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Lifetime Mortgage & General Equity Release Advice in Suffolk
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.
Equity release Suffolk is a scheme that is mainly designed for people who are heading towards retirement, or who are already retired, and do not currently have enough cash to fund their lifestyle.
Homeowners can have a home reversion plan, which involves selling their property to an equity release lender in order to access an equity release loan.
The other equity release product is the lifetime mortgage, which involves taking out a large loan and not having to repay it as you would with a traditional mortgage.
In Suffolk and in the UK in general, there are eight types of lifetime mortgage you can have. The possible arrangements are: buy to let, second home/holiday home, interest only, drawdown, income, lump sum, voluntary repayment, and enhanced/ill-health.
Not everyone is eligible for each plan, so you will need to contact an equity release adviser to find out which arrangement would be the most appropriate for you and your family.
It is important that you do this before making a formal application to an equity release lender in Suffolk. This is because your application could be rejected, and you would have wasted time and money on trying to enrol onto a plan that you are not the target market for.
You can find out how much you can borrow using our equity release calculator.
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In order to explain how equity release in Suffolk works, it is often useful to compare the concept of an equity loan to that of a traditional loan, which homeowners tend to be more familiar with.
When you take out a traditional loan, there are affordability criteria you must meet to confirm that you are in the financial position to repay the loan by the deadline. For most people, this looks like making small monthly repayments, but some people may choose to pay off the debt with a cash lump.
The lender has to be confident that you will be able to repay the money. For this reason, they are likely to check your income to see whether you have enough money coming in to make repayments.
They will also often check your credit rating as this informs them of how reliable of a borrower you are.
On the other hand, with equity release, there is no need for any of these checks, as you are taking out a secured loan.
This means your loan does not have to be backed up by proof of a high income or a good credit rating, as you are offering up your property to the lender instead.
Rather than making regular payments, equity release consumers in Suffolk will never have to pay back the money they borrow while they are still alive and living in their home. Instead, when they pass away or go into long-term care, the lender will sell their house and take the sales proceeds.
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Equity release is rising in popularity at the moment due to the cost of living crisis we are in (1).
Many people have worked hard for many years to earn a good pension and have enough savings to get by, but this is no longer enough as the cost of living is simply too high.
In this dire situation, what better way to make yourself financially comfortable than to take out a loan that does not have to be repaid, and that can be spent on anything at all?
You may choose to take out equity to pay your bills each month, to pay off large debts, to cover everyday living costs, or to have home improvements that will make your retirement more comfortable.
Another reason to consider equity release in Suffolk is the fact that you can use it to help your family and friends. If you have any young family members who are struggling to make ends meet, it may be harder for them to escape their situation.
They don’t have access to government grants for the elderly, they may not have built up a good enough credit rating for traditional loans, and they may have children to pay for as well as themselves.
If you take out equity from your Suffolk home, you could make things much easier for your struggling family member by gifting them money, as neither of you would have to worry about repayment.
As equity release funds often lead to a lower inheritance, you could discuss this with your family and decide whether it’d be worth it for them to have a lower inheritance if it means getting the financial help they need right now.
Finally, there are tailored plans with equity release that can help you to achieve lifelong dreams without needing to rely on your pension or savings.
For example, if you dream of owning a second home that you can live in for half of the year, whether in this country or abroad, you can take out a second home lifetime mortgage and use this to fund the purchase of a second property.
In other words, equity release can make the impossible happen for people who thought they were destined to have a very humble retirement with no luxury spending.
The best part is that you don’t have to be anxious about the repayments, which means you can enjoy your later years without worrying about being in debt.
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Yes, equity release in Suffolk is not for everyone, so there are some reasons we would advise opting for an alternative to equity release.
Firstly, if you want to pass on a large inheritance to your family and you do not want anything to get in the way of this, equity release is probably not the best option.
It is a tool to help you fund your lifestyle at the cost of having less money to pass on to your beneficiaries. Though you can ensure you pass on some money, the amount will be lower than if you didn’t opt for equity release.
Secondly, if you already have a large amount of savings and a reliable pension, it is probably best to avoid risking equity release as you already have enough money to get by, and to enjoy a comfortable retirement.
Though people on any income can release equity, it is best to rely on the money you already have if this is enough to cover your costs of living.
Finally, if you don’t think any of the equity release plans would be ideal for you, it’s best to hold off on equity release until you find one that meets your needs.
This is because it is difficult to come out of equity release once you have entered the scheme, so you should only do it when you are confident in the plan you want, as well as the lender you want to borrow from.
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 Suffolk:
Address: Endeavour House, 8 Russell Rd, Ipswich IP1 2BX
Telephone: 01473 265000
Website: http://suffolkcreditunion.org.uk/
Address: 5 Milton Rd S, Stowmarket IP14 1EZ
Telephone: 01449 676060
Website: http://www.midsuffolkcab.org.uk/
Address: 90 Risbygate St, Bury Saint Edmunds IP33 3AA
Telephone: 0808 278 7868
Website: http://www.suffolkwestcab.org.uk/
Address: 19 Tower St, Ipswich IP1 3BE
Telephone: 0808 278 7868
Website: https://citizensadviceipswich.org.uk/
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Yes, equity release in Suffolk is a scheme for homeowners, so you will unfortunately not be able to get involved if you do not own a property.
