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Equity Release in Bolton - Lifetime Mortgages Near Me

Lifetime Mortgage & General Equity Release Advice in Bolton
Reviewed by Tom Philips

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Equity Release in Bolton & Near Bolton

Equity release in Bolton is an increasingly popular option for anyone who is aged 55 or over, who needs access to more cash.

Many people aged 55 or over own their own property, but might be struggling day to day with the cost of living.

Most people plan on enjoying their retirement in a beautiful home, surrounded by friends and family whilst being able to spend money on the things that they enjoy most.

This might include nice holidays abroad, nice cars, fancy meals out and trips away. Unfortunately, many retirees find themselves struggling to afford these nice things during their retirement, which can be incredibly upsetting and disappointing.

Equity release in Bolton is the perfect option for anyone aged 55 or over who might be struggling to afford to enjoy their retirement the way they planned. Equity release is a type of loan that allows retirees and anyone aged over 55 to release money from their property.

Without realising it, you could have a significant amount of money built up in equity in your home. Most people have tens of thousands of pounds in equity in their home without even realising it.

Equity includes the increase in the value of your home, as well as the initial deposit you put down on the property when you first bought it. Equity also includes your monthly mortgage repayments, minus the interest that you pay on your property each month.

When you take out an equity release loan, you get to spend your money on whatever you want, such as home improvements, paying off an existing loan or . In fact, there are very few restrictions on how you get to spend your equity release money.

When it comes to equity release in Bolton, you get to opt for either a lifetime mortgage or a home reversion plan. When you opt for either, you will be charged interest on your loan.

When you choose a lifetime mortgage, you maintain full ownership of the property. However, when you opt for a home reversion plan you sell a percentage of your home (for less than the current market value) in exchange for access to the equity in your home.

The great thing about equity release in Bolton is that you don’t have to leave your home in order to gain access to the cash. You do not have to sell your property, or move out at any stage. You get to remain living in the home you’ve lived in for years and created so many memories in.

As with any loan, you will be charged interest. Unfortunately, this interest will continue to build up and grow into compound interest every year. Your loan will also continue until after you pass away or move into a care home, so there is the potential for a lot of compound interest to build up over the years.

With equity release in Bolton, you do not have to make any monthly repayments on the loan if you do not want to, but some people do choose to pay off the interest on the loan to reduce the amount of compound interest.

All advisors we refer you to are Independent Financial Advisors (IFAs). This means they can advise you on lenders across the market, such as Scottish Widows, Legal & General, Aviva, Liverpool Victoria (LV), Hodge, Saga, Canada Life, more2life, Just Retirement, Pure Retirement, One Family and LiveMore Mortgages. All lenders are backed by the Financial Services Compensation Scheme.

Please call our 24-Hour Helpline: 0330 058 1579

Who qualifies for equity release in Bolton?

Anyone who is aged over 55 years old, who owns their own property in the UK worth more than £69,000 will qualify for equity release in Bolton or throughout the rest of the UK. If you want to apply for a home reversion plan, then you have to be aged at least 65 years old [1].

It is also important to understand that in order to qualify for an equity release plan, you have to have cleared the majority, if not all, of your current and existing mortgage. You must also have cleared all debt and have consolidated with an equity release advisor or solicitor before applying with a lender.

When you make an appointment with an advisor, you can appoint a solicitor specialising in equity release matters.  The solicitor takes care of any conveyancing that’s needed, he or she can also apply for equity release under a landing power of attorney. All solicitors are regulated by the Solicitor Regulatory Authority.

The property you are releasing money from must also be your current and main resilience, and must also be in good and decent condition.

Your property must also be a standard property, meaning that it has been constructed from brick, stone or slate. If your property is built out of concrete, timber or metal then it might be harder for you to get approved for an equity release loan.

If you are a leaseholder, then you might also be approved for an equity release loan, as long as you have a sufficient amount of time left on the lease. If there is not, then you might be able to extend the length of your lease in order to get approved for an equity release loan.

If you are hoping to apply for equity release in Bolton but are unaware as to whether or not you would be approved for a loan, then talk to a member of the team at Equity Release Warehouse for more help and support [1].

Please call our 24-Hour Helpline: 0330 058 1579

Is equity release right for me?

Just because you can apply for equity release doesn’t necessarily mean you should. Equity release can come with drawbacks and disadvantages, which you can read about there. For instance, if you are claiming certain state benefits, an influx of cash from equity release could well mean you no longer qualify for those benefits.

And it’s no secret that equity release will decrease the size of inheritance you will leave when you die.

Once you assess the various drawbacks of equity release, you may conclude it’s best to consider the alternatives to equity release, such as downsizing.

