It's Free to Speak to an Advisor, 7 days, 8am - 10pm

Pros and Cons of Equity Release in Beverley

In this article, we will explore the advantages and considerations of equity release plans, which are commonly recommended for individuals aged 55 and above.

Equity release in Beverley allows homeowners to unlock tax-free funds from their primary residence. One of the key features of equity release in Beverley is that you retain full ownership of your property.

We will delve into the benefits and potential drawbacks of equity release, providing you with a comprehensive understanding of this financial option. By examining both the pros and cons, you can make an informed decision about whether equity release in Beverley is the right choice for you.

Pros of Equity Release in Beverley

Cons of Equity Release in Beverley

What should be considered first, before equity release in Beverley?

At Beverleymoneyman, we pride ourselves on being among the select few mortgage advisors in the UK who can assess the entire range of later life mortgage products.

In considering the available options, we prioritise regular mortgages, which, in certain cases, can extend until the age of 85. We also explore the diverse array of specialist retirement interest-only mortgage products (RIOs) and lifetime mortgages, including equity release plans.

Our dedicated later life team will carefully evaluate your unique circumstances and recommend the most suitable product or combination of products. It is essential to remember that equity release in Beverley is not the sole solution, and there may be another option that better aligns with your specific needs.

Please note that equity release in Beverley plans allow you to release equity solely from your primary residence and not from a second home or buy to let property. In such situations, regular mortgage options may be more appropriate.

How Clients Use Equity Release Funds

Our clients have various motivations for considering equity release in Beverley, with common reasons including home improvements, managing financial changes due to late-life divorce, paying off an existing mortgage, providing financial support to family members, and supplementing retirement income.

Equity release plans offer flexibility, allowing you to access funds either as a lump sum or in smaller increments whenever needed. Our knowledgeable equity release advice team in Beverley will carefully assess your circumstances and guide you towards the most suitable approach.

The Equity Release Process

To get started, simply book your free, no-obligation consultation with our dedicated later life team in Beverley. You have the convenience of booking either by phone or online.

During this consultation, we will address any queries you may have and provide you with an overview of the available products, associated fees, and the amount you can potentially release.

Once you’ve had your initial meeting and decide to proceed with us, your mortgage advisor in Beverley will arrange a more in-depth follow-up session. This meeting will delve into the details, ensuring you are fully prepared for the application process.

Rest assured, we are committed to making the journey as stress-free as possible for you. We’ll assist you with every step, including arranging solicitors and navigating any valuation or legal requirements that may arise.

Involving Your Family

When it comes to equity release in Beverley, we highly recommend involving your family members right from the start. Their support and input can be invaluable during the application process, and they often bring up important questions and considerations.

Having your family members involved will provide you with reassurance that you have chosen the right company and will enhance the overall understanding of the benefits and potential drawbacks of the plan.

We welcome and encourage your family members to participate in the discussions, and we are more than happy to address any questions or concerns they may have.

With our video software, it’s convenient to include multiple family members in the calls and discussions, ensuring everyone is well-informed and involved in the decision-making process.

Book a Free, No-Obligation Consultation!

If you’re ready to move forward, we are here to assist you every step of the way. You can easily reach out to us by phone or book an appointment online to book a free consultation focused on later life mortgage options.

During the consultation, we will address any inquiries you may have and provide personalised recommendations tailored to your circumstances. Rest assured, we only require your ages and address for the call, ensuring a hassle-free experience.

To accommodate your busy schedule, we offer evening calls that can be adjusted to work around your work commitments or childcare responsibilities. We are committed to making the process as convenient as possible for you.

To understand the features and risks, ask for a personalised illustration. Equity Release in Beverley 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.

Date Last Edited: January 17, 2024

Related Guides & Beverleymoneyman 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

Equity Release Council LogoSolla Later Life Logo
Facebook Image X Image Instagram Image YouTube Image LinkedIn Image SpotifyImage TikTok Image

Speak to an Advisor – It’s Free!
7 Days a Week, 8am – 10pm

Speak to an Advisor - It's free Enquire Online 01482 231 990
We use cookies to enhance your customer experience. More detailsGot It