as tenants in common.
A lifetime mortgage will continue until the last person and co-owner of the house passes away, and the lender will not ask for any repayments until the second owner of the property also passes away.
Nevertheless, if one of the partners leaves their share of the property to someone else in their will, then this might cause some confusion and discrepancy.
If you are tenants in common and are considering equity release in Norfolk, then speak to one of our equity release specialists at Equity Release Warehouse for advice and support on how to go forward.
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Many people who want to learn about equity release hear the term loan-to-value ratio. However, not everyone who takes out an equity release plan will know or truly understand what it means.
A loan-to-value ratio is a term that is used to explain how risky the deal is for both the lender (the bank) and the consumer, based on the value of the individual’s property.
A relatively low loan-to-value ratio means that the deal is a low-risk one, which means that people will end up paying less interest over time [1].
However, a high loan-to-value ratio means that it is both a risky investment for both the consumer and the lender (the bank) and these should be avoided where possible.
If you are considering equity release in Norfolk, and want more information about the no negative equity guarantee, then speak to a member of our friendly and helpful team at Equity Release Warehouse for advice and support.
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Remortgaging your property is a great way to make your lifestyle more affordable. By changing your mortgage deal or even your lender, you could potentially end up paying lower interest and monthly payments in the long term.
Having said that, equity release is another brilliant way to deal with high living costs. The main difference is that it doesn’t reduce your outgoings, but instead boosts your income by providing you with a tax-free loan.
The first question to ask when deciding between these two schemes is: am I eligible for both? As much as we value research, it’s no use investigating equity release for hours if you don’t meet the basic eligibility criteria.
To take out equity in Norfolk, you must own a home worth at least £70,000 and you must be 55 years old. Further requirements are applicable when dealing with certain lenders.
Remortgaging is easier to qualify for; most mortgage lenders are willing to make a deal. The possibility of an early repayment charge must be considered if you are not at the end of your mortgage term.
If you are eligible for equity release and remortgaging, it’s time to consider which one would better meet your needs. This is a difficult question to answer as there are so many areas to look into.
While equity release is a faster process, remortgaging doesn’t involve compound interest. Though remortgaging doesn’t affect inheritance to the same extent, equity release offers tax-free funds.
As you can see, there is no superior scheme. Get in touch with an equity release adviser to ask the difficult questions and find out which scheme is better suited to your circumstances.
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Equity release Norfolk often attracts customers wanting to release large amounts of money, as it is one of the most generous schemes in terms of the loan-to-value ratio.
Yet, not all equity release consumers are able to, or want to, take out significant chunks of money.
The loan amount is calculated based on the consumer’s age, property type, and property value. The age of any spouses will also be taken into account for joint equity release applications.
There are sometimes additional factors that can increase your equity release funds.
For example, the enhanced lifetime mortgage can lead to higher loan amounts for customers with certain health conditions or lifestyle factors (e.g., smoking).
Our free equity release calculator is available to use for all of our readers. It gives you an estimate of potential equity release funds based on the basic factors that lenders take into account.
Equity release Norfolk can be used to pay off a conventional mortgage. Many customers who are not yet at the end of their mortgage term use this scheme to pay off their mortgage and enjoy their retirement.
This can be an incredible option for people who would otherwise be paying off their mortgage for most of their retirement. It frees up money to use for things like bills, transport, emergency funds, home improvements, and holidays.
That being said, it isn’t the best decision for everyone. Some people would be in a better financial situation if they avoided equity release. Please reach out to us for expert advice on whether equity release is right for you.
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Just as there is no set cost to remortgaging your home, there is no general fee we can give for equity release Norfolk. Your lender will set a price for certain parts of the scheme, and on top of this, the cost of using solicitors and advisers varies.
What we can say is that equity release can be very affordable if you want to keep costs low. There are lenders, solicitors and advisers offering budget-friendly services.
It is also an option to pay for this using your loan, so even if you can’t currently afford equity release fees, you don’t have to discount the scheme.
In terms of interest, customers with a fixed interest amount will be able to calculate how much interest will be owed by a certain point.
Variable rates cannot be calculated accurately for obvious reasons, but consumers with regulated providers will know the maximum amount of interest that could be charged.
This is because Equity Release Council members must have a cap on their variable rates.
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Most equity release applications are finalised within two months. This estimate doesn’t take into account unexpected delays. There are also variations depending on how busy the scheme is at the time of application.
