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Equity Release Cheltenham - Lifetime Mortgage Near Me

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

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Equity Release Cheltenham & Near Cheltenham

If you are a homeowner in Cheltenham and your property is worth at least £70,000, you could be eligible for an equity release loan. But what does this mean?

If you apply to an equity release plan in Cheltenham, you will receive an equity loan in the form of a lump sum or regular instalments, and these funds are always tax-free.

However, interest will be applied to the loan, so unless you choose to repay it, a large amount of interest will be owed at the end.

With equity release Cheltenham, you are borrowing money against the value of your home, so the more valuable the property, the higher the loan you could receive.

Having a secured loan also means that you do not have to make monthly repayments as you have offered your property to the lender as a way to pay off the loan.

When the equity release scheme finishes, the property will be sold by the lifetime mortgage lender and they will collect the amount of money that you owe them.

At this point, you will either have passed away or you will be in long-term care, so the rest of the money will usually go to your beneficiaries, but this depends on what you have agreed with your lender and in your will.

All advisors are regulated by the Financial Conduct Authority and you can find each one in the Financial Services Register.

Some of the reputable lenders the financial advisors will research on your behalf include Scottish Widows, Legal & General, Aviva, Liverpool Victoria (LV), Canada Life, more2life, Hodge, Just Retirement, Pure Retirement, One Family and LiveMore Mortgages.

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Is Equity Release Available in Cheltenham?

Yes, if you live in Cheltenham, you could apply to have either a lifetime mortgage or a home reversion. There are eight types of lifetime mortgage, and all of them are available in Cheltenham.

However, the availability will not be the same as it is all over the UK, as different towns have different equity release lenders.

To find out which plans you may be entitled to, you would have to speak to an equity release specialist and explain your individual circumstances in order for them to advise you well.

Is Equity Release Cheltenham An Option For Me?

Below, we outline some factors you should consider before you decide to take out equity release:

Am I eligible for equity release Cheltenham?

Before you decide whether equity release is the right decision for you and your family, you should find out whether you are eligible in order to save time on an unsuitable application.

The general rules are that the youngest applicant must be 55 years old or more, the applicants must own the property, and the property must be valued at £70,000 or more.

There are additional requirements that can come into play depending on the equity release lender you select and the specific equity release plan you opt for. You will find out more about this when you speak to an equity release adviser.

Some examples of things that can affect your eligibility are: having an existing mortgage, having a partner who does not fit the criteria, having a leasehold property, claiming benefits, having a home that is in a very poor condition, and choosing a plan that does not apply to you.

Remember that these are only potential obstacles, so please seek advice even if any of these situations apply to you, as you may still be able to release equity in Cheltenham.

For example, if you have an existing mortgage, you could pay it off before taking out equity. If your partner isn’t eligible for equity release, you could take out an individual lifetime mortgage.

If one plan isn’t suitable, you could try a different one.

Ultimately, it’s all about being as honest as possible with your adviser and allowing them to tell you whether you qualify for a loan, and if you don’t, how you can improve your chances of getting a loan.

Please call our 24-Hour Helpline: 0330 058 1579

Would equity release in Cheltenham benefit me?

If you have found out that you are eligible for equity release in Cheltenham, the next step is to decide whether it would be beneficial to release equity.

The best way to do this is to have an initial consultation with us, where you can explain your financial situation and we can then give you an idea of whether equity release would be suitable for you.

However, we can give you some ideas for you to reflect on before our consultation, so allow us to point out the types of people equity release is useful for.

Firstly, equity release in Cheltenham is great for anyone who does not have access to many funds to help them through retirement. Sometimes, this is because they don’t have a large pension, they don’t have savings, or their bills have become more expensive over time.

This is because you do not need to pass affordability checks or credit checks for most equity release plans, so it’s the best way to boost your income without needing to rely on a pension or savings for backup (though this of course depends on the size of your loan and the cost of your expenses).

Secondly, Cheltenham equity release would work well for someone who is not in the position to repay a loan monthly, meaning they wouldn’t be able to rely on a traditional unsecured loan.

With equity release, you can benefit from tax-free cash without having to worry about repaying it, so it’s the best scheme for anyone who wants to receive a loan without the burden of needing to repay it by a certain date.

But it’s equally important to consider the potential downsides to equity release, so you can make a more informed decision. We outline the potential disadvantages of equity release here. We also outline alternatives to equity release here.

If you are releasing equity to combat the cost of living, then it might be better to first try to see if you can better manage your budget. Below, we list organisations that may be able to help in Cheltenham:

1. Citizens Advice Bureau

Address: 3 St George’s Pl, Cheltenham GL50 3LA

Telephone: 01452 527202


2. Warm and Well

Address: Severn Wye Energy Agency Ltd Unit 15 Highnam Business Centre Highnam Gloucester GL2 8DN

Telephone: 0800 500 3076


3. Cheltenham Foodbank

Address: Cheltenham Borough, Council Municipal Office, Promenade, Cheltenham, GL50 9SA

Telephone: 01242 570080


Other organisations you can reach out to include StepChange Debt Charity and the National Debtline.

Please call our 24-Hour Helpline: 0330 058 1579

Can I Release Equity in Other Areas Of the Country?

