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Equity Release in Enfield - Lifetime Mortgage Near Me

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

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Equity Release in Enfield & Near Enfield

Many people across the UK and Enfield are currently considering equity release in Enfield as a way of getting through issues with money and the ever-rising cost of living.

It is no secret that the cost of living has been on the rise ever since Covid-19. With inflation higher than it has been in decades, millions of people are paying more than ever for their weekly food shop, their houses and for their gas and electricity.

Due to this, more and more families and individuals are struggling to keep up with these costs, unless they gain a pay rise or gain access to additional funds.

If you are worried about the cost of living, then you are now alone. In fact, the Department for Work and Pensions have even released its own advice and guidance on what individuals can do to overcome and tackle these rising and increasing costs [1].

With the government interfering in the form of price caps, hopefully, things will start to improve. However, for many people, these price caps are simply not enough.

For example, many people who are now retired might struggle to cover and pay for these rising costs on their pensions, which might have only recently taken a hit during the Covid-19 pandemic.

If you are aged over 55 years old and live in Enfield, then you might want to speak to a member of the Equity Release Warehouse team for advice and support on how to use the equity in your home to help to overcome these costs.

When you release equity from your home in Enfield, you are able to gain direct access to the money that you have built up in your home over a number of years.

You are also able to remain living in your home whilst you have access to these funds, and are able to spend the money in whichever way you choose to.

If you live in Enfield and are struggling with the cost of living, then speak to a member of the Equity Release Warehouse team for advice on how to gain access to your equity.

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.

All advisors and lenders are regulated by the Financial Conduct Authority (FCA).

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What is Equity Release?

If you think you might want to release equity from your home in Enfield, then it is really important that you fully understand the ins and outs of equity release before you opt to apply for the loan.

It is also important that you understand exactly what equity is, and how it works.

Equity is the total value of your home. This includes the initial deposit that you put down on the house when you first bought it, which is usually 10% – 30% of the total value of your home.

The equity in your home also includes the monthly mortgage repayments that you and your family have been making over the many years that you have been living there for.

The equity in your home will also take into account the market value of the property which might have increased over recent years.

Whilst the housing and property market will change and fluctuate over time across Enfield and the rest of the UK, the property market generally tends to increase over time.

Most people understand that the property market is a series of peaks and troughs, and will be well aware of this when they first purchase their home.

If you are seriously considering equity release in Enfield, then there are a number of factors and things to consider.

Some of these factors are listed below:

  • The equity in your home includes the market value of your home, minus the total mortgage left to repay on the house
  • The equity in your home also includes the monthly mortgage repayments that you have been making ever since you bought the house
  • The smaller your initial deposit on the property, the larger your mortgage and monthly mortgage repayments will be

Most mortgages last approximately 25 – 35 years, and most people are able to pay off the mortgage on their home through their monthly mortgage repayments if they live in their homes for long enough.

Please call our 24-Hour Helpline: 0330 058 1579

However, it is important to consider the interest on your mortgage and how much this will contribute towards your monthly mortgage repayments.

If you have paid off a significant amount of your mortgage, then you might want to consider equity release in Enfield.

Equity release is when you get some access to some of the money you have been putting into your home over the years. As you can imagine, if you have paid off a considerable amount of your mortgage, then this can be a significant sum of money.

If you think that this might be the best option for you, then speak to a member of our equity release specialist before you contact a lender and apply for an equity release loan.

Your advisor will be able to check to see if you are eligible for equity release in Enfield, and will also highlight the best plans for you.

For example, you will have to choose between a lifetime mortgage and a home reversion plan. Your equity release specialist and an advisor will be able to talk you through each plan and option, one by one.

Your equity release advisor will ask you a number of different questions in order to establish your situation, and so that they can choose the best plans and options for you.

It is important to remember that our equity release advisors will have your very best options at heart, and they will not force you into making a decision.

They are simply there to provide you with all of the necessary information and suggest their opinion on what you should do.

If you want more information on equity release in Enfield, then start by calling our professional and friendly team for advice and insight on equity release in Enfield.

Please call our 24-Hour Helpline: 0330 058 1579

Lifetime Mortgages in Enfield

If you want to release equity from your home in Enfield, then you should look into a lifetime mortgage.

Lifetime mortgages are the most popular form of equity release in Enfield and across the rest of the UK. All lifetime mortgages are tax-free, and you do not have to repay your lifetime mortgage loan until after you move into long-term care or pass away.

You are also able to remain living in your home when you opt for a lifetime mortgage, and in the meantime, you are able to spend the equity release loan in whichever way you want to.

However, in order to qualify for a lifetime equity release mortgage in Enfield, you need to be aged over 55 years old and will need to own your own home that is worth at least or more than £70,000.

With a lifetime mortgage, you are able to spend the money you get in lots of different ways.

You are also able to ask for your equity release in one large and single lump sum, or you can always ask to receive your money in smaller, monthly payments.

This decision should be discussed with your equity release advisor and will need to be based on what you decide you want to spend your equity release funds on.

