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Lifetime Mortgage & General Equity Release Advice in West Midlands
Reviewed by Tom Philips
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There are many reasons that people choose to pursue equity release West Midlands. The general stereotype is that pensioners choose to take out equity from their property run the pension it does not provide them with enough money to enjoy their retirement.
This is often true, and it is backed up by the fact that the main purpose of equity release for homeowners in the UK is to pay off existing debts or to pay for bills.
This is becoming more popular as the cost of living is rising, and people are realising that they do not have enough savings to cope with this.
However, not everybody uses equity release in West Midlands for this reason. Here are many possible reasons homeowners may decide to tap into the money that is currently tied up in their property.
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Firstly, as we have mentioned, one of the most common reasons to take out equity is to pay off existing debts (1). The reason people choose to do this is that equity release funds do not need to be repaid, whereas traditional loans do.
This means that you can use your equity release West Midlands money to get out of debt, and though you will still owe money through equity release, this will not be something you have to worry about as it is taken care of after you pass away.
One common debt that people resolve through equity release in West Midlands is a mortgage. It is in fact impossible to take out equity if you are not going to pay off your existing mortgage, but some people decide to use the equity loan as a way to pay it off.
Another popular reason that people want to access the money that is locked up in their property is that they currently cannot afford to pay their bills, and with equity release in West Midlands, they are entitled to a loan that can be paid to them in monthly instalments.
Put simply, equity release in West Midlands is a great way to boost your retirement income each month you can rely on it as a regular source of income without having to worry about repaying the money.
There is some help from the government when it comes to paying your bills, but not everybody qualifies. On the other hand, the eligibility criteria for equity release is quite wide, so if you are over the age of 55, there is a good chance that you would be entitled to an equity loan to help pay your bills.
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Using your equity loan to fund home improvements is a great idea, especially if you have a disability (2). It can be very expensive to renovate your home in a way that meets your needs, so using an equity loan is it a sensible way to do this.
With some equity release schemes, you may even be able to get extra financial help when it comes to home improvements.
If you pursue equity release in West Midlands, you could request an enhanced lifetime mortgage. If you qualify for this plan, you would be able to enquire about a reduced cost for home improvements.
Another option for equity release is to gift money to your family members (3). This is a great way to combat the fact that equity release can reduce the amount of inheritance you can pass on.
Many people choose to help out the younger family members, as that may be less helpful for them from the government when it comes to the cost-of-living crisis.
Some examples of how you could help out family members include: paying for their education, helping with a house deposit, or helping them to pay their rent each month.
Depending on the purpose of taking out equity, you could either request a lump sum or monthly payments.
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You could also release equity in West Midlands as a way to fund your care costs later down the line. If you did this, you would need to save some of the money that you receive and put it aside for a later date.
If you choose this option, we also encourage you to think about home improvements. This is because if you choose to receive care at home, it is important that your home is equipped for your care.
Finally, some equity release in West Midlands consumers takes part in the scheme so that they can purchase a second home. You can do this through the buy-to-let lifetime mortgage or the second home lifetime mortgage.
The buy-to-let lifetime mortgage allows you to purchase a second property that you will then rent out and collect a rental income from. This can be a great way to ensure that you continue to earn an income in retirement.
As for the second home lifetime mortgage in West Midlands, you would be able to buy a second home to live in for half of the year, and this home could be anywhere in the UK or possibly even abroad.
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As we have discussed, he must be at least 55 years old to qualify for equity release West Midlands. In terms of whether you are working or retired, you would be entitled to the loan in both situations, as the most important factor is your age.
Another element of the eligibility criteria is that you must own property, rather than simply renting one. This usually needs to be a freehold property, but it is sometimes possible to take out equity from a leasehold property if there is enough time left on the lease.
Finally, your property must be worth £70,000 or more, and it must be in a good condition. It is better that you have paid off the mortgage on this property, but it is also possible for you to pay this off via equity release in West Midlands.
Generally, once you have done adequate research into equity release, including speaking to your family and seeing an equity release adviser, it is better to apply for equity release in West Midlands sooner rather than later.
It is true that older applicants may benefit from lower interest rates under the benefits, but if you are a younger applicant, it would be best to receive your money as soon as you can, particularly as not all equity release lenders are willing to lend money to older applicants.
