Equity Release in Doncaster

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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You have the ability to use this withdrawn cash for anything you wish to, with common choices from homeowners including to pay off an existing mortgage payment, to pay off any unsecured debts you may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.


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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.

Reviews Stars4.99 Rating84 Reviews

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UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.
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The information contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.
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