You will get a better idea of the length of the scheme after speaking to an adviser in Norfolk about your specific circumstances.
Customers with an outstanding mortgage or any other debts against their property are obligated to pay these off before accessing the rest of their equity release loan.
Aside from this requirement, individuals who have released equity in Norfolk are not restricted in terms of what they use the loan for.
It could be paying off other debts, gifting money to someone, going on holiday, paying the bills, purchasing a car, or anything else of the customer’s choice.
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Yes, interest-only mortgages can be paid off using equity release Norfolk. Customers must inform lenders of their mortgage debt in the application process as there must be an agreement in place that the mortgage will be funded by the loan before anything else.
Not all customers can use equity release to pay off an interest-only mortgage. This is simply because the equity release funds must cover the mortgage debt, so high mortgage debt or a low loan-to-value ratio can prevent this from being possible.
Equity release Norfolk can be used to benefit individuals going through divorce settlements.
Though most divorcees are too young for equity release, more and more people are looking to schemes such as equity release to help with divorce in retirement. One in 10 people taking out equity release products is divorced or separated [2].
If both parties agree that equity release is right for them, the scheme can add stability to the new living situation. It is proven that separated couples can release much more money than married couples via equity release, so this could be a wise financial decision for many ex-partners [3].
By releasing equity from the shared property, the asset-splitting process can be simplified. One party can take out equity to fund a new property, and the other party can stay in the marital home for the rest of their life (as per equity release regulations).
As the divorce rate for over-60s rises, equity release will only become more desirable in these circumstances [3].
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Yes, you can spend your equity release Norfolk loan on home improvements. Some people take out equity for the sole purpose of renovating their home, as it means they don’t have to take out an unsecured loan with repayment deadlines.
Before taking out equity for this purpose, make sure you calculate how much the home improvements would cost so that you know how much equity to release. If you need the money for something else, consider how much cash would be left over after working on your home.
Yes, you can release equity from a buy-to-let house or apartment in Norfolk. Some equity release providers accept this type of property, but they may be less generous with the loan-to-value ratio or interest rate as buy-to-let homes are less valuable for them.
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The equity release Norfolk loan can certainly be used to cover care costs, including residential care, private care, and medical bills.
Plenty of equity release consumers get involved with this scheme as a way to fund their later life care. This is particularly important for people who will not get the full State Pension, do not have a strong private pension, and/or are lacking in retirement savings.
Medical bills can also be paid with equity release funds. Once you have received your loan, you can spend your money on whatever you want or need, so no questions will be asked if you fund private healthcare through your loan.
If you have heard that equity release Norfolk is a regulated scheme, you may be wondering who regulates this industry. The answer is the Equity Release Warehouse.
This organisation ensures equity release is standardised, so that customers know what to expect when they release equity.
All lenders, solicitors and advisers who are part of the ERC must abide by certain rules to keep the scheme as safe as possible [5].
There are overarching principles and product standards that every ERC member must follow.
Some examples include:
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As equity release does not impact the State Pension, some people falsely believe that it cannot affect state benefits. Though plenty of customers receive the same amount of benefits after taking out equity, this isn’t always the case.
If your equity release loan boosts your savings significantly, you could be prevented from receiving means-tested state benefits such as Universal Credit (UC). Savings will be affected from £6000, with reductions increasing in line with the amount of savings.
For example, while an equity release customer with £20000 in savings will stop receiving UC, someone with £14000 will hold onto their UC, but the payments will decrease.
On the lower end of the scale, a customer with £6001 in savings will only experience a small reduction to their UC payments.
Non-means-tested state benefits (which are not assessed by income) are never affected by equity release Norfolk.
If your equity release lender is regulated by the Equity Release Council, you can still sell your house after taking equity from it. That being said, it could negatively impact your finances if you move into a lower value house or apartment.
Lenders often ask customers to pay downsizing fees when their new home is less valuable than the original equity release property. Early repayment fees may apply here, and the cost tends to start at 5% of the remaining loan.
If the second property is higher in value, the equity release consumer may be entitled to release more money. This is at the discretion of each equity release company in Norfolk.
Please keep in mind that not all equity release companies are regulated; it is up to you to find a safe company that abides by Equity Release Council principles.
Unregulated lenders may prohibit you from moving home after releasing equity as they do not have to follow a set of guidelines.
