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Lifetime Mortgage & General Equity Release Advice in Norwich
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.
Lots of people who are nearing retirement age are comfortable with their finances.
However, with the current economic climate and cost of living crisis, more and more people aged over 55 years old might be struggling with their finances. This is particularly more difficult for those who are retired.
If you live in Norwich and are over 55 years old, then you might want to consider Equity Release Norwich as a way of living a more comfortable and relaxed lifestyle as you get older.
Due to a number of different reasons, house prices over the past three years have been increasing rapidly in Norwich, sometimes by as much as 30%.
This means that a lot of people own houses which might be worth a lot more than they bought them for, meaning that if they were to sell their houses they might make up to tens of thousands of pounds.
However, many people aged 55 or over simply do not want to sell their homes. This could be for a number of different reasons, including not wanting to move away from friends, family members and loved ones.
This is why equity release in Norwich is such a great option, as it allows individuals to gain access to their equity whilst allowing them to remain living in their home for as long as they want.
When you release equity from your home in Norwich, you do not gain access to your deposit, but to your monthly mortgage repayments, too.
As you can imagine, this sum will be large if you have lived in your house for a number of years, or even decades for some people.
The current increase in house prices in Norwich has come at a great time for homeowners, with the current cost of living crisis meaning that many people might have to sell their homes or dip into their equity to help lead a more comfortable life.
Due to this, numerous individuals have now found themselves ‘asset rich but cash poor’ meaning that they have more equity in their home than they have cash in the bank.
This is why equity release is a fantastic option for many people across Norwich and the rest of the UK.
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Equity release Norwich is a very popular way of gaining access to the equity that you have built up in your home of the many years that you have lived there for.
Most people know that when you buy any property across the UK and Norwich, unless you are a cash buyer, then you have to put down a deposit, usually between 10% – 30% of the total value of the property. However, depending on how much money you have in the bank, this percentage can be tens of thousands of pounds.
In addition to the initial deposit in the property, including in its equity is the monthly mortgage repayments you have been paying each month over the many years that you have been living in that property.
These are often hundreds of pounds, and will be a mixture of interest and monthly payments that you will get back one day when you come to sell the property.
In addition to this, it is worth considering that many people’s properties have increased in value over recent years across Norwich and the rest of the UK, meaning that their property might now be worth much more than the value that they bought it for.
The key with equity is that the longer you own a property, and the more monthly repayments that you make, then the more equity you will have built up in your home. This is why equity release is only really available to those aged 55 or over.
Equity release in Norwich is a great solution to those who desperately need and want more financial support and financial freedom as they reach retirement age.
The great thing about equity release in Norwich is that individuals are able to gain access to the equity in their home whilst still being able to live in their home and enjoy their retirement years in a comfortable and familiar setting.
For many people aged 55 or over, they simply do not want to move home. There are a whole host of reasons why this might be the case. For example, individuals might want to stay in their property because they have built up so many memories there, that it might be too painful to leave.
Lots of people might struggle with the stress and logistics of moving house at a later stage in life, and some others simply might not want to move if they currently live close to friends, family members and loved ones.
Another great thing about equity release in Norwich is that you are able to spend the money however you want. Lots of people decide that they want to spend their equity release on a holiday, a nice new car or a second property.
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However, others decide that they want to help family and loved ones, with things like University fees and a house deposit.
Some others decide that they want to spend their equity release in Norwich on home improvements, or to make their home more suitable or comfortable for you as you get older.
However, with the cost of living increasing quickly, it is a good idea to make sure that you make savvy and responsible investments, whilst leaving some extra money so that you do not struggle on a rainy day.
You should always seek the advice of an equity release advisor if you are considering equity release in Norwich before you make any final and lasting decisions.
Your equity release advisor should be fully trained and qualified, and will be able to help and guide you into making the right financial decision for not only you, but your family too.
Typical qualifications include:
All advisors we work with are Independent Finance Advisers (IFAs) who can advise on products across the market, from reputable lenders such as Scottish Widows, Legal & General, Aviva, Liverpool Victoria (LV), Canada Life, more2life, Hodge, Just Retirement, Pure Retirement, One Family and LiveMore Mortgages, all of whom are backed by the Financial Services Compensation Scheme.
All lenders offer a no-negative equity release guarantee and all parties are signatories to the Equity Release Council.
It is important to understand that no equity release advisor will force you into making a decision, they are simply there to provide you with all of the correct and helpful information and allow you their expertise and opinion on the subject. All advisors are bound by the professional obligations imposed by the Financial Conduct Authority and Financial Ombudsman Service.
If you are considering equity release in Norwich, then you will have to qualify and pass all of the lender’s qualification criteria before you will be considered.
Whilst each lender has different qualification criteria, there are a number of different factors that each lender will have in place.
Some of these qualification criteria include the following factors:
Your equity release specialist will also explain that your lender will also consider your state of health and your age when they agree on how much equity you are able to release.
If you are suffering from any serious or terminal health conditions, then you, unfortunately, might not be able to release equity from your home.
