Equity Release Doncaster - Lifetime Mortgage Near Me

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

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Equity Release Doncaster and Near Doncaster

Equity release in Doncaster might sound intimidating at first, but it is actually rather simple.

It works by releasing equity from inside your home, which you will repay once you pass away or move into a care home, when the house is sold [1].

With equity release in Doncaster, you get to enjoy tax-free cash, to spend on whatever you like. Rather than take out a traditional loan with monthly payments, equity release allows you to repay the loan once the house is sold.

Equity release loans last a lifetime, meaning that you only sell your home and repay the loan once you pass away or move into a care home.

You will be charged interest on your loan, which will turn into compound interest over time [1]. There are two types of loans, which are explained further below.

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Lifetime mortgages in Doncaster

Lifetime mortgages are the most popular form of equity release. With this type of loan, there are no mandatory monthly payments and you only repay the loan, including any interest once you pass away or move into care.

You remain the sole owner of your home in the meantime and will never be asked to move or sell up by the lender [2].

In order to qualify for a lifetime mortgage, you will need to be aged at least 55 years old, own your own property in the UK worth at least £7,000 and have already paid off the majority of your pre-existing mortgage [2].

Home reversion plans in Doncaster

Home reversion plans work a bit differently to lifetime mortgages, in that you have to sell a percentage of your home to a lender in order to receive the equity money.

You can sell up to 90% of your property to a lender, depending on how much money you wish to receive [3].

You will be selling your home to a lender for less than market value, meaning that you won’t get as much money than if you sold your home on the traditional market [3].

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The main reasons why people choose equity release in Doncaster

People opt for equity release in Doncaster for a number of different reasons. These reasons are explained below [4].

1. Mortgage-free retirement

A large majority of individuals choose equity release in Doncaster as they are able to pay off the remaining amount of their pre-existing mortgage and go into their retirement years mortgage free. They’ll even have some cash left over for a better lifestyle.

2. Home improvements to increase the value of your home

Others choose to spend their equity release in Doncaster on home improvements. This is a great way to spend your equity release funds, as you will also be increasing the value of your home by doing so and therefore increasing the chances of leaving more inheritance for your loved ones.

3. Remain living in your home

Above all else, the main reason why people choose equity release in Doncaster is that you get to enjoy spending the cash whilst being able to remain living in your home until you pass away or move into care. You will never be asked to move or sell up by a lender.

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What can equity release in Doncaster be used for?

There are very few limitations on what you can spend your equity release money on.

One of the best things about equity release in Doncaster is that you are free to spend the money however you choose to, as long as you inform your equity release specialist adviser about your plans [5].

1. Home improvements

Most people who opt for equity release in Doncaster do so to make some home improvements. This includes things such as a new kitchen, or an extension. This could improve the aesthetic of your home, increase the amount of space or improve the accessibility of your home.

After all, if you take out equity release in Doncaster, then you will most likely remain living in the property until you pass away or move into a care home. So, you might want to think about making your home more accessible or easy to maintain as you age.

2. A better lifestyle

One of the main reasons why people opt for equity release in Doncaster is to improve their lifestyle as they age. You work your entire life to enjoy your retirement, so it can be upsetting if you reach your retirement age and are struggling for money.

Opting for equity release in Doncaster to live a better lifestyle could include things such as joining a health club, buying yourself a new car, going on frequent holidays or investing in your hobbies.

It’s incredibly easy to stay fit and healthy as you age, so investing in your health and lifestyle might be a great way to spend your equity release money.

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3. Helping friends and family

Finally, lots of people who release money from their home do so to help friends and family.

Gifting your money to your friends and family is a great way to spend your equity release funds, although you will need to run this past your equity release adviser before doing so.

You might choose to give your equity release money to your grandchildren to help with further education and University fees.

Likewise, you might choose to give your children or grandchildren a lump sum to help with a house deposit.

It’s becoming more and more difficult to buy a house these days, so spending your money on helping the younger generation to get on the ladder is a great and kind thing to do.

The industry is now highly regulated by the Equity Release Council as well as the Financial Conduct Authority, who ensure that all standards across the industry are met.

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Alternatives to equity release

Whilst equity release in Doncaster is the best option for many people, it’s simply not for everyone.

Equity release might not be for you for a whole host of reasons, including the high interest rates or the fact that you might not be able to leave your loved ones as much inheritance by opting for equity release.

Likewise, some others might have their benefits stop by opting for equity release, as they will need to inform the Department for Work and Pensions.

It is important to understand that there are a wide range of alternatives to equity release.

Your equity release adviser should talk you through the pros and cons surrounding equity release in Doncaster, as well as any alternative options available to you.

1. Downsizing

Downsizing your home is the most popular alternative to equity release in Doncaster as it allows you to move to a smaller and potentially more manageable property whilst cashing in from the sale of your home.

Whilst it is a fuss to move home, for a lot of people it can be worth it. However, it is important to acknowledge that moving home later in life is not for everyone. Selling and buying a home is described as one of the most stressful things you can do in life.

Additionally, moving home might mean for some that you have to move out of your local area, especially if house prices have increased significantly since you last bought in the area.

Moving areas later in life isn’t ideal, as this could also mean moving away from friends and family and your network, which you might need to rely on as you age.

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2. Renting out a room

Renting out a room could be another alternative to equity release in Doncaster. This is a particularly good option if you have a large house and are able to rent out a room to someone you know, ideally a family member.

For example, you could have a grandchild, niece or nephew who lives in the local area but are struggling to afford increasing rent prices.

Whilst you would still charge them a fee to rent the room, this would most probably be less than the rental market value, saving your loved one some cash.

3. Budgeting

Finally, if you are struggling for cash later in life then budgeting might be a great tool. Whilst this might sound like going back to basics, it’s easy to go through life without truly ever budgeting.

As you get older, you tend to lose count of your subscriptions and monthly outgoings, which is why it can be helpful to go back to basics and start budgeting as you enter your retirement years.

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How can I get advice?

If you are considering equity release in Doncaster but don’t know where to start, then speak to a member of the team at Equity Release Warehouse.

Our equity release specialists will be able to offer you free advice and information about all things equity release in Doncaster and will talk you through the process.

Our team at Equity Release Warehouse will use our very own equity release calculator to determine just how much equity you might be able to release from your home. If you’re interested, speak to a member of our team today.