Equity Release in Coventry

Equity Release in Coventry

Equity Release & Lifetime Mortgage Advice in Coventry

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How does Equity Release in Coventry work?

Equity Release allows people to turn the equity that has built up in their home in to a lump sum of cash.  


When you have released the cash, it’s entirely up to you what you do with it. Popular options include paying off an existing mortgage payment or any unsecured debt that may have accumulated over time, to fund any possible home improvements or modification. As well as this, it may be something as simple as paying for a planned holiday, car payments and things like that. 

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More than likely, an Equity Release in Coventry will be shown in the form of a Lifetime Mortgage. 


Regardless of if you have reached the end of your mortgage term or have repayments left, you go still have the option to release your equity via a Lifetime Mortgage. As long as you live in your main residence, you will be able to take this mortgage out. You do have the option to take a portion of the equity for future family inheritance, if you would like to. 


Along with having the choice to make monthly payments back to the lender, a popular option is to let your interest stack up. In terms of the loan, it is only repayable once you pass away or have moved into long-term care, meaning you are unfit to live on your own. 


Things to Remember with Equity Release

You need to be at least 55 years old to qualify. Two factors that can affect the amount of equity you can take out of your property are your age and the value of the property. 


It can be helpful to seek further information regarding this topic. For more Mortgage Advice in Coventry regarding Equity Release in Coventry, get in touch to speak to a specialist Equity Release Mortgage Advisor in Coventry. 


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.

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Popular Options For Equity Release in Coventry

As mentioned above, there is a range of reasons why people favour a Lifetime Mortgage when looking at Equity Release Mortgage Advice in Coventry. 


Below are just the most common reasons we have encountered when dealing with customers who are looking at Equity Release in Coventry: 

  • Mortgage repayments
  • Paying off any Unsecured Debt
  • Fund home improvements

Equity Release to Pay Off an Existing Mortgage 

There may be the option to you where you can take out a Lifetime Mortgage for Equity Release in Coventry as a means of paying off the rest of your mortgage balance, regarding that you have a term that is currently ongoing. 


Keep in mind that your affordability may be affected by this because, in hindsight, you do still have a large financial commitment you are paying for. This could also result in you being limited on the amount the mortgage lender is willing to lend you.  


Equity Release to Pay Off Unsecured Debts 

First, let’s differentiate secured and unsecured debts. Secured debts include mortgage payments because there is an asset that is secured against being the home you live in. The opposite is unsecured debts which are things like personal loans that you have taken out. 


If you are an applicant with credit problems like these, it’s wise you choose Equity Release in Coventry s it can be a good way to cover the costs of unsecured debts that have potentially build up over time. 


Equity Release for Home Improvements, Modification or Alterations 

This option is one that homeowners choose in order to give their property a makeover. This would be achieved through releasing equity which can fund towards home improvements.  


Essentially, this is no different to remortgaging to release equity. The one significant difference is that a remortgage to release equity is usually taken out using a repayment which is different to a regular Equity Release as this involves you taking out a Lifetime Mortgage.  


The common home improvements many people do fund towards includes building home offices, extensions, conservatories, kitchens, garden improvements and new living rooms along with many more.  


Equity Release for Additional Purchases 

When you have released some equity from your home, it’s your choice on what you spend on with it. 


If you don’t want to use the equity for larger projects or to sort your finances, you can spend on things you would like to do in your free time. This could include booking a holiday abroad, buying a new car or as funding towards yours or someone else’s wedding as well as others.


It’s entirely up to you! We advise you get in touch with a Mortgage Advisor in Coventry if you are looking at releasing some equity from your home.

I have an Equity Release enquiry, can you help?

Yes, Coventrymoneyman has a team of expert Mortgage Advisors in Coventry who can assist customer with all their Equity Release & Lifetime mortgage enquiries and goals. We have Equity Mortgage advisors in Coventry who are fully qualified are more than happy to help with your case.


Can you help me remortgage to release equity?

We can help you with this!

Because we are expert in Equity Release & Lifetime Mortgages, our team can help you with other standard remortgage enquiries if you are coming towards the end of your fixed term.


Why should I use Coventrymoneyman for my remortgage?

Through our time in the mortgage industry, we have had the opportunity to help thousands of customers looking to begin their home owning journey, with many including those looking to remortgage.


With access to a large panel of lenders, as an expert Mortgage Broker in Coventry, we can search through 1000’s of mortgage deals. This way, we can find you the mortgage product that is suitable for your mortgage goals.


During your mortgage journey, regardless of if you are home buyer or an existing homeowner, our team will your continuous support, answering any questions. Our service goes beyond the mortgage, we can provide support in additional services, when necessary, like referring you to a reputable conveyancing solicitor.


Here at Coventrymoneyman, we have a team of Mortgage Advisors who strive in providing an expert service that is friendly and supportive when you are on your mortgage journey. Our genuine reflect this level of service we provide.

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