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Equity Release Leeds - Lifetime Mortgage Near Me

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Equity Release Leeds – Lifetime Mortgage Near Me Leeds

For too long, there have been many misconceptions about aspects of equity release Leeds that have prevented homeowners from looking into this option.

We are here to bust any myths about releasing equity and to help you understand the features and risks before you rule out equity release Leeds as an option for you and your family.

Property Prices in Leeds

It’s no secret that property prices have been rising in Leeds, as they are in the rest of the UK. According to Rightmove, Leeds property in 2022 is selling for 14% more than it was in 2019 (1).

So, what does this have to do with equity release? We have two points to make.

Firstly, if you bought your property in Leeds years ago, it is likely to have gained significant value since, which means there is money tied up in your home that you could access through equity release.

Secondly, if you were looking to downsize as an alternative to equity release, you would have to keep in mind that it’s very difficult to secure the property you would like for a reasonable price, so equity release Leeds is more popular than ever.

Please call our 24-Hour Helpline for equity release advice across the area in Leeds City Centre, Armley, Headingley, Harehills, Hollin Park, Oakwood, Whinmoor, Stanks, Austhorpe, Hunslet, Middleton, Morley, Knowsthorpe, Hunslet Carr, Holbeck, Moorside, Chapeltown and Rothwell: 0330 058 1579

Equity Release Leeds: What is it & Why do it?

Put simply, equity release in Leeds is a method used by many homeowners to reap the benefits of their home’s value. They do this by taking out a loan with an equity release company or selling a share of their home to a firm.

With equity release, there is usually no obligation to pay back this money while the client is still alive, so homeowners can enjoy the loan without worrying about having to pay it off.

This is because the payment will occur when the house is eventually sold, which is either when the consumer dies or moves into long-term care.

As for why you should consider equity release in Leeds, there are many reasons.

The most convincing is that you can access money from your own assets and begin to spend it on important things that could benefit your retirement, such as paying bills or home improvements.

Some people fear releasing equity because they believe it will leave their children and grandchildren with nothing when they pass away.

However, many schemes allow you to protect some of your funds to ensure your family does inherit something, so do not let this put you off. You need to look for a plan that takes inheritance into consideration.

Please call our 24-Hour Helpline: 0330 058 1579

Is Equity Release Leeds Safe?

Equity release can be very safe if you find a plan that suits your needs and will benefit you rather than disadvantage you.

Here are some things to consider that may affect the safety of equity release, and some advice on stay as safe as possible throughout the process:

1. Are you receiving means-tested benefits from the state?

The reason we ask this question is that being a consumer of equity release in Leeds can affect your entitlement to benefits, and you wouldn’t want to find this out after you’d already taken a loan out, as this could have a negative effect on your financial situation.

You will have to inform the Department for Work and Pensions (DWP) about your change in circumstances when you receive the money.

2. Will you want to repay the loan early?

With some schemes, it is possible to repay the loan early, but most plans do not want you to do this so they will charge an early repayment fee.

This can put you in an unstable financial position, so we recommend selecting a plan that encourages repaying early if this is something you want to do.

3. Do you want to leave an inheritance?

As we mentioned earlier, some arrangements take inheritance into account, but not all do, so if this is important to you, find a plan that has some form of inheritance protection.

Generally, we advise home reversion for this, but some lifetime mortgages also offer protection.

4. Do you want a no negative equity guarantee?

Nowadays, most modern equity release plans have a no negative equity guarantee included, which ensures you are never paying back more than the value of the loan if your house decreases in value.

Selecting a scheme with this guarantee is wise as you can never predict the property market.

Please call our 24-Hour Helpline: 0330 058 1579

Who is Eligible For Yorkshire Equity Release & Do I Qualify?

To release equity in Leeds, you must own your own home in Leeds that is worth more than £70,000. The type of property you own (i.e. a house or a flat) will affect the amount of money you can borrow, but it will not discount you from releasing equity.

Another important point is that you must be at least 55 years old, or 65 if you want to sign off on a home reversion in Leeds.

As you can tell, these schemes are designed for people who are headed towards retirement and need extra funds to make ends meet in their later years, or to simply get more out of life.

What Happens If I Have an Existing Mortgage on My Property – Can I Still Unlock Funds?

