Equity Release Mortgage Bournemouth
What Is an Equity Release Mortgage?
An equity release remortgage is a type of financial product that allows homeowners to access and unlock the equity stored in their property. It is typically used by people aged 55 or over, who want to borrow money against the value of their home, receive an income boost during retirement, or pay off debts. The amount borrowed is usually taken as a lump sum payment, but it can also be taken as regular instalments depending on the lender’s terms and conditions.
This type of loan has become increasingly popular among retired homeowners due to its low-interest rates and flexible repayment options. Unlike traditional mortgages, you don’t have to repay the loan monthly with an equity release mortgage; instead, the loan is repaid when the homeowner either dies or moves into long-term care. This makes it an attractive option for those looking for additional funds without having to worry about making regular payments.
How Do You Get an Equity Release Mortgage?
Equity release is a popular way for older homeowners to unlock the value of their property and benefit from tax-free income. It allows them to access cash from the equity they have built up in their home, without having to sell up or downsize. But how do you get an equity release mortgage?
The first step to getting an equity release mortgage is to get qualified and professional advice. Here at Barrett Mortgages, we provide excellent advice from our trained and certified equity release advisor who has a lot of experience with equity release. Having a family member or friend accompany you to any discussion is positively encouraged. Our advisor will assess your eligibility and discuss your needs, goals and whether equity release is your best option. Our advisor will then find a suitable recommendation using your personal information about your financial situation. There is no obligation to continue after this point and we recommend you think it through before deciding.
Then if our recommendation is suitable and you want to continue, we will help you apply for the chosen product. It is important at this stage to have a solicitor involved who is experienced with equity release as they will represent you and provide impartial legal advice. The lender you are applying to will plan with you to evaluate your property and when they have done this and approved your application, they will send their offer to your legal representative. Again, at this stage, you need to take time to discuss their offer with your legal representative before deciding to go ahead.
If you are happy to accept their offer, your solicitor will receive the money first and use it to repay any debts on the home before releasing it to you. The money you receive is yours to use however you want. The loan will normally be paid off using the proceeds received from selling your home, this will be when you move into long-term care or die.
Why Get Equity Release?
If you have built up equity in your home you can take out a portion to pay for home improvements, bills, debts or something else. The money is tax-free which is an amazing benefit and means that you don’t have to watch how much you take out. It can be a really good way of getting your hands on a lump sum. The mortgages you can get are lifetime mortgages or *Home Reversion Schemes, Barrett Mortgages does not advise on Home Reversion Schemes.
Get In Contact for an Equity Release Mortgage In Bournemouth
Dorset’s residential and commercial mortgage experts.
At Barrett Mortgages, our friendly advisors are always by your side when it comes to buying and mortgaging. We are an expert mortgage brokerage offering unparalleled service to our clients and partners. Whether you are looking for the best deal for your perfect property or are having difficulty obtaining a mortgage, we are happy to help!
Have any further questions? Please feel free to get in touch with our mortgage advisors by calling 01202 733809 or use our contact form. You are also welcome to pop into our office based nearby on Ashley Road in Poole, Dorset. Take a look at our Google Review Page here!
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