Equity Release Advice in Doncaster | Mortgage Advice Doncaster

Equity Release in Doncaster

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How does equity release in Doncaster work?

If you are a homeowner and are aged 55+, either with a mortgage or without one and a property worth at least £70,000, you may qualify for taking out an equity release plan.

 

Equity release gives homeowners the option of releasing a portion of the value of their home, into either a tax-free lump sum, or some smaller lump sums that they can choose to have taken out over a particular length of time.

 

We are a company that specialise in providing their customers with a holistic service of mortgage advice in Doncaster. That service is brought to you by qualified, expert later life mortgage advisors in Doncaster. Along with a dedicated team of case managers, we will look to put your plan in place as quickly as possible and to keep you informed all throughout your process.

 

Your later life mortgage advisor in Doncaster will take a thorough look at your current circumstances, your past experiences and what it is you are planning for the future. This allows them to identify whether or not equity release in Doncaster is the right step for you to take.

 

If it is deemed to be the most appropriate route to take, it also allows your later life mortgage advisor to search for the best product to suit you both now and in the future from the whole of the mortgage market.

 

Customers will find that there are two main types of equity release in Doncaster. There is the lifetime mortgage, which is available from 55+, as well as the home reversion plan* (which involves selling all or part of your home).

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*Both types of equity release plans, lifetime mortgages and home reversion plans, are regulated by the Financial Conduct Authority. Doncastermoneyman does not offer home reversion plans. 

Lifetime Mortgages in Doncaster

Whether you are looking to raise the funds to help out your children or grandchildren, pay off an existing mortgage or any other debts you have, make much needed home improvements or create a boost to your retirement income, our team of open & honest mortgage advisors are here to help you achieve your mortgage goals.

 

A lifetime mortgage in Doncaster will allow a homeowner to release tax-free money from the value of their home, whilst still retaining 100% ownership and staying within your home for the remainder of your life.

 

Typically speaking, a lifetime mortgage in Doncaster will be repaid by selling your home after you have died or have gone permanently into care (with two borrowers this applies to the remaining st survivor).

 

In more recent memory, lifetime mortgages in Doncaster have become much more flexible, including giving customers the options of making voluntary payments, monthly interest payments and allowing you to move your mortgage to another property.

 

For any further mortgage advice in Doncaster regarding equity release in Doncaster, we would recommend that you seek the advice of a specialist in this area, such as ourselves.

 

Contact a mortgage broker in Doncaster and we will be able to book you in with one of our later life mortgage advisors in Doncaster, so we can discuss your options for releasing equity from your home in Doncaster.

 

To understand the features and risks, ask for a personalised illustration. Our typical advice fee is up to £1,495 only payable on completion.

 

A lifetime mortgage may impact the value of your estate and it could affect your entitlement to current and future means tested benefits. The loan plus accrued interest will repayable upon death or moving into long term care.

We search 100s of lifetime deals across the whole of the market.

The Process of Equity Release in Doncaster

If you believe that an equity release plan might be the most suitable step to take next, in both your personal and financial life, it is important that you know all the options, alternatives, advantages and disadvantages.

 

Book a free appointment with us and you’ll get to speak with one of our trusted later life mortgage advisors in Doncaster. They will be happy to discuss equity release in Doncaster with you. They will help you to better understand the steps you’ll need to take, as well as your options and the effect that taking a lifetime mortgage in Doncaster may have on state benefits, tax and the equity that remains in your home over time.

 

We always try to actively encourage clients to involve their family members or someone else they trust, to keep informed with you throughout your process and be involved with our meetings.

 

Furthermore, we are also more than happy to work alongside any financial advisors, accountants or solicitors that you may have involved in the decisions of your financial planning.

 

If it is done properly, equity release in Doncaster should hopefully have no effect on your tax position or your benefits. Though that is usually the case, everyone’s circumstances are different and a later life mortgage advisor in Doncaster will need to have a more complete picture of your situation before they are able to provide the best advice to you.

 

The key thing is that you are able to find a later life mortgage advisor that you feel you are able to trust and share all of your information with. We truly do believe that this is something we are able to excel at as a company Our genuine customer reviews are an open & honest reflection of this.

 

Once we have been able to identify the right plan for you, your later life mortgage advisor in Doncaster will give you a mortgage illustration and a written recommendation, confirming everything that you have told us and why we have recommended that plan in particular, for you.

 

You later life mortgage advisor in Doncaster will then review your recommendation with you, prior to submitting the application with a mortgage lender.

 

We have a truly brilliant team of experienced case managers who, alongside your later life advisor in Doncaster, will manage the whole process up until mortgage completion. They will keep you informed all throughout your equity release journey, with dedicated points of contact if you need to get in touch for any reason at all.

 

We provide all initial advice for free and with absolutely no obligation or pressure to go ahead. Only if you go ahead and your case completed, do we charge you an advice fee. This is typically a maximum of £1,495. 

