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Lifetime Mortgage & General Equity Release Advice in Northamptonshire
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.
In Northamptonshire, you can get involved with equity release by taking out a lifetime mortgage or having a home reversion.
The route that you take will depend on various factors, including how much money you have, how valuable your property is, how old you are, and which scheme appeals to you more.
Lifetime mortgages are increasingly popular as more and more pensioners are finding that their pension and savings are not covering their living costs.
They turn to lifetime mortgages as a way to borrow money that does not need to be repaid, as this allows them to enjoy their retirement without panicking about repaying debts.
Similarly, home reversions offer over-65s a lump sum of tax-free cash that does not have to be paid back, allowing them to put the money towards something that they need (such as bill payments, debt repayments or home improvements) or something they want (a new car, a new home, or holidays).
The main difference between a home reversion and a lifetime mortgage is that the latter is much more similar to a standard mortgage arrangement, but the difference is that there are no monthly repayments involved.
The former involves selling a share of your home to an equity release provider, so you have to give up your status as homeowner.
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We expect that our customers will meet with us to discuss equity release Northamptonshire before they make the decision to apply to an equity release lender in the area.
In this meeting, we will cover everything you need to know. However, if you are interested in a brief overview, here are the main things to keep in mind with equity release Northamptonshire.
Different lenders have different criteria for their equity release consumers, but there are some requirements that are consistent across the board, so make sure you check these to save a wasted application.
To qualify for equity release in Northampton, you must own your own home that is worth £70,000 or more and you must be at least 55 years old for a lifetime mortgage and at least 65 years old for a home reversion.
There are other factors that can complicate the equity release application process slightly, without disqualifying you from receiving an equity loan. These factors should be presented to an equity release adviser so that they can determine whether there is a way for you to proceed with taking out equity.
Some examples of these factors are: having a leasehold property, having an existing mortgage, claiming means-tested state benefits, and having a poor credit rating.
Please call our 24-Hour Helpline: 0330 058 1579
All equity release consumers must meet with a solicitor at least once to ensure the legal aspect of their equity release plan is dealt with. However, we would recommend meeting with a solicitor regularly as this will simplify the process for you.
Your solicitor can facilitate contact between you and your equity release lender, which reduces the stress involved with responding to the lender. They can also speed up the process by arranging a property valuation in a timely manner, which ultimately allows the lender to make a prompt decision on whether your property qualifies for equity release in Northamptonshire.
In addition to the fact that not everyone meets the requirements for equity release in Northamptonshire in the first place, some people are not suited to this scheme, and it is important that they find this out before proceeding.
For example, if you believe you would struggle to cope with being in debt, even if you knew that the loan would not need to be repaid, it may be better for you to choose an option that does not involve significant debt.
Another example is if you have plenty of savings in the bank. In this situation, it would probably be unwise to take out equity as you would already have cash available to you that you could spend without the implications of being in debt.
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The beauty of an equity loan in Northamptonshire is that it does not need to be repaid by the equity release customer. This is confusing for some newbies to equity release, as they don’t understand what the equity release lender gets out of offering a tax-free loan.
The answer is that the equity release lender relies on the money that will be raised from the sale of your property when you pass away or go into long-term care. This means you never have to repay the loan yourself, as the money will be deducted from your sale proceeds.
It goes without saying that there is often money left over, and this is the reason that most equity release consumers in Northamptonshire are still able to leave an inheritance to their loved ones.
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The answer to this question depends on the type of equity release plan you select. With some lifetime mortgages, the interest builds over time and amounts to a significant value as it is never repaid. This causes some customers to lose equity from their home.
However, there are certain lifetime mortgages that allow you to repay this interest and avoid losing equity. You can do this through a retirement interest only mortgage, also known as an RIO mortgage (1).
Furthermore, many modern lifetime mortgages offer more protection when it comes to keeping the equity that is in your home.
One example of this is inheritance protection; you can protect some of the equity for your loved ones, and this ensures they will definitely inherit some of your funds when you pass away.
Another example is the ‘no negative equity guarantee’, which is frequently seen on the lifetime mortgage market. The idea behind this is that you never end up owing more than the value of your property, so your interest will never exceed the initial borrowed amount.
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You may be tempted to apply to an equity release lender in Northamptonshire immediately, as this would appear to be the quickest way to access an equity loan.
However, speaking to an experienced equity release adviser is the most sensible way to approach equity release in Northamptonshire. They will be able to teach you about the pros and cons of equity release to ensure you know what you’re getting yourself into.
What’s more, they can take some of the burden off the application process as they can fill out most of the forms. Anything that you need to sign will first be explained to you so that you are aware of what you are agreeing to.
Equity release advisers should not shy away from being open about the features and risks of equity release. If you meet with an adviser who does not want to discuss the dangers involved with taking out equity in Northamptonshire, this should be a red flag for you.