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Yes, customers can repay equity release early if their lender is approved by the Equity Release Council. Depending on the equity release plan, this may incur an early repayment fee.
One way to prevent this fee is to select a plan that is designed for early repayment. The two best examples of this are the interest-only lifetime mortgage and the voluntary repayment lifetime mortgage, both of which are available in Norfolk.
Interest-only mortgages allow customers to pay back the interest on their loan (which reduces the compound interest debt) and voluntary repayment plans are set up for consumers to pay back the loan directly.
It’s also advisable to familiarise yourself with the rules of your preferred equity release plan before signing anything.
You may be able to find a plan with zero early repayment fees, which means you would not be restricted to a select few lifetime mortgages.
Customers who are concerned about compound interest but cannot repay their loan early should look into plans with low-interest rates, a no negative equity guarantee, and inheritance protection.
This means that even if the debt increases a considerable amount over time, the equity release company will only ever take back the amount of money they initially lent, and the rest will go to the customer’s beneficiaries.
That all said, it would be unusual to pursue equity release Norfolk with the main goal of repaying the loan as soon as possible. This mindset is better suited to an unsecured loan that comes with repayment deadlines.
In many cases, repaying the equity release loan puts customers in a worse position. If they already have the right to remain in their home, inheritance protection and a no negative equity guarantee, there is no need to pay back the money they have borrowed.
It would be better to enjoy the money as the debt is not comparable to traditional debt – the only thing that will be taken is the customer’s home, and this only happens when they pass away or go into permanent care.
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When an equity release consumer dies, provided that they are the last customer on the plan, the lender should be made aware of the death as soon as possible. As soon as they are informed, they can start to make arrangements for the property sale.
During this process, the details of each plan will be assessed. For example, in some cases, the equity release provider will take the full amount of money from the property sale.
This is always the case for home reversion plans where a customer has sold their entire property.
Most of the time, there will be some form of protection in place e.g., a no negative equity guarantee. The lender must only take the value of the loan from the home sale in this situation. They must arrange for the rest of the funds to go to the right place, according to the consumer’s will.
When an equity release customer passes away and their partner is still alive, if the mortgage was taken out in joint names, the plan will only come to an end when the second spouse dies. They have a right to remain in the home for the rest of their life.
If the spouse’s name does not appear on the mortgage, they have to find alternative living arrangements. They may be entitled to some funds depending on the deceased spouse’s will and the amount of money owed to the equity release company in Norfolk.
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Leasehold properties have been used for equity release Norfolk, but it is much easier to secure a loan against a freehold property.
If you currently own a leasehold and you want to improve your chances of releasing equity, you could consider extending your lease. The downside of this is it can be costly and some lenders will still reject the property.
Before making this decision, find a qualified equity release advisor who can inform you whether extending your lease would be sensible.
Though many lenders will not approve leasehold properties, some are open to this as long as they believe the property will sell at the end of the scheme.
Factors that help with this are:
It is possible to release equity under a power of attorney in Norfolk if the homeowner cannot complete the process independently and is proven to have lost mental capacity.
Medical notes are often required as evidence for this, and a mental capacity assessment may be carried out for further proof.
Depending on the type of power of attorney in place, additional documentation can be requested.
An enduring power of attorney (EPA) must come with court protection, while a lasting power of attorney (LPA) can either require zero documentation or the relevant essential legal documents.
Some equity release consumers choose to have a power of attorney before they release equity as a precautionary measure.
Though they may currently be capable of handling the equity release process, they have confidence that their attorney will take over safely if they ever lose mental capacity.
There are certain equity release products in Norfolk that offer power of attorney as part of the deal. This is worth looking into if you want to reduce the stress of the process (your attorneys can help with administration) and plan for a secure future.
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The good news for equity release candidates in Norfolk is that there is a huge range of successful providers to choose from. Whether you want to take out equity directly with the lender or use a company to set the process in motion, the options are endless.
The best equity release company in Norfolk depends on your specific needs and circumstances. Aside from this, the only non-negotiable condition we recommend having is that the company is regulated by the Equity Release Council.
All of the big equity release companies most people have heard of fit this criterion, including Just Retirement, Saga, Sunlife, Aviva, and Canada Life.
Customers hoping to access a reliable lifetime mortgage should look no further than Aviva. This trustworthy company is a popular name in the industry for a reason.
