Equity Release Mortgage In Bournemouth
Why Should You Get A Equity Release Mortgage In Bournemouth
If you are in need of a cash injection, an equity release can help.
What an equity release does is it unlocks the value built up in your home as a tax-free lump sum. You don’t need to move out and you will still own your home. With this mortgage, you won’t need to make monthly payments, unless you choose to. What this will do is give you a load of money to spend on house improvements, a new car or if you just want to give your inheritance out early to see the people you love to spend the money you have worked for rather than them getting it when you die and you won’t be able to see them enjoy it.
Benefits of an Equity Release
Unlocks The Built Up Value In Your Home
Use The Money To Make Home Improvements
Pay It Back When you Die or Move Into Permanent Care
The Money Is Tax Free
Problems and Solutions
Want To Improve Your Homes Look But Have No Money Or Budget To Do It?
Your Home Stays Outdated And Might Not Be Worth As Much As It Would Be If It Was Updated
Getting A Equity Release Mortgage To Fund The Improvements
How Does It Work
There are three easy steps to getting an equity release mortgage
If you find the prospect of applying for equity release daunting, it is best to speak to a professional equity release advisor, like Sally Walls, who can help you decide whether equity release is right for you, by giving you advice and putting forward the application. The first step is to get qualified and professional advice, involving a family member or friend to accompany you to any discussions is positively encouraged. The advisor will assess your eligibility and discuss your needs, goals and whether an equity release is your best option or not.
Then you can move on to step two, which is valuation and offer, if the advisor’s recommendation is suitable for you the advisor will help you to apply for your chosen product. It is important at this stage that you have a solicitor involved who is experienced with equity releases 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 will need to take time to discuss their offer with your legal representative before deciding.
Step three, 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 as you wish. The loan will normally be paid off using the proceeds received from selling your home either on your death or entry into long term care.
What Different Types of Equity Release Can I Get?
It is always good to know your options.
There are two different types of equity release mortgages that you are able to take out, these are the lifetime mortgage and the home reversion scheme. With the lifetime mortgage, you continue to be the owner of your property, with a loan that is given using the house as security. Then the Home Reversion Scheme is where you sell part or all of your property for lower than its market value and you stay there as a tenant rather than an owner, we DO NOT advise you to take out this type of mortgage. When you take out the mortgage it can take up to 12 weeks to complete the process in normal circumstances.
Contact Us For a 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 buy to let experts by calling 01202 733809 or using our contact form. You are also welcome to pop into our office based nearby on Ashley Road in Poole, Dorset. If you want to know what our customers and clients think about our service please take a look at our Google Reviews.
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