How does Equity Release in Doncaster work?
Equity is essentially the difference between what the property is worth and what you owe on your remaining mortgage balance. The basic purpose of Equity Release is to turn the equity that is already existing in your current home, into a lump sum of cash for you to use in any way you would like.
You have the ability to use this withdrawn cash for anything you wish to, with common choices from homeowners including to pay off an existing mortgage payment, to pay off any unsecured debts you may have gathered, to fund any home improvements you wish to make, as well as to pay for any future holidays, car payments and anything else you can think of spending money on.
Helping You Find The Value in Your Property!
Equity Release is most commonly found in the form of a Lifetime Mortgage.
The way Lifetime Mortgages work, is either once you have finished your mortgage term or even if your repayments, you can choose to release your equity through a Lifetime Mortgage. Providing this stays as your main residence, some Lifetime Mortgage homeowners will have the option to ring-fence a portion of the equity for any family inheritance in the future. Many find that this is a helpful way of gifting a deposit for their family members first property.
You may still have the option to make monthly payments back, though a significant amount of homeowners on this mortgage type choose to simply let interest roll-up over time. The loan only becomes repayable once you die or move into long-term care, being declared unfit to live by yourself.
Things to Remember with Equity Release
You must remember when looking at this type of mortgage, that you have to be at least 55 years old to qualify for it. Your age, as well as the value of the property, can have an impact on how much you are able to withdraw.
For additional Mortgage Advice in Doncaster regarding Equity Release, you benefit from seeking the advice of a Specialist advisor with experience in this field. Get in touch with a dedicated Mortgage Broker in Doncaster and we will guide you down the right path.
We search 1000s of mortgage deals across a large number of lenders, including:
- Popular Options
- How Can We Help?
Popular Options For Equity Release in Doncaster
As earlier on, there are a various reasons why somebody may prefer the option of a Lifetime Mortgage for Equity Release in Doncaster. We hear of these options regularly. Constant occurrences tend to be:
- To Repay a Mortgage
- For paying off Unsecured Debts
- To pay for any Home Improvements, Modifications or Alterations
- Any Additional Purchases
Equity Release to Pay Off an Existing Mortgage
You may still have the option of taking out a lifetime mortgage and using the equity from your property to pay off the remaining balance of a mortgage, even if your mortgage term is still ongoing. Please remember though, that your affordability may be affected by the fact that on a technicality, you still already have a large financial commitment to pay for. This could limit the amount a lender will let you borrow.
Equity Release to Pay Off Unsecured Debts
As a homeowner, an example of a secured debt would be your mortgage repayment, with the asset it’s secured against is your home. Unsecured debts include personal loans, and they don’t have the luxury of being secured against any assets. For any credit problems like this, people often choose Equity Release to cover the costs of these unsecured debts they’ve built up over time.
Equity Release for Home Improvements, Modifications or Alterations
Some homeowners prefer the route of an Equity Release as a means of funding any potential Home Improvements, Modifications or Alterations. On the surface this functions as Remortgaging for the same purpose would, with the one major difference being that a Remortgage to Release Equity will most likely place you on a Repayment Mortgage, whereas regular Equity Release means you will be taking out a Lifetime Mortgage. We typically see that options for this include to fund the costs of creating home offices, conservatories, garden improvements, extensions, new living rooms and kitchens, and a new or extra garage.
Equity Release for Additional Purchases
Once you have released a portion of equity from your property, you are free to spend this money however you want. Whilst some do use it for serious, financial means, others may simply opt to fund some later in life fun. These options usually include things like a new car, a holiday or two abroad, a wedding for yourself or relatives, and literally anything else you could think of spending your money on. With pretty much unlimited potential, the equity in your property is yours to spend however you want to.
I Have an Equity Release enquiry, can you help?
We are indeed expert mortgage advisors in Doncaster, but Equity Release is not something that we directly work with. We instead have a working relationship with an expert specialist in Equity Release, who we can put you in contact with. They are fully qualified Equity Release specialists and will be able to answer all of your questions.