Finally, your adviser should not let you apply for a lender or a plan that is not suitable for you. They should ensure your application has every chance of succeeding, and part of this is checking that you are eligible.
For example, you should not be applying to a lender who only accepts homeowners who are younger than 85 years old if you are 86 years old. This would be a wasted application, and it costs time and money to make an equity release application.
An example with regards to equity release plans is that you should not apply to a plan that involves repayment if you are not in the position to be paying back some of your loan (or the interest on your loan) each month).
In other words, if your adviser is aware that you are not earning enough to be able to afford monthly repayments, they should not allow you to apply for a retirement interest-only mortgage as you would end up failing to repay the interest each month.
However, though your adviser shouldn’t allow you to apply for things you are ineligible for, they should equally allow you the freedom to select a plan that is right for you.
Some advisers turn their clients against particular plans unnecessarily. We believe this is unfair as each equity release consumer should choose the plan that speaks to them, not their adviser.
Please call our 24-Hour Helpline: 0330 058 1579
To determine if equity release is right for you, we urge you to fully familiarise yourself with the potential drawbacks of equity release. And if you feel equity release just isn’t for you, then please read this article which outlines the alternatives to equity release.
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 Northamptonshire:
Address: hosted at 7, West St, Rushden NN10 0RT
Telephone: 0344 411 1444
Website: http://cencab.org.uk/
Address: Citizens Advice Corby &, Municipal Offices, Bowling Green Rd, Kettering NN15 7QX
Telephone: 01536 482281
Website: http://www.nnca.uk/
Address: 2B High St, Wellingborough NN8 4HR
Telephone: 0800 144 8848
Website: https://www.cencab.org.uk/
Address: 6 Duncan Cl, Moulton Park Industrial Estate, Northampton NN3 6WL
Telephone: 0303 040 2660
Website: https://www.commsave.co.uk/
Address: 7 Mercers Row, Northampton NN1, UK
Telephone: 01604 250016
Though this article is targeted at people who live in Northamptonshire, Equity Release Warehouse can help people in many towns and cities in the UK, as well as certain locations abroad.
On our home page, you will see a list of all the areas we work in. Please use this to check whether we work in your area. If you cannot see your location on the homepage, please get in touch and we will confirm whether we can help you.
Some examples of British counties we work in (as well as Northamptonshire) are: Cambridgeshire, Shropshire, Lanarkshire, Aberdeenshire, Devon, Oxfordshire, Warwickshire, Hampshire, Bedfordshire, Kent, and Cheshire.
The equity release process is very similar in each area, so you can benefit from the general information about equity release that is on our website. This includes our help page (with a popular frequently asked questions section), our list of available plans, and our blog.
However, if you get in touch with us, you will be able to learn about how equity release works in your specific area, which can be very helpful when it comes to applying to a reputable equity release lender and selecting an appropriate equity release scheme.
Remember that the average equity loan is different in each area as the property market looks different everywhere you go. This means you might get a higher or lower loan than equity release customers in other areas, so do not rely on their experience as a realistic idea of what your loan could look like.
Instead, use our free equity release calculator to find out how much money you could release from your property, whether it’s in Northamptonshire or elsewhere.
Please call our 24-Hour Helpline: 0330 058 1579
We have emphasised the importance of speaking to a professional equity release adviser, and the quickest way to do this is to get in touch with us and ask to speak to a member of our team.
By calling us on 0330 058 1579 or requesting a call from us, you could access a free consultation with one of our experienced advisers, in which you would learn all about equity release in Northamptonshire.
There is no obligation to sign off on anything after this phone call, so please don’t worry that you’ll be tied into the equity release scheme.
You are welcome to tell our adviser that you are sceptical about equity release, and you can trust that they will do a good job of reassuring you of the safety of the scheme, but also pointing you in the direction of alternative options if equity release wouldn’t benefit you.
If you are interested in equity release in Northamptonshire but you do not currently qualify for an equity loan, we still encourage you to get in touch and find out if there is any way to improve your eligibility.
For example, if you have an existing mortgage, we can advise you on whether it would be possible for you to take out equity, and which steps you should take to do this safely and securely in order for your financial situation to remain stable.
Access help and advice today across Northamptonshire in Brackley, Bugbrooke, Burton Latimer, Corby, Daventry, Desborough, Duston, Higham Ferrers, Kettering, Kinsley, Long Buckby, Northampton, Raunds, Rothwell, Rushden, Thornby, Thrapston, Towcester, Wellingborough and Woodford.
Please call our 24-Hour Helpline: 0330 058 1579
[1] Retirement interest-only mortgages https://www.moneyhelper.org.uk/en/homes/buying-a-home/retirement-interest-only-mortgages
[2] Inheritance Protection & Equity Release: What Is It? https://www.sunlife.co.uk/articles-guides/your-money/inheritance-protection-and-equity-release/
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