If you have an existing mortgage in Leeds, you are still entitled to take out equity. However, the process will be slightly more complicated. 4

You will either have to pay off your current mortgage before taking out a loan, or use the loan to pay it off afterwards.

Make sure you budget well to ensure you would be able to afford to pay off your existing mortgage with your equity release funds.

Many consumers of equity release in Leeds begun the process with a traditional mortgage, so do not worry if this is the position you are currently in.

Please call our 24-Hour Helpline: 0330 058 1579

How Much Will I Spend on the Equity Release Process – Fees, Interest, and the Loan

We cannot predict exactly how much you will spend on equity release in Leeds, as the figure is different for everyone. However, we can tell you the kinds of things you will need to spend money on in each stage of equity release.

Firstly, you will need to seek out independent financial advice in Leeds as this is essential when it comes to making the best decision on equity release.

However, we would advise finding free advice as many advisers offer this. You could either contact us for a free consultation or go to a charity such as the Money and Pensions Service and StepChange.

The first definite cost will most likely be valuation charges. You must pay for your home to be surveyed so that the value can be estimated, and the exact fee you pay will depend on the value of your home.

Next, there will most likely be an application fee that you need to pay to officially register with an equity release scheme, and again, this figure will be dependent on the exact plan you go with, and the costs demanded by the provider you are borrowing from.

Legal charges also come into this process, as it is vital that the lender is abiding by the law with each decision that they make, and the same is true for the homeowner.

Once you are on the scheme, a big part of your money will be reserved for interest, including compound interest. However, with most plans, this will not come out of your bank yet as it will only be required to be paid when your property is eventually sold, so the accrued interest will be charged at this point.

Finally, the loan itself is a big expense, but again, it is generally not expected to be paid by you while you are still alive.

The greater your loan, the more of a dent this will make on your finances. Homeowners tend to get greater loans if their property is worth more, or if there is anything else that reduces the risk for the banker.

All About Home Reversion

Home reversion is an option in Leeds that is sometimes overlooked, as people worry that they are pouring money down the drain when they give away a share of their property.

However, you must remember that you are getting something in return for this share. You are able to use the tax-free lump sum of money on anything you want to, and you can live in your property rent-free for the rest of your life.

What’s more, most home reversions offer inheritance protection, so you can section off some of your home for your loved ones’ benefit when you die.

Please call our 24-Hour Helpline: 0330 058 1579

All About Lifetime Mortgages Leeds: Lifetime Equity Release

With a lifetime mortgage in Leeds, you take out a loan, the value of which varies according to your personal situation, and you are not expected to pay it back until you die or go into long-term care.

This loan can be paid as a one-off cash payment, or in regular instalments depending on the plan. Some plans have a fixed method of paying you, and others will allow you to choose which option is the most suitable for you.

The Types of Lifetime Mortgage in Leeds

Below, we list the types of lifetime mortgage you should be aware of:

1. Voluntary Repayment Plans

With this plan, you can repay some of the loan whenever you want to (subject to certain conditions). This means you can judge your financial situation and adjust your payment accordingly, as you are never pressured to repay a certain amount at a certain point.

2. Buy-to-Let Plans

This scheme allows homeowners to use their equity release to purchase a new property and rent it out, giving them a steady source of income in retirement.

3. Second/Holiday Home Plans

With a second/holiday home arrangement, you use your equity release funds to purchase a second property. Some people choose to do this in another part of the UK, whereas others select a property in a foreign country.

4. Enhanced/Ill-Health Plans

With this plan, any health issues you have could benefit you as you could be entitled to a higher loan, lower interest rates, and other various benefits.

5. Lump Sum Plans

As the name suggests, this scheme involves receiving your loan all at once instead of steadily over time.

6. Drawdown Plans

A drawdown plan is similar to a lump sum plan in that you will receive some cash all at once, but following on from this, you can choose to withdraw money whenever you like. Interest will only be charged on the money you withdraw.

7. Interest-Only Plans

You are able to pay back some or all of the interest on the loan with an interest-only plan. This means the total amount you owe at the end of the scheme will be reduced.

8. Income Plans

This plan is a great way to add to your retirement income, and is advised for people who are struggling financially. Money is paid into your bank each month rather than all at once.

Which Lender is Best For Me?