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When it comes to repaying your equity release loan, things are different than a normal loan. With an equity release loan, you will only have to pay the loan back when you pass away, move into long-term care and when you sell the property.
However, lots of people easily forget about the interest on the loan. When you speak with your equity release specialist, they will be able to explain to you that the interest on your equity release loan will quickly build up, unless you choose to pay off the interest on the equity release loan through monthly payments.
If you choose not to pay off the interest on the equity release loan in monthly repayments, then it is important to understand that the interest on the equity release loan will build up into compound interest over a number of years, which can sometimes add up to a large and eye-watering amount.
If you choose to let this happen, then it is important to understand that this compound interest will need to be repaid upon the sale of the house, which means that your loved ones and next of kin will need to make sure that this happens.
When you are considering equity release in Norwich, then your equity release advisor will explain that you will have to choose between a lifetime mortgage and an equity release home reversion plan, as these are the two most popular forms of equity release in Norwich in Bowthorpe, Crown Point, Eaton, Friars Quay, Golden Triangle, Heartsease Estate, Hellesdon, Mile Cross Estate, Mousehold Heath, Norwich Lanes, Old Catton, Riverside, Sprowston, Thorpe Hamlet and Thorpe St Andrew.
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A lifetime mortgage is by far the most popular type of equity release plan across Norwich and the rest of the UK.
By opting for a lifetime mortgage, you will be able to release a certain amount of equity from your home, depending on your health and your age, whilst being able to remain living at your home.
It is important to understand that the money you receive through a lifetime equity release mortgage will be tax-free.
With a lifetime mortgage, as discussed above, you will be charged interest on your equity release loan.
Whilst the interest rate on this loan will not be unreasonable, it is important to understand that the interest rate on a lifetime equity release mortgage will be higher than the interest rates of a normal, traditional mortgage.
Your equity release advisor will advise you to pay off the interest on the loan in frequent payments, as to avoid allowing the interest to build up into compound interest.
Unfortunately, sometimes the value of the loan (including the interest) becomes higher than the actual sale of the house.
It is important to understand that if this happens then you or your family will not be liable to pay off the difference in these sums, as the lender will take on this responsibility.
It is important to know that your next of kin will not be responsible for paying the difference if this does happen.
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Home reversion plans are also a popular type of equity release, however, it is not as popular as lifetime mortgages.
A home reversion plan involves selling a certain percentage and share of your property to the lender in return for access to your equity in the home.
However, you will sell a percentage of the property to the lender for a lot less than the market value of the property.
When you pass away or move into long-term care as you get older, the equity release lender will receive the money from your sale of the property, depending on how much and what percentage of the property they own.
House prices across Norwich and the rest of the UK have been increasing year on year over the past few decades.
If you bought a house decades ago and have spent the past few decades paying off your mortgage and increasing the equity in your home, then you might also be pleasantly surprised when it comes to the value of your house.
You should always get an independent valuer to assess the value of your home with a formal valuation. They will take into account the size of your home, the general condition of your home as well as the location of the property.
The average value of a property in Norwich is approximately £272,476 according to Rightmove in 2022.
The majority of the properties in Norwich are terraced houses, which on average sell for approximately £252,390. However, detached properties sell for a lot more, selling for an average £401,782 according to Rightmove in 2022 [1].
House prices in Norwich have increased in value by 12% between 2018 and 2019. Therefore, a lot of people will have bought their house for a lot less than they are now able to sell it for, meaning that they will have a significant amount of property built up in their home.
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It is important to understand that there are a number of different factors that you will need to consider when deciding whether equity release in Norwich is the best decision for you.
For example, some of these factors include the following:
On this last note, it cannot be stressed enough that it is important to speak with your loved ones about the idea of equity release, and to make sure that they are on board with the idea of equity release.
Your equity release advisor will support and encourage you to do this, and will even offer to help to explain the ins and outs of equity release to your loved ones if needed.
You can read about the drawback of equity release here. It’s also worth considering 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 Norwich:
Address: 26 Pottergate, Norwich NR2 1DX
Telephone: 01603 764904
Website: http://www.norwichcreditunion.org.uk/
Address: The Forum, Millennium Plain, Norwich NR2 1TF
Telephone: 0800 144 8848
Website: https://www.ncab.org.uk
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Unfortunately, equity release is only available to those aged 55 or over for a lifetime mortgage, and 65 or over for a home reversion plan.
However, lots of people aged under 55 years old might need more financial freedom and access to money as they enter the second half of their life.
For many, this might be due to the current increase in the cost of living, which is seeing many individuals and households struggle to live comfortably day to day.
If this is the case, then you will need to speak with an equity release advisor or financial advisor. There are a few different options available to you if this is the case, including re-mortgaging your house or taking out a bank loan.
Re-mortgaging your house is a great way of gaining access to some more money, however, more and more people are finding that lenders are becoming more strict when it comes to who they allow to re-mortgage their house.
For example, an increasing number of lenders are increasing their minimum age requirement.
