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Lifetime Mortgage & General Equity Release Advice in Shropshire
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.
The amount of money you can release with equity release Shropshire depends on the property you have to offer an equity release lender.
The more valuable your property, the more money will be tied up in it, which means you can access a larger amount of money than someone with a low-value property.
Some people need to use their equity loan to repay their existing mortgage, which evidently reduces the amount of money you have as disposable income, so this is something to think about.
Others have to spend some of their loan on equity release fees as they cannot afford to pay for the process upfront, and again, this leaves them with less money.
To find out how much you could release based on your personal situation, use our equity release calculator. It will tell you how high your loan could be according to your property value and age.
You can also get in touch with us for a personal quote, and we will be sure to produce an accurate calculation of how much money you could tap into.
Remember that this is an estimation, so do not be disheartened if your loan ends up being slightly lower than predicted, but also remember that it could be higher than our prediction.
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.
All lenders are signatories of the Equity Release Council. This means you, as the consumer, benefit from a No negative equity guarantee, and you also have the right to appoint your own solicitor during the equity release application process.
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.
Please call our 24-Hour Helpline: 0330 058 1579
A huge draw of equity release Shropshire is the fact that it allows you to borrow money without having to repay it by a certain date.
This is extremely beneficial for anyone who does not have a high enough income to afford monthly or regular repayments.
Some people have saved for retirement and worked past the minimum retirement age only to realise that they still cannot afford to make ends meet due to the rising cost of living (1).
Equity release in Shropshire allows them to boost their income without needing to rely on the money they currently have.
Another reason that no-obligation borrowing is advantageous is that it allows equity-release customers to put the full loan amount towards something that will improve their life, as they do not have to put any money aside for repayments.
For example, they could request a lump sum and put all of this money towards home improvements, allowing them to live in a more comfortable home in their later years.
They could even use the loan to add disabled-friendly equipment to their home if necessary, such as a stair lift or an accessible bathroom.
In case you are still unsure when the equity release loan needs to be repaid, we want to make it clear that it never has to be repaid while the customer is still alive. The loan is only ever repaid when the homeowner passes away or goes into permanent care.
At this stage, the equity release lender sells the house, takes the money from the sale to cover the loan cost, and leaves the rest to the homeowner’s beneficiaries.
Please call our 24-Hour Helpline: 0330 058 1579
We have made it clear that repayment is not necessary with equity release in Shropshire, but you may be concerned that this means you are unable to make repayments, even if you can afford to.
If you believe you will be able to repay some of the loan and decrease the amount you owe in the long term, you can find an equity release plan that allows you to make repayments.
For this, we would recommend the voluntary repayment lifetime mortgage or the interest-only lifetime mortgage.
Some equity release products have become more flexible over time, so even if they aren’t designed for repayment, you may still be able to pay back some money on a regular or ad-hoc basis.
This is something to confirm before you sign off on an equity release plan with a lender in Shropshire.
Please call our 24-Hour Helpline: 0330 058 1579
If you are already on a voluntary repayment scheme or an interest-only scheme and you cannot afford to continue to repay, you have a few options.
Firstly, it is worth mentioning that not many people end up in this position, as you are encouraged to check your income before selecting the scheme, so you would usually avoid this type of plan if you do not have a reliable monthly income.
With a voluntary repayment scheme, as the name suggests, you usually repay as and when you want, so you may not even need to mention to the lender that you cannot afford regular repayment, as they may be happy for you to make repayments on an ad-hoc basis.
However, with an interest-only lifetime mortgage, it is sometimes expected that you will repay the interest in full each month (2).
If you can no longer afford this, we recommend speaking to your lender, and they will most likely allow you to repay smaller amounts of the interest.
In the rare occasion that the rising debt is playing on your mind too much and you regret pursuing equity release in Shropshire, you can make an early repayment and exit the scheme.
This sometimes comes with a charge, but some lenders allow you to leave the scheme without any financial penalties.
Before you decide to take out equity in Shropshire, remember that a key feature of the scheme is the lack of pressure to repay, so if you believe you will end up getting overwhelmed about the amount you owe, this scheme may not be appropriate for you.
Please call our 24-Hour Helpline: 0330 058 1579
As we have mentioned, with equity release in Shropshire, there is no obligation to repay the money you owe, which means the scheme is potentially more accessible than traditional loan schemes.
Aside from having to be at least 55 years old, there are few other requirements for homeowners, as you can release equity on a low or high income, in urban or rural parts of Shropshire, and with a good or bad credit rating.
Another advantage of equity release in Shropshire is the fact that you can release a life-changing amount of money, so you really can access a completely different lifestyle after taking out equity in Shropshire.
For example, with a lump sum lifetime mortgage, you could put a cash lump towards a brand new car, or with a buy-to-let plan, you could purchase a second home to rent out.
Finally, people who pursue equity release in Shropshire will find that the application process is relatively quick and easy.
It tends to take between 6-8 weeks, which is not a long time considering you can enjoy the rest of your retirement with a tax-free loan from that point.
When you compare this to moving house nowadays, you realise that it is not very stressful to opt for equity release in Shropshire.
Please call our 24-Hour Helpline: 0330 058 1579
Consumers of equity release Shropshire will know that it is not something to pursue alone. You will need to meet with equity release specialists, financial advisers and solicitors to help you with the process, which takes time and costs money.