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 West Midlands:
Address: Stratford House, Stratford Pl, Sparkbrook, Birmingham B12 0HT
Telephone: 0121 437 0033
Website: http://www.ageukbirmingham.org.uk/
Address: 183 High St, Blackheath, Rowley Regis B65 0DU
Telephone: 0121 559 9864
Website: https://www.ageuk.org.uk/
Address: 200 Rookery Ln, Aldridge, Walsall WS9 8NR
Telephone: 01922 638825
Website: https://www.ageuk.org.uk/
Address: 77-79 Vivian Rd, Harborne, Birmingham B17 0DT
Telephone: 07546 580565
Website: https://www.stjohnsharborne.org/moneyadvice
Address: Guardian House, Cronehills Linkway, West Bromwich B70 8SW
Telephone: 0800 019 1278
Address: 73-75 Aston Rd N, Birmingham B6 4DA
Telephone: 0121 507 0019
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There are around 8 stages to the equity release in the West Midlands process, and each one takes around a week, which means that the average equity release in the West Midlands application takes 8 weeks.
Having said that, there are lots of factors that can influence the length of time for equity release in the West Midlands. This is especially true as it is your job to find the right advisors and solicitors for you, so if this takes a while, the process will be slightly longer.
Equity release in West Midlands is supposed to last for the remainder of the equity release consumer’s life. Usually, the consumer will enjoy their loan while they are alive, and then when they die, the equity release lender will sell their home.
This is the reason that repayments are not obligatory with equity release in West Midlands – the equity release lender is repaid when they sell the homeowner’s property.
It is also possible that you will enter long-term care, which will put an end to your equity release scheme. In this situation, the process is very similar.
The lender will sell your home. However, you may also be able to access some of the funds to cover your car costs, and the rest will go to your family.
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If you take out equity and then change your mind about the whole scheme, there are a few different things you could do.
If your plan includes an early repayment fee, you would, unfortunately, have to pay out in order to you back out of the equity release in the West Midlands scheme.
However, if you knew that you were not certain about equity release in West Midlands, you may have selected a plan that does not penalise you financially for exiting the scheme, so it would be much easier for you to back out.
In some cases, you may be fed up of a certain aspect of the scheme, but you would not need to back out completely. If this happens to you, you could request to move to a different property.
If your equity release lender is a member of the Equity Release Council, they are obliged to provide you with a suitable alternative home.
Perhaps you no longer want to continue with your current equity release in the West Midlands plan. Some equity release lenders will let you switch plans and they will simply alter your loan amount to accommodate this.
This may not be possible if you have opted for a buy-to-let or a second home plan, however, it is usually feasible with popular arrangements such as the income lifetime mortgage or the lump sum lifetime mortgage.
Many homeowners grow concerned about the amount of interest that is racking up, as they would not be able to repay this without being penalised. In this scenario, you could try to switch to an interest-only lifetime mortgage.
This would allow you to repay some or all of the interest on your loan on a monthly basis so that you would owe less interest at the end of the equity release in the West Midlands scheme.
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Please call us today on 0330 058 1579 if you would like to know more about equity release in West Midlands. We are willing to discuss the negatives of equity release, as we believe it’s important to provide a balance to our clients.
There are many decisions to make after you decide to take out equity, which can be overwhelming. We are here to help guide you through these decisions by offering expert advice that is tailored to your personal situation.
We want to encourage you to reflect on some aspects of equity release in the West Midlands before you get started.
Consider which plan you may want to pursue, how much interest you would be willing to pay, whether you would like downsizing protection, and whether you would benefit more from a lump sum or monthly payments.
If you cannot yet make this decision, we would be happy to discuss these options over the phone during a free consultation.
We would advise you to meet with us several times before making an application for equity release in West Midlands, as it is better to change your mind about these decisions now rather than being stuck later down the line.
Having said that, some of our clients come to us after having researched equity release for many years, and they are confident about the choices they want to make.
If this is you, we would be delighted to listen to your plans for equity release in West Midlands and to help you get started with an application.
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.
All lawyers are regulated by the Solicitors Regulation Authority. 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 West Midlands in Birmingham, Wolverhampton, Dudley, Walsall, Oldbury, Solihull, Coventry, Sutton Coldfield, West Bromwich, Stourbridge and Halesowen.
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[1] Equity release https://nationaldebtline.org/fact-sheet-library/equity-release-ew/#:~:text=Equity%20release%20can%20be%20helpful,advice%20before%20choosing%20this%20option.
[2] How to Release Equity for Home Improvements? 2022 Guide https://www.independent.ie/business/personal-finance/property-mortgages/homeowners-now-rushing-to-take-out-up-to-30000-of-mortgage-equity-to-do-renovations-39252526.html
[3] Will using equity release affect my children’s inheritance? https://www.elystandard.co.uk/lifestyle/property/equity-release-on-your-property-8203216
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