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On top of the added interest rates, you will have to pay a number of different things when you opt for an equity release scheme in Norwich.
However, the money that you do receive from your equity release loan will be tax-free, meaning that you will not be taxed on the money that you receive from your equity release loan.
Interest rates are usually more expensive with an equity release loan than they are with other forms of loans, such as a normal, ordinary mortgage.
Interest rates can cost a significant amount if they are left unpaid over a number of different years, as they very quickly transform into compound interest.
There are also a number of other factors and costs when it comes to equity release in Norwich, including solicitor and lawyer fees.
You will always have to engage with a solicitor when you opt for an equity release loan in Norwich, which can cost anywhere between £1,000 and £3,000.
However, it is important to understand that the cost of your solicitor will depend on who you opt for, as well as the complexity of your equity release loan.
In order to gain a good understanding of the true and current value of your home, you will need to get your home valued. This will also incur a cost, usually of approximately £100 – £200, again depending on who you opt for.
If you want to release equity from your home but are concerned about the associated costs, then you should speak to a local equity release advisor who will be able to talk you through the process and the ins and outs of the associated costs.
It’s also worth noting that you should fully consider the alternatives to equity release before going ahead with this product. In the interests of transparency, we outline all the potential pitfalls of equity release here.
If you are taking out equity release to pay off an existing mortgage or because you are struggling financially, then it is best to fully consider all your options first. We have written a guide to budget planning here.
Below, we also list organisations who can assist you in Norwich if you are struggling financially:
Address: The Forum, Millennium Plain, Norwich, NR2 1TF
Telephone: 03444 111444
Website: http://www.ncab.org.uk/
Address: 2-6 Botolph St, Norwich NR3 1DU
Telephone: 0800 328 0006
Address: 23 Earlham West Centre, Norwich NR5 8AD
Telephone: 01603 501301
Website: https://norfolkfirstcu.com/
Other organisations of interest include Norwich City Council, StepChange Debt Charity and AgeUK.
Please call our 24-Hour Helpline: 0330 058 1579
Every loan that you take will charge you interest on your loan, depending on the current interest rates. Unfortunately, when it comes to equity release in Norwich, the interest rates are usually slightly higher than interest rates with average loans and mortgages.
In addition to this, equity release loans are open-ended which means that they do not have an end date. The loan will end when you pass away, or move into long-term care for health reasons.
Unfortunately, the interest on an equity release loan will quickly build into compound interest. This is why your equity release specialist will suggest that you pay off this interest in monthly payments, as to avoid allowing the interest to compound.
If you are considering equity release in Norwich, then it is incredibly important to seek advice and support.
For many equity release lenders, seeking the advice and support of an equity release specialist is mandatory as part of their qualification criteria.
Equity release specialists will be able to highlight the different equity release plans available to you and your family.
They will also be able to talk you through the process, from start to finish and will be able to highlight any costs associated with an equity release plan, including valuation fees and the cost of a solicitor. All solicitors are regulated by the Solicitors Regulation Authority and all are members of the Law Society of England and Wales.
They will also ask you what you plan on spending your equity release funds on, so that your equity release specialist knows that you are making a savvy and informed investment.
It is important to understand that your equity release specialist will not try to force you to opt for equity release or try to sell it to you if they do not think that equity release is the best thing for you.
They are simply there to inform you, provide you with all of the necessary information and talk you through the different stages.
One of the last things your equity release specialist will do is draw up a mortgage illustration, which will highlight your financial plan, as well as the associated costs and fees so that you fully understand what you are signing yourself up to when it comes to equity release in Norwich.
For these reasons, it is incredibly important to be as open and honest with your equity release specialist about your motivations for equity release and current financial situation.
Otherwise, without all of the information they need, they will not be able to provide you with the best information and equity release plan for you.
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If you are wanting more information on equity release in Norwich, then you should speak to an equity release specialist at Equity Release Warehouse.
At Equity Release Warehouse, we have a team of specialists and advisors who are on hand to talk with you about your options, honing in on their knowledge and expertise on equity release in Norwich.
When you talk with one of our specialists, everything you discuss will be confidential, and you are in no way obliged to opt for equity release in Norwich just because you have spoken with one of our advisors.
At Equity Release Warehouse, our advisors are simply here to provide you with all of the current information and recommend the very best equity release plans for you.
They will also use our equity release calculator to calculate the best plan for your current financial situation.
You can start today by calling us at Equity Release Warehouse by visiting us online at www.equityreleasewarehouse.com or by requesting one of our free brochures.
If you would like to speak to our specialists over the phone, then you should call us on 0330 058 1579 for our advice and support on how to take the first steps to releasing equity from your home.
Access help and advice today across Norwich in Earlham, Hellesdon, Trowse Newton, Cringleford, Spixworth, Colney, Arminghall, Keswick, Costessey, Horsford, Swainsthorpe, Bawburgh, Swardeston, Hethersett, Yelverton, Yervilton, Wroxham, Blofield, Saxlingham Thorpe and Wramplingham.
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