If you are still busy working, this is something to keep in mind as you cannot release equity safely without having many meetings with professionals along the way.
Another disadvantage of equity release in Shropshire is that you have to tap into the funds in your property, which inconveniences your family when you pass away as they will not inherit all of the funds from your home sale.
This may be problematic if your family is struggling with money and you would like to ensure they are financially comfortable when you are no longer around.
If you are in receipt of certain state benefits, you will need to inform the Department for Work and Pensions that you are now receiving payments via equity release. This may mean your benefits are stopped.
You can read about the alternatives to equity release here.
Finally, though equity release in Shropshire is only getting more flexible, there are always some homeowners who cannot find a plan that benefits them.
For example, if you are not prepared to owe a lot of interest on your loan, you don’t want to make repayments, and you want your family to get a large inheritance, it is possible that no equity release scheme will be right for you.
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 Shropshire:
Address: 15 College Hill, Shrewsbury SY1 1LY
Telephone: 0808 278 7863
Website: http://www.cabshropshire.org.uk/
Address: Bellstone, Shrewsbury SY1 1HX
Telephone: 01743 233123
Website: http://www.ageuk.org.uk/shropshireandtelford/
Address: 1 Walker St, Wellington, Telford TF1 1BD
Telephone: 01952 872020
Website: http://www.ageuk.org.uk/shropshireandtelford/
Address: Help the Aged, 2 St Marys St, Newport TF10 7AB
Telephone: 01952 825461
Website: https://www.ageuk.org.uk/
You can find more resources on Shropshire Council’s website. You can also benefit from organisations such as Money and Pensions Service and StepChange.
Please call our 24-Hour Helpline: 0330 058 1579
We have mentioned that you will need to meet with a solicitor when you opt for equity release in Shropshire, and this is in fact a requirement of the scheme.
In order for equity release in Shropshire to be as safe as possible for you, you should find a reliable solicitor who specialises in equity release to help you with the legal side of the scheme.
Solicitors will help in more complex cases, for instance, where there is a lasting power of attorney in place, or the property is subject to shared ownership.
You could either find a reputable firm or an individual solicitor, whatever works for you. You can find a solicitor specialising in equity release via the Equity Release Council’s website.
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.
You can only release equity from a home that you own and are living in, and this not only applies to equity release in Shropshire, but all over the UK.
This means that your current home must fit the requirements of equity release in Shropshire, such as being worth at least £70,000.
If your current home is not eligible for equity release, or you do not want to live there for the rest of your life after taking out equity, you could downsize and then release equity on the new home.
If you do this, you will need to ensure that the new home will fit the eligibility criteria for equity release in Shropshire, and you can speak to a lender if you are unsure about this.
Sometimes it is possible to release equity first, and then rely on downsizing protection to move to a new home.
However, not all equity release providers allow you to do this, so you would first need to meet with advisers to find out the best route when it comes to moving house with equity release in Shropshire.
Please call our 24-Hour Helpline: 0330 058 1579
Though we have described equity release in Shropshire as a quick and easy scheme, we are aware that there is less information about this scheme than there is about traditional methods of boosting retirement income, such as remortgaging or credit cards.
This means equity release in Shropshire is only quick and easy if you know how to get the right help with it.
The first thing you need to do is find an equity release adviser who is a member of the Equity Release Council to talk through the scheme with you and explain how you can make an application to an equity release lender.
The great thing about meeting with an equity release adviser is that they will take charge of the process, so they will simplify the application process by explaining how it works and tell you exactly what you need to sign and when.
They will also be able to help you select the right plan if you are unsure whether you would rather have a lifetime mortgage or a home reversion.
This is excellent news for anyone who would benefit from equity release in Shropshire but is overwhelmed by the many schemes that are available.
At Equity Release Warehouse, we have a large team of professionals who are available from 8am-8pm every day of the week to meet with customers about equity release.
Get started now across Shropshire in
Shrewsbury, Ludlow, Church Stretton, Much Wenlock, Bishop’s Castle, Whitchurch, Oswestry, Craven Arms, Bridgnorth, Ironbridge, Telford, Market Drayton, Cleobury Mortimer, Ellesmere, Hodnet, Shifnal, Broseley, Alveley, Albrighton, Cherrington, Acton Burnell, Lydbury North, Llanymynech, All Stretton, Ruyton-XI-Towns, Llynclys, Llanfair Waterdine, Lilleshall, Chapel Lawn, Aston Botterell, Alcaston, Aston Pigott, Apley Forge, Asterton, Atcham, Acton Reynald, Cruckton, Great Ness, Alberbury, Cruckmeole, Acton Round, Aston Eyre, Ashford Bowdler, Arscott, Asterley, Ashfields, Allscott and Ackleton.
These appointments are completely free of charge, so there is nothing to lose by contacting us for a helpful discussion.
Please call our 24-Hour Helpline: 0330 058 1579
[1] Why are people releasing equity from their homes? https://todaysconveyancer.co.uk/people-releasing-equity-homes/
[2] Equity release loans surge as older homeowners raise funds https://www.ft.com/content/7c5f166c-a9d6-4398-bb89-e4828d4114f4
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