Not everyone who is reading this article will live in Cheltenham, so we want to make it clear that you are able to take out equity from your home no matter where you live. Equity release schemes are in place all over the world.

If you want to release equity with the help of Equity Release Warehouse, get in touch to find out whether we work in your location, or have a look at our locations on our home page.

This list is constantly being updated, so don’t worry if your town hasn’t yet appeared.

What is a Lifetime Mortgage?

A lifetime mortgage is the most common type of equity release for homeowners in Cheltenham, so most of the information about equity release that is out there refers to lifetime mortgage schemes.

This is the case when we talk about the minimum age requirement being 55, and when we refer to tailored equity release plans such as buy-to-let plans and enhanced/ill-health plans.

With a lifetime mortgage, you receive tax-free cash to spend on whatever you like, unless you have chosen a tailored plan. For example, with a second home plan, your equity release funds must be used to purchase a second home.

However, with a lump sum plan, there are no restrictions in terms of what you can put your money towards. You could use it to pay off debts, have home improvements, help your family out, or pay for a luxury holiday (1).

Equity release consumers who take out lifetime mortgages will still be named as the homeowner, and they are expected to live in their home permanently until they move into long-term care or pass away, which is when the equity release lender will commence the sales process.

Please call our 24-Hour Helpline: 0330 058 1579

What is a Home Reversion?

Home reversion schemes are the least common equity release product, yet they are becoming more popular.

To have a home reversion in Cheltenham, you must be at least 65 years old. If you are pursuing equity release with your partner, they must also be 65 years old.

The tax-free cash that comes with a lifetime mortgage loan also applies to home reversion, and again, you can spend your money on whatever you would like.

There is no interest applied to home reversions, as you sell a share of your home and renounce your status as homeowner in order to access the loan. This means you do not continue to borrow from the lender, as you will receive the money all at once.

What is a Retirement Interest Only Mortgage?

Some people are drawn to equity release in Cheltenham because they want to borrow money without having to make repayments.

However, they are put off by the fact that the interest accrues over time, as they fear that their loved ones will be left with a large sum to pay off at the end of the scheme.

So, what is the solution to this? You could of course avoid equity release at all costs, and perhaps this is right for you. However, something else you could do is opt for a retirement interest-only mortgage.

If you believe that you can afford to pay off the interest of your loan each month, or even a portion of the interest, a retirement interest-only mortgage is a great way to pursue equity release without worrying about growing interest.

Though you will still be in debt with the loan itself, the interest won’t be an issue later down the line.

Compound interest is also applied to equity release loans, and this is much less of a worry if you have already paid off a large amount of the interest.

Please call our 24-Hour Helpline: 0330 058 1579

How Can An Equity Release Adviser Help Me?

We always advise our customers to speak to one of our equity release advisers as it’s wise to seek advice from someone who is an expert in the field.

This means you can get a realistic insight into equity release, including the many benefits but also anything that could go wrong.

If your equity release adviser is a member of the Equity Release Council (ERC), you will be more protected if you decide to release equity from your Cheltenham property (2). This ensures equity release comes with a no negative equity guarantee.

This is because you will have more flexbility regarding things such as moving home and making complaints.

Finally, if you are unsure which specific equity release plan would be best for you in Cheltenham, an adviser will teach you all about each scheme and ensure you are making an informed decision when you settle on your preferred arrangement.

Please call our 24-Hour Helpline: 0330 058 1579

Can I Pursue Equity Release in Cheltenham Without Paying For Advice?

When it comes to advice from an equity release adviser, you can get advice without paying a fee. The best way to do this is to contact us for a free consultation. You could also find a charity that offers free equity release advice.

However, there are other areas of equity release that you absolutely must pay out for, such as speaking to a solicitor for legal advice.

You must do this at least once in order to be approved for an equity release loan, as the equity release lender will have their own solicitor to deal with their legal processes.

We would advise that you seek as much advice as you can, and this does mean that you will end up spending money on various advice fees.

However, if this is particularly concerning to you, you could always use your equity release loan to pay for the advice. Even though you won’t have access to your funds yet, some lenders will allow you to refrain from paying until you receive your loan.

Please call our 24-Hour Helpline: 0330 058 1579

How Can Equity Release Warehouse Help Me?

As we have mentioned, we offer a free initial consultation that is hugely beneficial for anyone considering equity release in Cheltenham.

This consultation is great for people who are confident that they want to take out equity, as we can recommend plans and explain each step of the process.

However, it is also excellent for Cheltenham homeowners who are unsure about releasing equity, as we can explain the pros and cons in great detail and help you to come to a sensible decision.

Another way that we can be of use to you is by providing you with a wealth of information on equity release.

Our website features a specialist blog with articles covering many different aspects of equity release, and we also have a help centre for people who are unsure how equity release works.

We encourage you to explore our page to get to know more about equity release, before contacting us to make it happen.

Don’t worry if you decide equity release is not for you after having a consultation, as there is no pressure to follow through with the scheme.

Access help and advice today across Cheltenham in Charlton Kings, Leckhampton, Southam, Swindon, Golden Valley, Shurdington, Bishops Cleeve, Dowdeswell, Churchdown, Staverton, Whittington and Woolstone.

Please call our 24-Hour Helpline: 0330 058 1579


[1] OPINION: Using equity release for home improvements

[2] About the Equity Release Council

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