The reason for this is quite simple: without a property to call your own, you have nothing to offer the equity release lender, and this means they cannot approve you for a loan.
It is possible for you to purchase a house with the intention of releasing equity from it, so this is something to consider if you are currently renting.
You can take part in equity release no matter how much money you have, provided that you can afford to pay the additional costs along the way (though these can be paid for using the equity loan).
There is a stereotype that equity release is for people who are cash poor, which is largely true as homeowners use equity release as a way to access the money that is tied up in their property and use it practically.
However, the scheme is not just for people with no money. If you have a good amount of money and yet you still want more to make your retirement more comfortable, equity release in Suffolk could work very well for you.
More and more wealthy homeowners are using equity release to gift money (2).
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Yes, equity release in Suffolk is more flexible than ever, but there are certain aspects of equity release that remain inflexible.
When it comes to selecting an equity release scheme that is right for you, there is a huge amount of flexibility.
You can decide what you want to spend the money on, how much interest you would be willing to repay (if any), and whether you would like to receive the loan in regular instalments or as a lump sum.
This flexibility is of course dependent on your eligibility for a specific plan, as you may not qualify for a loan with every single plan in Suffolk.
On one hand, you could argue that equity release is not flexible when it comes to the eligibility criteria, as there are strict requirements that must be met, such as being 55 years old or more, being a homeowner, and having a property that is not lower than £70,000 in value.
On the other hand, different equity release providers have different lending criteria, so you may find equity release to be more flexible than you think.
For example, some lenders allow you to use your equity loan to pay off an existing mortgage, some have downsizing protection which allows you to move home on the scheme, and some allow you to repay some of the loan if your plan allows for this.
Unfortunately, the lack of flexibility kicks in when it comes to backing out of equity release. Lenders expect you to be dedicated to the scheme, so they may charge you if you decide you want to end the scheme early.
To avoid this, make sure you are certain about your decision before signing up for equity release in Suffolk. You could also choose a plan with downsizing protection, or a plan that allows for regular repayment.
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Yes, equity release is a regulated scheme that homeowners all across the UK are benefitting from. The only reason it would be unsafe is if you got caught in a scam, if you jumped into it without considering the impact, or if you didn’t seek the right financial advice.
You can avoid all this by speaking to an equity release specialist at Equity Release Warehouse. We can show you how to release equity in the safest way possible.
To do this, we will talk to you about the importance of working with people who are members of the Equity Release Council (ERC).
This includes your equity release provider, solicitor, financial adviser, and equity release adviser. It may seem like more effort to find people that fit this criterion, but it will be worth it to keep the scheme as safe as possible.
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Some stereotypes about equity release are true, and some aren’t. You will get the most realistic idea of equity release by speaking to one of our advisers and asking them for the pros and cons of Suffolk equity release.
There is a stereotype that equity release is only for people with extremely high-value homes, but this is not the case. As long as your home is worth at least £70,000, you could be accepted for a loan. Your loan may be smaller than someone with a high-value property, but it will be available to you nonetheless.
On the other hand, a true stereotype about equity release is that it is a quick process. It tends to take up to two months to complete, which is much faster than most house moves.
This estimate includes every stage of the application process, so it should take up to 8 weeks from the moment you seek advice to the moment you receive your loan.
Please call our 24-Hour Helpline: 0330 058 1579
Equity release in Suffolk does not work for everyone, so we do not want to create the impression that you should commit to it without seriously considering how it could affect you.
That’s why we offer a free initial consultation. It is the perfect opportunity for you to express any concerns you may have about Suffolk equity release, and for us to give you a realistic idea of how it works.
Our advice on equity release is based on years of experience helping people to find their perfect plan.
Get in touch as soon as possible for your free consultation.
All advisors we work with are regulated by the Financial Conduct Authority. This means you are covered under the Financial Services Compensation Scheme, and you lodge a complaint with the Financial Ombudsman Service (FOS) if you are unhappy about the advice you receive in relation to equity release.
If you are unhappy about the legal advice you receive in relation to equity release, you can lodge a complaint with the Legal Ombudsman.
Access help and advice today across Suffolk in Aldeburgh, Beccles, Brandon, Bungay, Bury St. Edmunds, Clare, Debenham, Eye, Felixstowe, Framlingham, Hadleigh, Halesworth, Haverhill, Holbrook, Ipswich, Lakenheath, Leiston, Lowestoft, Mildenhall, Needham Market, Newmarket, Saxmundham, Southwold, Stowmarket, Sudbury, Wickham Market and Woodbridge.
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[1] Equity release lending continues to rise this year amid inflationary pressures https://moneyfacts.co.uk/news/money/equity-release-lending-continues-to-rise-this-year-amid-inflationary-pressures/
[2] More wealthy families turning to equity release to save on taxes https://www.express.co.uk/finance/personalfinance/1632968/equity-release-wealthy-families-property-finance-inheritance-tax
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