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Equity Release in Kingston upon Thames - Lifetime Mortgage Near Me

Lifetime Mortgage & General Equity Release Advice in Kingston upon Thames
Reviewed by Tom Philips

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Equity Release in Kingston upon Thames & Near Kingston upon Thames

In a nutshell, equity release in London is a way of unlocking the equity that has built up in your property and turn it into cash for you to enjoy and spend.

Lots of homeowners forget that they actually have a lot of equity in their home, including your house deposit and your mortgage repayments.

Depending on the value of your home, how long you have lived there for and how much of a deposit you put down, you could be sitting on a significant sum of money.

Lifetime mortgages are by far the most popular and commonly used type of equity release in Kingston upon Thames, followed closely by home reversion plans.

With both options, you can choose to release the money in one large lump sum to spend all at once, or you can choose smaller payments.

This second option is known as a drawdown plan and is particularly popular with anyone who wants a bit of help with the cost of living.

It’s really easy to apply for an equity release plan. In fact, lots of people say that the process isn’t too dissimilar to applying for an original mortgage.

The only prerequisite for qualifying for equity release in Kingston upon Thames is that you are aged over 55 years old and have lived in your property for a number of years.

The Equity Release Council also ensures that all advisers and lenders are above board and offering fair and transparent plans.

Downsizing isn’t for everyone, which is why so many people opt for equity release. Equity release in Kingston upon Thames is not for everyone.

However, it has helped hundreds of thousands of people across the UK enjoy their retirement without having to stress about money. If you would like more information on how equity release works, get in touch with our team.

Please call our 24-Hour Helpline: 0330 058 1579

Equity release in Kingston upon Thames – How much is your Kingston property worth?

Why do so many people in Kingston upon Thames opt for equity release? Well, you only have to look at the property market in Kingston upon Thames to understand why so many people who own properties in the area opt for this type of mortgage.

Unfortunately, lots of people who live in Kingston upon Thames find themselves asset rich, but cash poor.

This simply means that whilst they have lots of investments, usually from decades ago, they don’t have as much cash as they might want to maintain a certain lifestyle during their retirement.

If you bought your home in Kingston upon Thames even just over a decade ago, then it will have most probably increased significantly in value.

Whilst everyone knows that property prices usually always tend to rise, Kingston upon Thames has seen significant rises in the property market.

According to Rightmove [1], Kingston upon Thames has an average property price of £805,445. In fact, semi-detached properties sell for an average of £936,248 which is a staggering amount of money [1].

House prices in Kingston upon Thames have increased year on year, and show no signs of stopping.

If you are considering equity release in Kingston upon Thames but don’t know where to turn to for help and support, the team at Equity Release Warehouse are always on hand.

Please call our 24-Hour Helpline: 0330 058 1579

Why do people choose equity release in Kingston upon Thames?

There are lots of different reasons why someone might choose equity release in Kingston upon Thames.

Apart from the increasing house prices, equity release is really popular in Kingston upon Thames as you do not have to repay a penny until after you die. Upon the event of your death, your property will be sold and the loan will be paid off.

You also get to spend the money you receive however you want.

There are few restrictions on how you spend your money with equity release in Kingston upon Thames, but it is always important to talk to your adviser and equity release specialist about how you plan on spending your money, just to make sure that everything is above board and that you are spending the money you receive wisely.

If you have children or grandchildren, you might choose to give your money to them in the form of a house deposit, university fees or a car.

Alternatively, some people with no children choose to spend their money on themselves. For example, some pensioners desperately need home improvements done to their home, to make it a more comfortable place to live as they grow old.

Other pensioners who have opted for equity release in Kingston upon Thames have spent their equity release money on a big family holiday as a treat.

There’s no right or wrongs, but how you plan on spending your money will heavily influence what type of plan you opt for.

It’s also worth bearing in mind that you might have to pay for private healthcare or other care costs as you age, as it is always a good idea to keep a bit of the money back, just in case you or someone you love needs it at a later date.

You can learn about the cost of equity release here. It may also be worth reading our guide to the alternatives to equity release.

If you are in debt, and want to arrange equity release to pay for that debt, then it might be more advisable to first seek out the help of a debt counselling professional.

Below, we list organisations offering this type of help in your local area:

1. Citizens Advice Bureau

Address: 55 Eden St, Kingston upon Thames KT1 1BW

Phone: 020 3166 0953

Website: https://www.citizensadvicekingston.org.uk/

2. Staywell

Address: 14 Nelson Rd, New Malden KT3 5EA

Phone: 020 8942 8256

Website: https://www.staywellservices.org.uk/

Other organisations that may help include StepChange Debt CharitySociety of Later Life Advisers and Age UK.

Please call our 24-Hour Helpline: 0330 058 1579

How can I ensure that I still leave my loved ones’ inheritance?

Lots of people do not opt for equity release in Kingston upon Thames because they believe that by doing so, you won’t be able to leave your loved ones any inheritance.

Unfortunately, this is just one of the many myths and misconceptions surrounding equity release in Kingston upon Thames and the rest of the UK.

Whilst the amount of equity you leave your loved ones might be reduced by opting for equity release in Kingston upon Thames, there are means and ways of increasing the amount of inheritance you are able to leave them, even if you opt for equity release.

For example, one of the most common ways of ensuring that you are able to leave enough inheritance for your loved ones is to pay off the interest on your loan as you go, whilst you are still alive.

Whilst this is not mandatory, it is recommended if you still want to leave your family some form of inheritance after you pass away.

The best and easiest way of doing this is to agree to pay off the interest on your loan every month, or every year that your loan lasts.

This will reduce the amount of compound interest on your loan, which means that when you come to sell your home your loved ones will still be left with some type of inheritance at the end.

What factors influence how much equity you are able to release from your home?

If you are hoping to opt for equity release in Kingston upon Thames, then there are a number of things that will influence how much equity you are able to release.

Below is a list of some of these factors, which are important to understand and think about before you apply for equity release in Kingston upon Thames.

1. Your age

Your age is going to have a huge influence on how much equity you are able to release from your home.

You have to be aged at least 55 to qualify for equity release, but it is important to understand that the longer you live, the longer the banks are waiting for their loan to be repaid.

If you are 55 years old then be prepared that you might only be able to borrow as little as 35% of the value of your home. If you are in your 70s or 80s then you would be able to release a lot more.

2. Your property value

Upon applying for an equity release loan, you will have someone come to visit your property to take a valuation.

This will determine how much your property is currently worth, and will therefore inform the lender how much your property has increased in value since you first bought it. This will also determine how much your property is likely to be sold for after you pass away.

3. Whether you suffer from any debts or not

If you have ever suffered from debt before in the past, or if you still suffer from any debt, then this might impact how much you are able to release from your home.

If you do still suffer from debt, then you must tell your adviser and lender about this. If you have ever received a CCJ or have filed for bankruptcy, then this is incredibly important to tell them about.

Please call our 24-Hour Helpline: 0330 058 1579

Equity Release in Kingston upon Thames – Talk to Equity Release Warehouse

Equity release in Kingston upon Thames is a great option. Applying for equity release is a simple and easy process, and our team is always on hand to talk you through the process. You can even use our free equity release calculator to calculate how much you are able to release.

All advisors we work with are regulated by the Financial Conduct Authority and Financial Ombudsman Service. Advisors are able to recommend equity release products covering the entire market, and allow you to lend from reputable lenders such as  Scottish Widows, Legal & General, Aviva, Liverpool Victoria (LV), Canada Life, more2life and Hodge.

References

[1] https://www.rightmove.co.uk/house-prices/kingston-upon-thames.html

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