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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. This is a specialist subject and it should be done right; speak to an equity release mortgage advisor in Coventry today.
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. For additional mortgage advice in Coventry regarding equity release in Coventry, it is worth seeking the advice of someone who is a specialist in this mortgage area, like ourselves.
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.
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.
Because we are expert in Equity Release & Lifetime Mortgages, our team of mortgage broker in Coventry can help you with other standard remortgage enquiries if you are coming towards the end of your fixed term.
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5.00 Rating37 Reviews
K
Excellent service and guidance all the way through the process. Leo and Lizzi were very helpful in finding me the right product.
3 months ago
Diane
Very professional and kept me informed throughout the process of securing our equity release. I would recommend them especially for those who are a little unsure of how equity release works and if it's right for them
5 months ago
Diane
Very helpful, easy to get hold of when needed! Able to answer all my questions
9 months ago
Ajay
Made the process easy and understandable, presented all possible options and advised on what would be best suited for us. Always available to answer any queries or resolve any issues that arise. Would definitely use again in the future.
1 year ago
Luke
Incredibly quick, concise and professional. Regularly kept in he loop and gained all the knowledge required to be able to buy a property. Couldn't of asked for anything more and I can't thank them enough for all the help received.
1 year ago
Carol
Friendly efficient service, took their time to explain the procedure etc, I would definitely recommend them.
1 year ago
Joshua
Leo is always a pleasure to talk to. Very friendly and knowledgeable, and allows us to ask questions, no matter if we’ve asked before orbits really obvious
1 year ago
Gurjeet
Really helpful and clear.
2 years ago
Gemma
From first discussions with Tom to being passed over to Lyndsey, the whole process was easy and seamless. Everyone I have dealt with at Moneyman have been really helpful and friendly, which has helped take the stress out of applying for a...
2 years ago
Matthew
Jenny has been extremely helpful throughout the process and resolved any issues quickly. Thanks!
2 years ago
Susan
Very good service over the moon Wayne and Megan no there stuff
2 years ago
Dean
4 weeks and got my offer very good service from Wayne and Megan can not fault them
2 years ago
Anonymous
Great service
2 years ago
karan
Fantastic service. From start to finish I had everything clearly explained and the broker always had my best interest in mind. I highly recommend for first time buyers!
3 years ago
Anonymous
The service provided is personal and efficient. The team are willing to help and will try hard to meet tough timings to support an application. Would recommend
3 years ago
Thomas
Brilliant! Really helpful, did everything for us, explained the process clearly and made it all so easy! We wouldn't have gotten a mortgage without them!
3 years ago
Joshua
Really friendly advisors who are happy to answer any questions. Leo walked us through the entire process, and was happy to go over things to make sure we fully understood and were happy with everything.
3 years ago
Manpreet
Helen was really warm and friendly.
3 years ago
Hannah
Very helpful, very polite and knowledgeable! Would recommend to anybody
3 years ago
Mark
Charlie was thorough and informative. What we really liked is that he always asked if we understood what he was saying and would ask if we had any questions
3 years ago
When you book a free initial appointment with our later life mortgage advisors in Coventry, we will have a discussion with you about your inheritance goals and plans.
Although equity release and lifetime mortgages are options, we will only consider them as a last resort. We believe that there might be a better alternative to your situation.
We understand that later life mortgages are important, which is why we encourage you to involve your family or any other trusted parties in our discussions.
If equity release is or isn't the right choice for you, our later life mortgage advisors in Coventry will refer you to the appropriate services to help you with your plans.
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 in Coventry 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.
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.
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.
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.
Here at Coventrymoneyman, your dedicated mortgage broker in Coventry can review your personal and financial circumstances to look at which option is the most appropriate one for you.
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.
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.
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Coventrymoneyman.com & Coventrymoneyman 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 www.register.fca.org.uk
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Coventrymoneyman.com & Coventrymoneyman 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 www.register.fca.org.uk
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