One of the best things about Aviva is its notoriously low-interest rates. This is dependent on individual circumstances, so other companies should still be considered, but Aviva is certainly one of the best in the game for low interest.
When it comes to entering long-term care, Aviva has strict regulations. Some customers may find that other companies in Norfolk are preferable in terms of how they handle the transition from the equity release property to permanent care.
With over 170 years of experience in financial services, Canada Life is a go-to for customers in Norfolk who are after reliability.
Both of its equity release products, Lifestyle Select and Capital Select, allow customers to make annual repayments of their loans with no early repayment fees. This company is a great option if you want to avoid compound interest at all costs.
However, there may be additional costs if you decide to move home during the scheme. Only certain Canada Life products offer downsizing protection, whereas some companies provide this with all plans.
Lloyds Bank offers enviable lump sum and drawdown lifetime mortgages in Norfolk through Scottish Widows Bank.
With Equity Release Council membership and values of equality and diversity, Lloyds Bank equity release customers enjoy great customer service throughout the scheme.
A disadvantage to consider is that the process can be slightly more time-consuming when two companies are involved. In terms of research, you would need to look into the services and reviews of both organisations, as opposed to just one.
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Age Partnership offers expert equity release advice and recommendations to various plans in Norfolk. As well as advising clients on lifetime mortgages, Age Partnership is equipped to discuss the risks and rewards of home reversion plans.
Another benefit of using Age Partnership is that free valuations are not uncommon. The small costs of equity release add up quickly, so any money saved counts.
On the other hand, a £1,895 fee is charged to customers who complete the equity release process with this company. Compared to its competitors, Age Partnership is an expensive service overall.
Just Retirement boasts the Just For You Lifetime Mortgage, which comes with a range of unique benefits. With this product, you can repay monthly interest up to 100%, boost your LTV ratio via cashback, and hold your equity release loan in a cash reserve to save on interest.
Though Just are generous with interest repayment, there is an early repayment charge for Norfolk consumers who want to repay their loan during the scheme.
The award-winning Key is a client favourite due to its excellent customer service, namely its straightforward complaints process and quick responses. As well as offering products, Key has in-house advisers, which means customers get the best of both worlds when they contact this company.
However, unlike many equity release advice firms in Norfolk, Key does not offer free initial advice. This could be off-putting to clients who want an introduction to the scheme without making a financial commitment.
Offering both a repayment lifetime mortgage and a flexible lifetime mortgage, Legal and General have something for everyone. There is a no negative equity guarantee included in each product, which makes this company’s plans incredibly safe.
Yet, customers hoping to sell their Norfolk home during the scheme must take into account this organisation’s early repayment charge.
Equity release can become an extremely expensive scheme if you are not committed to it, and you do not have the guarantee of free repayment.
There are plenty of reasons to use Nationwide for your equity release needs, ranging from a fixed lifetime interest rate to the £1000 cashback that follows plan completion.
Working with such an established company also brings an added sense of security to the scheme.
The maximum age to release equity with Nationwide is 94 years old. Although most customers will not exceed this upper age limit, it’s an important factor to consider for older equity release candidates in Norfolk.
An eligibility factor that could be more limiting is that Nationwide only accepts current clients who already have a retirement mortgage or equity release mortgage with them.
Saga is a successful equity release company that is generous with its fees. If you release equity in Norfolk with this company, you will not have to pay any set-up or valuation fees.
Saga’s cashback guarantee is another feature that demonstrates the provider’s dedication to great customer service. If new equity release consumers don’t receive their loan within 40 days, Saga offers £100 cashback.
Customer reviews are crucial when it comes to choosing the right equity release provider, and unfortunately, Saga doesn’t have the best reputation of the companies in our list.
That said, it’s important to draw information from many areas e.g., personal recommendations, statistics, and equity release advisers.
Our final recommendation for a regulated equity release company in Norfolk is Sunlife. This brilliant company offers desirable lifetime mortgages as well as home reversion plans (which is not something you find in every company).
With certain Sunlife plans, consumers can access up to 70% of the value of their property. This could make a huge difference to your finances in retirement.
If you are considering using Sunlife, make sure you check their eligibility criteria. This company is not known for its lenience when it comes to approving properties, so not all of our readers will be able to release equity with Sunlife.
Please call our 24-Hour Helpline: 0330 058 1579
We always advise our readers to book an appointment with an equity release adviser when they are considering equity release Norfolk. So, why bother with the equity loan calculator?