Can you help me Remortgage to Release Equity?
We will be able to take a look at, yes! Although Equity Release and later life mortgages are not an area that we specialise in, we are able to help you with a standard Remortgage enquiry if you have any questions about that, or be heading towards the end of your fixed period.
Why Should I Use Doncastermoneyman for my Remortgage?
With over two decades of experience within the mortgage industry, we have supported thousands of our customers, guiding them towards their mortgage dreams and doing our best to help them overcome any mortgage hurdles that might arise over time. We have zero no ties to estate agents, banks or building societies, working hard for you and only you, our respected customer.
As an experienced and knowledgeable Mortgage Broker in Doncaster, our brilliant team are able to look through 1000’s of different mortgage deals, in order to try and find the right one for your circumstances.
Throughout your mortgage process, we’ll offer continuous guidance and support, answering any questions that you may have at any point in time, whether this be at the start of the process or as we near the end of it. Our advisors are even able to help with other services when necessary, such as referring you to a trusted conveyancing solicitor.
Our dedicated and loyal team are very proud of the service levels we provide here at Doncastermoneyman. This is greatly shown in the Genuine Customer Reviews.
4.99 Rating84 Reviews
Samantha
Absolutely fantastic service from Leo and Meghan. Everything was done so quickly after the initial call, and everything was explained clearly. Couldn't have asked for a better service, thank you.
1 month ago
Abbiegail
Thank you so much to Ryan and Lynsey for helping us find the perfect mortgage for my family! Great communication and help throughout the process. Will definitely be recommending to friends and family in the future
2 months ago
Shacheesh
both Jason and Molly have been extremely professional and efficient in the complexities of mortgage application allowing the application to go through within a week from contact. Excellent work.
3 months ago
George
Great service so far, we are in the process of buying a house as first time buyers, all our questions were answered and we have received great guidance. We have now got our mortgage offer. Very pleased with the service we had from Jason and Daniel.
5 months ago
Partson
Excellent responsiveness
9 months ago
Ebo
Spoke with Hannah B and she was lovely!
11 months ago
Liam
Very helpful and felt at ease from the start. Received all the documents for me to fill in straight away and got my mortgage appointment booked in for the day after.
11 months ago
Mathew
The team at UK Moneyman were constantly in touch, informing me of any delays, updates or required additional information. Communication is key and they kept me informed every step of the way. Great service.
1 year ago
Daniel
Very helpful staff especially karen goes that extra mile to make sure you’re in the know of what you need to do definitely gets my 5 stars
1 year ago
Kerry
From start to finish nothing was to much trouble for Nathan and his team , they kept us updated all the time , i would definitely recommend them without a doubt.
1 year ago
bethany
Very pleased with the service provided, Good communication and easy to deal with.
1 year ago
Lucy
Brilliant company. So helpful and great communication! Very quick and efficient. 100% recommend.
1 year ago
Victoria
Nathan and Laura went above and beyond to get our mortgage. Always at the end of the phone if needed. Also quick replies through emails. After a very long anxious wait we finally received our offer. Thank you both
1 year ago
Collette
I cannot recommend Doncaster Money Man enough! Right from the initial phone call the the service was outstanding. Huge thanks to Chris, Jonathan and Megan who went above and beyond to get us the best deal. Always professional and helpful they kept...
1 year ago
Emily
Great service start to finish! Would not have been able to do the process without them. Very professional. Thank-you to Leo and Chloe. Would definitely recommend to first time buyers!
1 year ago
Mesut
Fast and good service
1 year ago
Simeng
Very responding with good services. Recommend to everyone.
1 year ago
Brett
Thank you so much to Charlie and Chloe for helping us get our mortgage. It wasn’t a totally straightforward case as a self employed person and the complications of being in a global pandemic but we got there in the end! We received such...
1 year ago
Sara
Very pleased with the service, very friendly and very helpful - would use again
1 year ago
Sara
Fantastic service from Jason and the team from start to finish, very supportive throughout. Highly recommend
1 year ago
