If you are over the age of 55 and own your home with or without a mortgage, with a property valued £70,000 or over, you may qualify for an equity release plan.
Having an equity release plan will enable you to release a portion of the value of your home as a tax-free lump sum, or a number of smaller sums taken out over a set period of time.
Here at Beverleymoneyman, our qualified and experienced later life mortgage advisors in Beverley will provide a comprehensive service. An efficient team of case managers supports this, to make sure that your plan is put in place as soon as possible and inform you at every step of the entire process.
Your allocated later life mortgage advisor in Beverley will look thoroughly at your current circumstances, your past experiences, and what you are looking to accomplish in the future. This enables them to identify whether equity release in Beverley, is right for you, or if alternative options would be better suited for you.
If this like the right move for you to take, it will also enable your later life mortgage advisor in Beverley find you the most suitable product to suit you today and in the future from the whole of the market.
There are two major types of equity release in Beverley – the lifetime mortgage that is available from 55+ and the home reversion plan (which involves selling all or part of your home).
Both types of equity release plans, lifetime mortgages and home reversion plans, are regulated by the Financial Conduct Authority.
If you are looking to raise money to help children or grandchildren, repay existing mortgages or other debts, carry out home renovations, or increase your retirement income to cope with the current costs of living, our knowledgeable, friendly mortgage advisors in Beverley will help you achieve your goals.
A lifetime mortgage in Beverley enables you to release tax-free money from the value of your home. You will retain 100% ownership rights and you can stay in your home for the remainder of your life.
Generally, a lifetime mortgage in Beverley will be repaid from the sale of your home after your death or by going permanently into care (with two borrowers this is the case for the last surviving member).
Over the past few years, lifetime mortgages in Beverley have become more versatile including options for voluntary payments, monthly interest payments and moving your mortgage to a different property.
For additional mortgage advice in Beverley in connection with the equity release in Beverley, it is worth seeking the advice of a specialist in the field.
Contact a mortgage broker in Beverley and we shall book you in with one of our later life mortgage advisors to discuss your options for releasing equity in Beverley.
To understand the features and risks, ask for a personalised illustration. Equity Release may come in the form of a lifetime mortgage or home reversion plan.
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.
A home reversion plan involves selling all or part of your home to a plan provider in exchange for a tax-free lump sum.
If you believe that an equity release plan could be for you then you must know all the options, alternatives, advantages, and disadvantages.
By taking advantage of booking a free appointment to speak with one of our trusted later life mortgage advisors in Beverley, you will be working with someone who will be more than happy to help you to understand the step involved.
In addition to this, they will discuss what your options are and the effects that taking a lifetime mortgage in Beverley might have on state benefits, tax, and remaining equity in your home as time goes on.
We are encouraging clients to involve family members or to have another trusted person to help support them through the entire process and be present at all meetings.
Beyond this aspect of our service, we are delighted to work in conjunction with any financial advisors, accountants, or solicitors that participate in your financial planning decisions.
If this is done right, equity release in Beverley should have no impact on your tax position or benefits. That said, everyone’s situations are different and a later life mortgage advisor in Beverley will need to have a full picture of your situation in order to provide you with the best advice.
It is important to find a later life mortgage advisor that you feel that you can trust and to share all of your information with. We passionately believe that this is something we specialise in as a company and our genuine customer reviews indicate how well we carry out our services.
As soon as the right plan has been found, your later life mortgage advisor in Beverley will give you an illustration and a written recommendation, detailing what you have said to us and why we recommended you that particular plan.
Your later life mortgage advisor in Beverley will then go through the recommendation with you before applying to the mortgage lender.
We do have an amazing team of knowledgeable case managers who, together with your later life advisor in Beverley, will manage the whole process up until completion. They will keep you informed each step of the way, with dedicated points of contact if you need to talk to us.
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 is completed, do we charge you an advice fee.
If you take a lifetime mortgage in Beverley, all existing mortgages or loans secured on your property must be repaid.
Any accrued interest must be paid along with the amount released must be repaid on death or moving into long term care.
Taking a lifetime mortgage in Beverley will reduce the amount of equity available in your property to leave as an inheritance or to use for the payment of care fees in later life, should you need to rely on this.
As a trusted mortgage broker in Beverley, we have worked in the mortgage industry for over 20 years, helping customers achieve their mortgage goals.
We bring the same enthusiasm and dedication to providing the best, whole of market lifetime mortgage advice in Beverley for our valued older customers.
We will always do our best to help overcome any mortgage hurdle that we are faced with no matter how hard the situation becomes; we love a good challenge! We work for you, and no matter what, we will always have your best interests at heart.
Your family is always welcome to be part of the advice process and we will always accommodate clients’ unique needs and circumstance if we possibly can.
After your free equity release and lifetime mortgage advice appointment, we will go and search for the most suitable lifetime mortgage deal in Beverley that matches your current financial situation and how you anticipate this changing in the future.
We will be there for you through the whole process. With our continuous guidance and support, we will get through the mortgage journey together, aiming to take out all of the stress involved.
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Brilliant service from start to finish, we had no idea on the process and every little question has been answered along the way no matter how trivial. We can’t thank Malcolm, Joe and Lyndsey enough for their help throughout this process and for...
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I first used UK Moneyman when buying my house in 2017. I returned in 2021 for my remortgage. In both instances I found Malcolm and his team to offer excellent service, making the process clear and simple. He talked me through every step, and...
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