Things to Consider with Equity Release in Doncaster

If you opt to take out a lifetime mortgage in Doncaster, any existing mortgages or loans that are currently secured on your property must be repaid.

 

Any accrued interest must also be paid back, as well as the amount released, upon death or moving into long term care.

 

Choosing to take on a lifetime mortgage in Doncaster will reduce the amount of equity that you have available in your property to leave as an inheritance or to use for the payment of any fees relating to care, should this become a future necessity.

Why should I use Doncastermoneyman for my Lifetime Mortgage?

A fast & friendly, open & honest mortgage broker in Doncaster, we have been happily helping customers to achieve all of their mortgage dreams for the last two decades and counting.

 

We bring that very same devotion to providing the absolute best, whole of market lifetime mortgage advice in Doncaster for our highly valued, older clientele.

 

We always do everything within our power to help our customers to overcome every mortgage hurdle that comes our way, no matter how complex; we all love a good challenge here at Doncastermoneyman! We work for our customers, and will always have your best interests at heart.

 

Your family is always invited to join in with the lifetime mortgage advice process and if we are able to, we will always accommodate our customers’ different needs and circumstances.

 

Once your free equity release and lifetime mortgage advice appointment has concluded, your later life mortgage advisor will then look for the perfect lifetime mortgage deal in Doncaster that matches both your personal and financial situation currently and how it may possibly change in the future.

 

We will be there for you every step of your mortgage process. With our continued help and support, we will work hard to reduce your stress levels and we progress along this mortgage journey together.

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Common mortgage
questions

Your free initial mortgage consultation in Doncaster will last roughly one hour. We will then be on our way to recommending a mortgage for you, where you have no obligation for you to proceed. If you’d rather not take it and step back for a time, you have every right to do so.

Your mortgage advisor in Doncaster will carry out a Fact Find to establish your personal mortgage needs, before recommending the most suitable mortgage for your situation. A credit check will then be required in order for you to obtain an Agreement in Principle, which we are able to help with. Once you have provided the lener with all the relevant documentation, and you have had a valuation of the property completed, a formal mortgage offer can then be issued.

To avoid finding yourself disappointed when viewing and making offers on properties, we recommend you obtain an Agreement in Principle ahead of time. At the very latest, we recommend that you obtain one prior to making an offer, as this will assist your bargaining position.

An Agreement in Principle will usually last for between 30 and 90 days depending on the Lender that you are with. If your Agreement in Principle expires, you can easily have it refreshed.

You may have the option of taking out a second mortgage on your home for things like debt consolidation or any potential Home Improvements. It may also be possible to take out a mortgage on a second property to use on yourself, for a family member, a holiday home or even a Buy to Let.

The minimum deposit a lender will require when purchasing a house in Doncaster is around 5%. This figure can possibly be higher if you have had previous credit problems, but entirely depends on the lender.

If you’ve had credit problems previously, you may still have a chance at getting a mortgage, but you may possibly be required to put down a higher deposit than for the property than you might have if you had with good credit. This can often be 15% of the property purchase price.

You are able to get a mortgage, once you have submitted at least one year’s accounts. The majority of Lenders use your salary plus dividend to calculate the maximum mortgage amount you can borrow, whereas others will go off your net profit.

You’ll generally be required to send three payslips if you are a standard employee to prove income and the latest 2 years’ accounts for self-employed. You will also need to produce proof of ID, proof of address and the previous 3 months’ bank statements.

The free mortgage consultation that you receive when getting in touch, will typically last up to an hour. We can help you obtain an agreement in principle within 24 hours of this consultation, with a formal mortgage offer taking on average about three weeks.

We make it so easy!
Our 4 step process

Step 1

An initial telephone call where your advisor will take some preliminary details and find out your mortgage plans.

Step 2

Obtain a Mortgage Agreement in Principle to support any future offers on properties you're interested in. You're now ready to begin the property search.

Step 3

Make an offer on a property that's right for you! Our team will finalise any details and work hard to find you the best outcome for your situation!

Step 4

Finally, we'll make certain that this is the best deal on offer to you right now. We will continue to support you right until you get the keys.

A telephone call where we can take some initial details and find out about your plan of action.

Enjoy finding a property!

Make an offer on the property you set your heart on – we’ll finalise your figures and help you to get a good deal.

Our mortgage recommendation. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.

Handy quick links

Doncastermoneyman.com & Doncastermoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
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.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk

The information contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.
Should you have cause to complain and you are not satisfied with our response to your complaint, you may be able to refer it
to the Financial Ombudsman Service, which can be contacted as follows

The Financial Ombudsman Service, Exchange Tower, London, E14 9SR
www.financial-ombudsman.org.uk

© 2022 Doncastermoneyman

Doncastermoneyman, 3 Cavendish Court, South Parade, Doncaster, DN1 2DJ.

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