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Lifetime Mortgage & General Equity Release Advice in Islington.
Reviewed by Tom Philips
Get in touch today on 0330 058 1579 for a free, zero obligation consultation. We can help you locate equity release advisors in your local area.
Prospective equity release Islington customers choose to either fill out a lifetime mortgage application, or a home reversion plan application, instead of relying on their current retirement funds, using traditional loans to borrow money (e.g., credit cards), or working past retirement age.
They borrow money from an equity release Islington lender, and the amount of money they are offered is dependent on how valuable their property is.
Instead of owing money back to the lender in the near future, they allow the lender to sell their home when they pass away or enter permanent care.
This means they can spend their equity loan freely in retirement, with no monthly payments whatsoever (unless the customer opts to do this to keep their debt low).
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The average property price in Islington last year was £847,808 (1). However, this includes apartments as well as houses, and apartments are the most common property sold in this London borough. When we look at the statistics for apartment sales, the average price is £635,077.
House and apartment prices have increased by 2% in Islington over the last year, but this trend of rising prices has been around for many years, in line with national statistics of property sales (2).
There is a high demand for property in Islington for various reasons. People flock to London in general to progress in their career, and to never run out of things to do, but they are drawn to Islington because of its diverse culture, its celebrity status, and its ability to help young people onto the property ladder, whilst remaining a luxurious place to live (3).
The best candidates for equity release in Islington are people with extremely valuable properties, who need money for retirement due to not having access to much cash.
As high-value homes are desired by equity release providers, they are willing to offer higher loans in exchange for an expensive Islington property.
This does not mean that you cannot pursue equity release in Islington if your home is not extremely expensive. As long as it meets the minimum requirement of being worth at least £70,000, you can access an equity loan.
However, you would have to accept that you would not get the maximum loan if your property value is on the lower side.
You could still release enough money to achieve financial stability in retirement, so it is worth speaking to an equity release adviser about how much money you could get out of equity release in Islington.
You should also speak to a general financial adviser to see whether another scheme could be more profitable.
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Yes, you can be an equity release in Islington customer if you do not have a partner, or if you are unmarried. The criteria does not change; you still need to be at least 55 years old with a property value of £70,000 or more, and you must own your home outright.
If you do not own your home outright, which is more common among single people, you could pay off your traditional repayment mortgage in order to qualify for equity release in Islington.
The end of the equity release scheme is slightly more straightforward if you are single, as there is no partner to be considered in the process. When you are ready to go into long-term care, or when you pass away, your home can be sold straight away by your equity release company.
If you pursue equity release in Islington as a single person, you will need to think about how this could impact your family when you pass away. The same is true for married couples, but there may be less of an effect on their beneficiaries, as they usually have more funds saved for retirement.
As you can imagine, when you take money out of your home, it results in your family inheriting less money when you die. However, if you get inheritance protection and a no negative equity guarantee with your equity release in Islington plan, this does not have to be the case.
You can put money away for your family’s benefit, and the equity release in Islington provider will never take this money.
With a no negative equity guarantee, even if you owe a huge amount of money to the lender, they will not be able to use the inheritance funds to pay off the loan. You will only ever have to give back the money that you borrowed as a new equity release customer.
If you opt to make monthly payments on your loan, you could increase the amount of money available to your beneficiaries, as you would owe a lower amount to the equity release in Islington lender.
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You can find out how much equity you could borrow on our website, where you will find a free equity release calculator. Tell us whether you have a house or an apartment, how old you are, and how much your property is worth.
With this information, our calculator will work out how much money you could be entitled to with equity release in Islington. This does not take into account the various interest rates on the market, or the guidelines of different equity release plans, so do not take this to be the final estimation.
Equity release in Islington tends to be best for people who own a house, as this generates more money for the equity release lender at the end of the scheme.
Older homeowners may also be better off, as they tend to be able to borrow more money. Finally, as we explained earlier, people with more expensive properties usually access more money with this scheme.
Factors that do not tend to affect the amount you can borrow with equity release in Islington include: your credit rating, your income, the value of your property at the time of your house purchase, and whether or not you are going to get the maximum state pension.
It’s also worth adding that equity release is not the best option in all circumstances. In this article, we outline the potential drawbacks of equity release. We’ve also written an article explaining the alternatives to equity release.
If you plan to release equity in order to better navigate issues caused by the rising cost of living, then you might be better off looking at better managing your budget. If you are in debt, then there are a number of organisations in Islington that can help you.
Such organisations include:
Address: 222 Upper St, London N1 1XR
Phone: 0344 488 9626
Website: https://islingtoncab.org/
Address: 6 Manor Gardens, London N7 6LA
Phone: 020 7281 6018
Website: http://ageuk.org.uk/islington
Address: Jeremy Hopgood Rooms, Caxton House, 129 St John’s Way, London N19 3RQ
Phone: 020 7561 1786
Website: https://www.credit-union.coop/
You can also get help and advice from Islington Borough Council and StepChange UK.
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If you have a fixed interest rate with equity release in Islington, your lender will inform you of the amount you will owe, and this will not change, even when interest rates are rising or dropping elsewhere.
These rates are competitive, so make sure you research the interest rates with different equity release plans and lenders, to ensure you are getting the best rate, as well as ensuring you are choosing a plan that meets your needs.
Some equity release in Islington lenders have variable interest rates, which means you could owe a different amount of interest at different points in the scheme. There will be a limit to this, so your equity release lender cannot increase the interest beyond a certain percentage (that they set before you start the scheme).
To get an idea of what the interest rates are on equity release in Islington, you can research last year’s rates. However, you need to keep in mind that these are always changing.
If you are interested in finding out more about equity release in Islington, you can have a telephone assessment with one of our equity release specialists that is free of charge. Call us on 0330 058 1579 to arrange this with complete ease.
Equity release in Islington is not something to take lightly. It will impact your life significantly, for better or worse.
Most of our clients are pleased that they decided to take out equity, but there is a risk that you would regret it if you do not investigate the downsides of the scheme before getting your loan.
You can start by asking us about the risks of equity release in Islington. We are well aware that other schemes could potentially be less risky for you, and could have a host of benefits. For example, people who downsize do not have to deal with compound interest, so this is a better option for some of our clients.
We vow to be open about the ways in which equity release in Islington could benefit you, but equally, how it could disadvantage you. It is also a good idea to speak to a wide range of people about equity release, including your loved ones, and equity release customers in Islington.
That being said, do not take one person’s advice as gospel, as equity release in Islington affects everyone differently, and non-professionals will most likely be giving subjective advice based on their unique experience with the scheme.
This is why we also advise you to speak to an expert; they will present you with a personalised illustration that details the statistics of equity release in Islington, and the positive and negative effects it could have on your retirement.
All advisors are regulated by the Financial Conduct Authority. Advisors’ details are registered on the Financial Services Register.
Please call our 24-Hour Helpline: 0330 058 1579
[1] House Prices in Islington https://www.rightmove.co.uk/house-prices/islington-87515.html
[2] Ibid.
[3] Is North London’s housing market recession-proof? https://www.spectator.co.uk/article/is-north-londons-housing-market-recession-proof/
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