Fortunately, there are many great providers in Leeds, and to find the best one, you will need to do your research.

Alternatively, you can get in touch with us and we will help you to decide on the best plan for you, before looking into the different providers and introducing you to one that would be ideal for you.

We are always careful to work with trustworthy providers, so we will never pair you with a firm that is believed to be unstable.

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

All lenders and financial advisers are regulated by the Financial Conduct Authority. From here, you can search the Financial Services Register.  Because of the regulations, you can submit a complaint to the Financial Ombudsman Service if you are unhappy about the way your application is being processed.

Please call our 24-Hour Helpline: 0330 058 1579

Which Equity Release Leeds Adviser is Best For Me?

Again, we cannot tell you which adviser would be best for you in Leeds. Instead, you must think carefully about your situation and tell us everything we need to know to be able to put you with the right adviser.

What we can tell you is that the best specialists are registered with the Financial Conduct Authority (FCA) and are members of the Equity Release Council (ERA). Using an advisor and lender that is a member of the Equity Release Council affords you certain benefits, such as the right to appoint your own solicitor and the benefit of a no-negative equity guarantee.

The right to appoint your own solicitor might be a particular advantage if you are accustomed to dealing with a solicitor local to you, for instance, if you are releasing equity under a lasting power of attorney (LPA), or if the property is subject to joint ownership.

All solicitors are, of course, regulated by the Solicitors Regulation Authority and are members of the Law Society of England and Wales. If you are unhappy about the work you receive during the equity release process, you are entitled to raise a complaint with the Legal Ombudsman.

Selecting an expert who is aligned with these organisations means you will get certain benefits such as a complaints procedure and support if you decide to move house after releasing equity.

The easiest thing to do is reach out to us for a free consultation, as you won’t need to trawl the internet looking for expert advisers. We are experienced in helping people make the right decision with equity release, so we can handle any tricky situation you throw at us.

All advisors hold the Certificate in Mortgage Advice and/or Practice (CeMAP) Certificate in Regulated Equity Release (CeRER). This ensures the Financial Conduct Authority (FCA) qualification requirements for mortgage advisers.

Please call our 24-Hour Helpline: 0330 058 1579

Which Equity Release Scheme is Best for Me?

The scheme that will benefit you the most depends on your specific needs and preferences. When you contact us, we will ask more about your situation to determine the best type of plan that exists for you in Leeds.

Some questions to ask are: Do I want my loan to begin before or during my retirement? Do I want to repay any of the loan or interest early? What is my property value? Would I prefer a lump sum or monthly payments?

What Happens If I Don’t Want to Release Equity But I Need the Money?

In this case, the best option may be to downsize to a smaller house in Leeds. This will liberate you from additional loans and leave you with more money in retirement. Another option is a retirementment interest-only mortgage, via a lender such as Mansfield Building Society, Newbury Building Society and Leeds Building Society. You can learn more about retirement interest-only mortgages here.

However, before making the decision to downsize, remember that the unpredictability of the property market can complicate this process, and the stress of moving house at this age may not be something you want to face.

You can read about equity release alternatives here. You can also assess if equity release is right for you by reading this article. Also, you can read this article explaining the potential pitfalls and disadvantages of equity release. Since you pay compound interest on equity release, this means equity release is not the cheapest form of lending.

In certain circumstances, such as if your property is held in trust, then applying for equity release may neither be possible nor practical. In other situations, you may not wish to apply for equity release because doing so will effectively prevent you from claiming certain state benefits such as council tax support.

If you are in debt, it might be better to explore options relating to better personal financial management. 

Below, we list organisations in Leeds that may be able to help in this regard:

1. Leeds Council Money Information Centre – Better Leeds Communities


2. StepChange StepChange Debt Charity

Address: 123 Albion Street, Leeds. LS2 8ER

Telephone: 0800 138 1111 


3. Burley Lodge Centre

Address: 42-46 Burley Lodge Rd, Burley, Leeds LS6 1QF

Telephone: 0113 275 4142


4. Chapeltown Citizens Advice

Address: Willow House New Roscoe Buildings, Cross Francis St, Leeds LS7 4BZ

Telephone: 0808 278 7878


5. St Vincent’s Centre, Leeds

Address: 4 Berking Ave, Leeds LS9 9LF

Telephone: 0113 248 4126


6. Age UK Leeds

Address: Bradbury Building, Mark Ln, Leeds LS2 8JA

Telephone: 0113 389 3000


You can also get help from organisations such as Age UK and National Debtline.