Another alternative to equity release is to better manage your existing budget. Below, we list organisations in the local area that can assist you in this regard:

1. Age UK Bolton

Address: The Square, 53-55 Victoria Square, Bolton BL1 1RZ

Phone: 01204 382411

Website: http://www.ageukbolton.org.uk/

2. Citizens Advice Bury & Bolton

Address: Victoria Plaza, 1 Oxford St, Bolton BL1 1RD

Phone: 0808 278 7804

Website: http://www.cabb.org.uk/

3. Bolton’s Money Skills Service

Address: Ground, Town Hall, Victoria Square, Bolton BL1 1RU

Phone: 01204 332916

Website: https://www.boltonsmoneyskills.org.uk/

You can also seek out help from national organisations such as StepChange Debt Charity.

Please call our 24-Hour Helpline: 0330 058 1579

The differences between lifetime mortgages and home reversion plans

If you are considering equity release in Bolton, then it is important that you understand the key differences between lifetime mortgages and home reversion plans.

1. Lifetime mortgages

Lifetime mortgages are a great way of gaining access to the money that is inside your home, whilst being able to remain living in your home for as long as you want to. You do not have to make any monthly repayments if you do not want to.

Whilst this would reduce the amount of compound interest on your lifetime mortgage, many do not want to be tied down to monthly repayments.

In fact, you do not have to repay any of your loan until after you pass away or move into a care home for your health. When you do pass away or move into a care home, your family will then sell your property. At this point, the money from the sale of your property will pay off the entire equity release loan.

Lots of people who are considering equity release in Bolton might be worried about what happens if their property reduces in value and no longer covers the equity release loan amount.

In this case, the lender is responsible for paying off the difference, not you or your loved ones. This is called the no negative equity guarantee.

2. Home reversion plans

Home reversion plans work a bit differently to lifetime mortgages. Firstly, you have to be aged at least 65 years old in order to qualify for a home reversion plan. With a home reversion plan, you have to sell a portion and percentage of your home to a lender in exchange for access to your equity release money.

This could be as little as 10% or as much as 90% of your property. What is important to remember with a home reversion plan is that when you do this, you are selling a portion of your home for significantly less than the market value of your home.

The difference, however, is that you get to continue living on your own after selling a percentage of your home to a lender.

With equity release in Bolton, you get to remain living in your home for as long as you want, and get to spend the money however you want to. When you pass away or move into a care home, the rest of your property will be sold and used to pay off the loan.

If you are considering equity release in Bolton but are confused about the differences between lifetime mortgages and home reversion plans, then talk to a member of the team at Equity Release Warehouse.

Please call our 24-Hour Helpline: 0330 058 1579

How much interest should I expect to pay on my equity release loan?

This is often a tricky question to answer when it comes to equity release in Bolton. This is because interest rates move and change all the time.

How much interest you will end up paying on your equity release loan in Bolton will depend on what lender you choose to go with as well as what type of plan you choose.

If you want to try to keep the amount of interest you pay on your loan as low as possible, then there are a number of things that you can try to do.

For example, opting for a drawdown plan is a great way of doing so, as you withdraw the money in small amounts. You can also opt for a home reversion plan if you want to keep interest rates low, as your lender will be able to loan you money interest-free [2].

Please call our 24-Hour Helpline: 0330 058 1579

How to apply for equity release in Bolton

Applying for equity release in Bolton is a really straightforward process, made even easier with help from the team at Equity Release Warehouse. Our team are experts in what they do and won’t ever put any pressure on you to make a decision.

Our team of equity release specialists will be able to educate you on all things equity release in Bolton, including lifetime mortgages, home reversion plans, the Equity Release Council as well as the pros and cons of opting for equity release in Bolton and throughout the rest of the UK, including Greater Manchester and across Northwest England.

Our team at Equity Release Warehouse will only ever recommend to you the very best, trusted lender who are members of the Equity Release Council and are regulated by the Financial Conduct Authority. As a consumer, you also have the right to raise any complaints with the Financial Ombudsman Service. All products come with a no negative equity guarantee.

If you want to use our very own equity release calculator to work out how much equity and money you might be able to release from your home, then call our team today.

Book an appointment with a specialist equity release advisor across Bolton in Astley Bridge, Bradshaw, Breightmet, Bromley Cross, Crompton, Farnworth, Great Lever, Halliwell, Harper Green, Heaton and Lostock, Horwich & Blackrod Two Towns, Hulton, Kearsley, Little Lever and Darcy Lever, Rumworth, Smithills, Tonge with the Haulgh and Westhoughton with Chew Moor.

Please call our 24-Hour Helpline: 0330 058 1579. All Advisors appear on the Financial Services Register.

References

[1] https://www.ageuk.org.uk/information-advice/money-legal/income-tax/equity-release/

[2] https://www.equityreleasewarehouse.com/help-centre/switching-equity-release-lower-interest-rate/

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