Lifetime mortgages are by far the most popular form of equity release in Enfield. Lots of people opt for a large sum as they want to pay for a holiday, get out of debt or pay for home improvements.

However, others opt for smaller, monthly payments as it allows them to live a more free and comfortable life during retirement.

When an individual opts for a lifetime mortgage in Enfield, they will also receive inheritance protection. Inheritance protection means that a part of your home and its value will be protected, so that it can be passed down to your family, loved ones and next of kin when you pass away and they sell the house.

However, if this is something you want, then you will need to opt for this as an additional extra as it is not included in the basic equity release loan and package.

It is also important to remember that if you opt for a lifetime mortgage in Enfield, then you will also benefit from a no negative equity guarantee, which means that you will never have to repay more than the house is worth.

This also protects your family and loved ones when you pass away, ensuring that you do not pass on any debt or issues when you pass away.

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Home Reversion Plan

If you do not qualify for a lifetime mortgage in Enfield, then you should consider a home reversion plan.

A home reversion plan allows you to sell part of your home to the lender, in exchange for a part of the equity that has built up in your home.

Once again, as the same with a lifetime mortgage, you can decide to opt for one large lump sum, or a series of smaller payments.

What most people need to carefully consider with a home reversion plan is that you will not be selling your home for the current market value of your home.

You will sell part of your home for approximately between 30% and 60% of the current market value of your home. This means that you would not sell your home for as much as would with just a normal house sale.

However, the great thing about a home reversion plan is that you are able to sell part of your home to the lender whilst remaining living in the property until you decide to move into long-term care or you pass away.

The other great thing is that you will not have to pay rent on the percentage of the property that you choose to sell.

If you want to qualify for a home reversion plan in Enfield, then you will need to be aged 65 or over and own your own home in the UK that is worth over £70,000 according to a recent valuation.

When you apply for a home reversion plan in Enfield, your equity release advisor and lender will ask about your health, so that they can assess whether you suffer from any long-term or serious health conditions.

Please call our 24-Hour Helpline: 0330 058 1579

Why Do People Consider Equity Release in Enfield?

There are currently hundreds of thousands of people across Enfield and the rest of the UK who are currently considering opting for equity release.

People decide to opt for equity release in Enfield for a number of different reasons.

Due to the current cost of living crisis, some people might choose to release equity from their home in order to simply help with the day-to-day running and cost of their home.

They might choose to spend their equity release on the monthly bills and mortgage payments, and to make sure that their retirement is more financially comfortable.

However, others might choose to release equity from their home in Enfield because they want to make a series of different home improvements, either to make their property more comfortable as they grow older, or to increase the value of their home so that when they come to sell their home, it is worth more money.

Others choose to opt for equity release in Enfield because they need access to more funds, but simply do not want to move house. It is understandable that if you are aged 55 or over, you won’t want to deal with the stress and hassle of moving house.

Individuals might also not want to move house if they have lived there for a number of years and created many memories there.

Others might not want to move because it might mean moving away from friends and family members, particularly if the housing market has increased in your area and selling up would mean having to downsize or buy a more expensive house.

The reality is that there are many different motivations for wanting to consider equity release in Enfield. When you speak to your equity release advisor in Enfield, they will ask you what your motivations and reasons are for opting for equity release in Enfield.

It is important that you are completely open and honest with your equity release advisor at this stage, so that they can gain a real and whole picture of your motivations and financial situation.

Please call our 24-Hour Helpline: 0330 058 1579

The Disadvantages to Equity Release in Enfield

Equity release in Enfield has lots of pros and advantages. However, there are a few disadvantages when it comes to home reversion plans in Enfield.

For example, when an individual opts for a home reversion plan in Enfield, they will sell part of their property to the equity release lender for a percentage, in return to access that amount of equity in their home.

However, this will be sold to the lender for less than market value, which is usually 30% to 60% of the current market value of the home. This means that you would get less money than you would if you were to just sell the home.

If this is the case, then this does technically mean that your next of kin and loved ones will get less inheritance than if you were to pass away and sell your home.

However, this does very much depend on what scheme you opt for, and whether you need access to the equity in your home sooner rather than later.

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 Enfield:

1. Citizens Advice Enfield (Telephone Service Only)

Address: Unit 3, 5, Vincent House, 2E Nags Head Rd, Enfield EN3 7FN

Telephone: 0808 278 7837

Website: http://citizensadviceenfield.org.uk/

2. Age UK Enfield

Address: John Jackson Library, Bush Hill Park, 35 Agricola Pl, Enfield EN1 1DW

Telephone: 020 8375 4120

Website: http://www.ageuk.org.uk/enfield/

Please call our 24-Hour Helpline: 0330 058 1579

How Much Does Equity Release in Enfield Cost?

It is important to consider that when you opt for equity release in Enfield, there are a number of associated costs you will have to pay.

Unfortunately, these costs fluctuate significantly between just a couple hundred of pounds and a few thousand pounds. This varies dramatically depending on what type of plan and scheme you opt for.