Equity Release in Leeds – How to Use Our Equity Release Calculator

Using our free equity release calculator couldn’t be easier. Simply state your age, the value of your property, and the type of property you live in, and an estimate of the amount you could lend will appear on the screen.

As the details we ask of you are fairly basic, the estimate is not on the nose, so you will need to seek out official equity release advice for a more tailored quote.

Please call our 24-Hour Helpline: 0330 058 1579

Seeking Equity Release Advice From Equity Release Warehouse – Get in Touch Today

We would be more than happy to reach out to you and explain the ins and outs of equity release – simply fill out this form and we will call you as soon as possible.

If you would prefer to contact us first, our number is 0330 058 1579. Call us any time between 8 am-8 pm any day of the week.

Our specialist equity release advice will make you an equity release expert in no time. Once we know the value of your estate and your age, we can immediately begin to look at options for you in Leeds.

Please remember to tell us if you are after anything specific, such as a home reversion, as we do not want to waste your time considering plans you would never accept.

Our consultation is without obligation, so we will advise you every step of the way but we will never force you to sign up for anything you don’t want to.

What’s more, if you are not eligible for equity release or it would be detrimental to you, we would have no hesitation in informing you of this and recommending an alternative in Leeds.

All advisors we work with are regulated by the Financial Conduct Authority. This means you are covered under the Financial Services Compensation Scheme, and you lodge a complaint with the Financial Ombudsman Service (FOS) if you are unhappy about the advice you receive in relation to equity release.

If you are unhappy about the legal advice you receive in relation to equity release, you can lodge a complaint with the Legal Ombudsman.

Our advisors are able to visit your Leeds home in the following locations: Adel, Adwalton, Ainsty, Aireborough, Allerton Bywater, Alwoodley, Arena Quarter, Armley, Arthington, Austhorpe, Bardsey cum Rigton, Bardsey, Barwick-in-Elmet, Beck Hill, Beckett Park, Beeston, Beeston Hill, Belle Isle, Blenheim, Boston Spa, Bramham cum Oglethorpe, Bramhope, Bramley, Bramstan, Burley, Burmantofts, Buslingthorpe, Calverley, Carlton, Chapel Allerton, Chapeltown, Churwell, Clifford, Cockersdale, Collingham, Colton, Cookridge, Cottingley, Cranmer Bank, Cross Gates, Cross Green, Drighlington, East Ardsley, East End Park, East Keswick, Far Headingley, Farnley, Farsley, Fearnville, Fulneck Moravian Settlement, Garforth, Gildersome, Gipton, Gledhow, Great Preston, Guiseley, Halton Moor, Harehills, Harewood, Hawksworth, Hawksworth, Headingley, Holbeck, Holbeck Urban Village, Holt Park, Horsforth, Hunslet, Hyde Park, Ireland Wood, Killingbeck, Kippax, Kirkstall, Knowsthorpe, Lawnswood, Ledsham, Ledston, Leeds city centre, Lincoln Green, Linton, Little London, Lofthouse, Lovell Park, Mabgate, Manston, Meanwood, Methley, Micklefield, Micklethwaite, Mickletown, Middleton, Miles Hill, Moor Allerton, Moor Grange, Moorside, Moortown, Morley, Newall, Oakwood, Osmondthorpe, Otley, Oulton, Pendas Fields, Pool-in-Wharfedale, Potternewton, Potterton, Pudsey, Quarry Hill, Rawdon, Richmond Hill, Robin Hood, Rodley, Rothwell, Roundhay, Scarcroft, Scholes, Scott Hall, Seacroft, Shadwell, Sheepscar, Stanningley, Stourton, Sturton Grange, Swarcliffe, Swillington, Swinnow, Thorner, Thorp Arch, Thorpe on the Hill, Tingley, Tinshill, Tyersal, Walton, Weardley, Weetwood, West Ardsley, West Park, Wetherby, Whinmoor, Whitkirk, Wike, Woodhouse, Woodlesford, Wortley, Wothersome, Wykebeck and Yeadon.


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