It’s a free tool that takes just seconds to use, and it saves a huge amount of time for people who are ineligible for the scheme (as they know not to book an appointment).
It’s also a time-saver for people who want to release a specific amount of money, as you will quickly find out the general amount you will be able to access.
Yes, you need a solicitor for equity release Norfolk. Customers who work with a regulated equity release lender will be able to seek independent legal advice from a solicitor who specialises in equity release.
Solicitors play a key part in the process as they take care of administration and legal processes. Some examples of activities they carry out are:
As you can see, even though it costs to hire a solicitor for the entire process, it saves time, effort, and stress. Dealing with these processes when you don’t have a legal background can be unnecessarily overwhelming, so we always recommend working with a solicitor for as long as possible.
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There is no scheme out there like equity release Norfolk, so we can’t recommend an alternative with the same benefits.
However, if you know what your greatest motivations are, you could find an alternative that meets your needs just as much as equity release would.
Some other methods of saving money or increasing income in retirement are:
No one likes to hear this, but if you’re able to work for longer, it’s a great way to ensure your retirement is a stable time.
Rather than dealing with complex schemes and loans, you can simply work past State Pension age and increase your savings by doing this.
The downside is that this time would cut into your retirement, and many people are ready to leave work as soon as they get access to their pension.
There is also no guarantee that this method would save enough money, as it doesn’t free up a large lump sum of cash like equity release Norfolk does.
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Increasingly, pensioners are taking in lodgers as a way to establish a stable retirement income. With 15% of retired homeowners considering this, it’s clearly something that would benefit many equity release candidates [6].
As well as generating income, some pensioners appreciate the value of sharing their home with someone new, especially as retirement can be isolating.
Others may find this option too suffocating as it alters the dynamics of the household. The bonus of equity release is that the homeowners can keep their current living situation while still being entitled to a generous loan.
Borrowing money informally is a fantastic way to boost your retirement income without risking the consequences of late repayments for traditional loans (i.e., debt, poor credit scores, and bankruptcy).
People who are able to do this should consider this as an alternative to equity release Norfolk.
We recommend meeting with a financial adviser to assess your situation before doing this. If you need access to a significant amount of funds long-term, borrowing from a loved one may not be worth it.
This situation works best if both parties have shared expectations for the amount that is borrowed and when it should be repaid.
As always, there is a risk that the money will not be repaid, and the relationship could be damaged.
Please call our 24-Hour Helpline: 0330 058 1579
We are an equity release advice service with expertise in all areas of the scheme, from specific equity release products to the financial implications of the scheme.
If you are interested in equity release Norfolk, we would love to help you understand the pros and cons of the scheme before settling on an equity release provider (or an alternative to equity release).
Please call us on 0330 058 1579 to chat to one of our wonderful advisers about releasing equity from your Norfolk property.
We are here to help across Norfolk in Great Yarmouth, Cromer, Wells-next-the-Sea, Hunstanton, Sheringham, King’s Lynn, Blakeney, Thetford, Holkham, Cley next the Sea, Holt, Happisburgh, Dereham, Wroxham, Mundesley, Brancaster, Fakenham, Aylsham, Winterton-on-Sea, Burnham Market, Heacham, Gorleston-on-Sea, Sandringham, Caister-on-Sea, North Walsham, Wymondham, Swaffham, Walsingham, Overstrand, Downham Market, Horning, West Runton, Hemsby, Attleborough, Horsey, Weybourne, Stalham and Bacton.
[1] Understanding Loan-to-Value Ratio (LTV) https://www.experian.com/blogs/ask-experian/what-is-loan-to-value-ratio-and-why-is-it-important/
[2] One in ten equity release customers are divorced over-60s using it to help with asset-splitting process https://www.thisismoney.co.uk/money/pensions/article-2416733/Divorcing-60s-turn-equity-release-assist-asset-splitting-process.html
[3] Ibid.
[4] Divorce rate rising for over-60s https://www.ageuk.org.uk/latest-news/archive/divorce-rate-rising-for-over-60s/
[5] Rules and guidance https://www.equityreleasecouncil.com/about/standards/rules-and-guidance/
[6] Would you offer a room for rent to make ends meet? Elderly homeowners take in lodgers to boost their pension https://www.thisismoney.co.uk/money/mortgageshome/article-2544612/Should-let-room-cover-cost-living-shortfall.html
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