It is important to remember that one of the biggest costs associated with equity release in Enfield is the interest that you have to pay on the loan.

If you choose to leave the interest on the loan and allow it to build up before paying it off, then you will leave yourself and your next of kin with a considerable amount of compound interest due to the high-interest rates on the equity release loan.

This is why it is a great option to pay off the interest on the equity release loan as you go, through monthly payments to the equity release lender.

It is also worth considering that when you opt for equity release in Enfield, you will also have to pay for someone to come and do a valuation assessment at your property, so that they and the lender can gain a better understanding on the value of your home.

This can cost a few hundred pounds, and will need to be completed before the equity is released to you.

It is also important to understand that you will need to pay for the advice and legal support of a solicitor and lawyer so that they can draft up the contracts and agreements as well as take control of all the main communication between you and the lender.

It is highly important that you consider these upfront costs before you plan on agreeing to equity release in Enfield.

Please call our 24-Hour Helpline: 0330 058 1579

How Do You Know if Equity Release in Enfield is Right for You?

Equity release in Enfield is not right for everyone. For some people, opting for a bank loan or re-mortgaging their house might be a better option for them for a number of different reasons.

Before you consider equity release in Enfield, and to find out if equity release is for you, then you should consider the following points and factors:

  • You need to be aged over 55 years old for a lifetime mortgage
  • You need to be aged over 65 years old for a home reversion plan
  • You need to own your own house in the UK
  • Your property needs to be worth at least £70,000 minimum
  • You need to have lived in your house for a number of years, which means that you would have paid off a significant amount of your mortgage

It is important that you check and consider these above factors before you speak with a lender or equity release specialist in order to check to see if you are eligible for equity release in Enfield.

If you are in any doubt whether you would qualify for equity release in Enfield, then speak to a member of the Equity Release Warehouse team for help and advice.

It is also important to consider how equity release might affect your loved ones and next of kin, and it is important that you speak with them about potentially releasing equity from your home so that you can make sure that they are happy and confident in your decision.

Please call our 24-Hour Helpline: 0330 058 1579

Questions to Ask Your Equity Release Adviser in Enfield

Anyone who is considering equity release in Enfield will have a range of different questions to ask their equity release advisor.

It is important that you ask all of the questions you have, and not to feel embarrassed or shy in front of your equity release advisor. When it comes to equity release and your finances, there are no stupid questions.

It is important that you are fully informed before you make the final decision and take out an equity release plan.

If you are considering equity release in Enfield, then speak to a member of the Equity Release Warehouse team where you can ask the below questions:

  • Have I met all of the qualification criteria for equity release in Enfield?
  • What do I need to sign to ensure that I can move house if I ever want to in the future?
  • How much will the interest on the loan be?
  • What is the very best way to pay off the interest on the equity release loan?
  • Is it best to pay off the interest on the equity release loan whilst I’m still alive or after I pass away?
  • What does equity release mean when it comes to the inheritance for my family, loved ones and next of kin?
  • Am I allowed to remain living in my home for as long as I want?
  • What happens if I live with someone else who does not own the property in any way, such as a child or a parent or a friend?
  • What happens if I own the property with someone else as tenants in common, but they are under 55 years old?
  • What happens if I’m currently suffering from a health issue or suffer from an illness in the future?

Do not be afraid to ask your equity release advisor any of the above questions, as the more you ask about equity release then the more you will understand equity release and the more control you will feel.

If you have any other questions regarding equity release, speak to a member of the Equity Release Warehouse team for advice and support. Hopefully, our friendly and professional team will be able to answer all your equity release-related questions.

Please call our 24-Hour Helpline: 0330 058 1579

Am I Allowed to Rent Out My House Under an Equity Release Plan?

If you opt for equity release in Enfield, then you might be curious to find out whether you would ever be able to rent out your property in the future.

It is important to understand that lots of people aged 55 or over might be looking for additional sources of income as they near retirement age.

Due to this, homeowners might choose to rent out their house, or part of their house in order to create additional sources of income.

However, if you opt to release equity from your home in Enfield, then your ability to release equity from your home might be limited.

This is why it is incredibly important to be open and honest with your equity release advisor, as they will be able to inform you on what equity release schemes you should and shouldn’t choose depending on what your plans are for the future.

If you are planning on opting for an equity release loan, with a plan to rent out your home, then you might need to opt for a very specific type of equity release, and you will need to follow the rules and conditions of that plan closely.

Please call our 24-Hour Helpline: 0330 058 1579

Get in Touch with Equity Release Warehouse

If you want to learn more about the ins and outs of equity release in Enfield, then you should speak to a member of our team at Equity Release Warehouse.

Our friendly and professional team will support and guide you through the process, whilst making sure you understand how the process works.

You can start today by calling our team on 0330 058 1579. You will have a number of conversations with our team before you will feel ready to make a final decision, and our team will never put any pressure on you to make a decision before you feel ready to.

References

[1] https://www.gov.uk/guidance/cost-of-living-payment

 

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