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Lifetime Mortgage & General Equity Release Advice in Manchester
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.
With financial decisions comes risk, which means many people are hesitant to take part in equity release Manchester, as they do not want to lose out on the money they have worked for years to earn.
However, with equity release, if you play your cards right, the risk could be low and the reward could be high.
To give you peace of mind, we are going to address some of the common misconceptions surrounding equity release and explain why they do not give you the full picture of what it is like to take out an equity release scheme in
We are able to refer you to Independent Financial Advisors (IFAs) across the Manchester region in Ancoats, Ardwick, Baguley, Benchill, Beswick, Blackley, Bolton, Bradford, Burnage, Bury, Charlestown, Cheetham, Chorlton, Clayton, Collyhurst, Crumpsall, Didsbury, Fallowfield, Gorton, Harpurhey, Hulme, Levenshulme, Longsight, Miles Platting, Moss Nook, Moss Side, Moston, Newall Green, Newton Heath, Northenden, Northern Moor, Oldham, Openshaw, Peel Hall, Rochdale, Rusholme, Salford, Sharston, Stockport, Tameside, Trafford, Wigan, Whalley Range, Withington, Woodhouse Park and Wythenshawe.
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Below, we outline some of the misconceptions people may have about equity release:
Though there is an age requirement for equity release, and it is therefore primarily targeted at customers who are retired, you do not have to be retired to participate.
You must be aged 55 years old or over, and many people in this age group are still working.
Some people choose to coordinate their equity release arrangement with their retirement, so they will begin to borrow money just before or after they stop working.
This can provide people with financial security as they are never without an income, which is essential if their pension is not enough for them to survive on.
To do this, you would take out a retirement interest-only mortgage or a standard retirement mortgage.
Again, there are requirements you have to meet regarding the value of your property. You must own a home (or another type of property) that is worth £70,000 or more.
However, there is no need for your house to be extremely expensive for you to be entitled to a loan.
Having said that, if your house is worth a lot, there is more chance of you being able to borrow money secured on your property as you will have more to offer to the lender.
Evidently, the same is true the other way around – a less valuable house will generally mean a lower loan.
Sometimes, credit checks take place on consumers who are releasing equity, so it is important for them to have a good credit rating.
However, this only applies to certain plans, so it is definitely possible to take out equity with a poor credit rating.
This is an extremely common misconception as lifetime mortgages are the most common type of equity release.
However, you can also have a home reversion, which does not involve a mortgage at all, but rather selling a share of your property to the provider.
If you go for the former option and you already have an existing mortgage, you will need to make a decision about how to handle this. Most people prefer to use their equity release funds to help pay off their current mortgage.
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It can be complicated to move house once you have already released equity, so we don’t recommend it, but in some cases it is necessary.
You may simply decide you are no longer happy in your home, or there may be a more pressing reason to move such as needing to be closer to a family member or needing a more disabled-friendly home.
Whatever your reason to move home, you need to inform your equity release provider that this is something you would like to do.
Most of them will allow this provided that you meet their conditions, such as selecting a property that they approve and accepting the consequences of this, which may be partial payment or receiving a smaller loan.
It is true that equity release can affect the amount of money that is passed onto your family. However, there are ways you can protect the money left to your loved ones, as most schemes allow you to save some of your funds for your beneficiaries.
Inheritance tax is also less of an issue if you have taken out equity, as equity release funds are not eligible to be taxed in this way, so your family could benefit from your money more than if you didn’t take part in equity release.
This is certainly not true. As long as your property is worth £70,000, it does not matter where you live in Manchester.
Certain locations may lead to lower loans, but you will not be prohibited from releasing equity because of your location.
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As Manchester property prices rise, the area is becoming less and less affordable for the average Brit. However, if you have lived in Manchester for a long time, there is a good chance that the property market was better at the time of your house purchase.
But what does this mean for you? It means that there is plenty of value tied up in your home that you cannot currently access. With equity release, you would be able to tap into this and earn an income based on the market value of your property.
If you own a Manchester property that is worth £70,000 or more, and you are at least 55 years old, you are eligible to take out a lifetime mortgage and a lender is likely to authorise a loan.
For a home reversion, the same rules apply, but you would need to be at least 65 years old.
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The Equity Release Council, commonly referred to as the ERC, is an organisation that regulates equity release and ensures it is practised in a legal way by both the provider and borrower.
If anything untoward occurs, the ERC are there to step in and ensure the provider and homeowner are receiving what they have been offered.
This applies if the homeowner’s loan is less than promised, or if the homeowner is not paying the amount they signed to pay each month. Because all lenders are members of the Equity Release Council, equity release comes with the benefit of a no negative equity guarantee.
The Financial Conduct Authority, or the FCA, is a British regulatory body for financial services. This also includes the Financial Ombudsman Service.
They are relevant to equity release as they ensure the process is legal and moral from a financial point of view.
Equity release advisers who are not regulated by the FCA may be less trustworthy as they do not have to abide by the same rules.
All advisors we refer you to are registered on the FCA’s Financial Services Register.
Advisors hold relevant qualifications such as Certificate in Mortgage Advice and Practice (CeMAP), Certificate in Regulated Equity Release (CeRER), Certificate in Financial Planning (CertPFS), Certificate in Insurance (CertCII) and Certificate in Lifetime Mortgages (CeLTM).
These advisors are able to offer equity release products by checking the rates and terms offered by a range of lenders, such as Scottish Widows, Legal & General, Aviva, Liverpool Victoria (LV), Canada Life, more2life, Hodge, Just Retirement, Pure Retirement, One Family, LiveMore Mortgages.
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There are many places you can turn for equity release advice in Manchester.
Many organisations offer free counsel, so we recommend checking out charities such as StepChange, or advisers that are members of the ERC, as they are required to provide you with free advice.
We are also more than happy to advise you on the ins and outs of releasing equity. Give us a call on 0330 058 1579 or request a callback from us.
Our equity release specialists are experienced in helping people from a wide range of backgrounds, so don’t worry if your individual circumstances are complicated. There is always an option for you.
If you are prepared to spend money on advice, you could seek out an independent financial adviser in Manchester, so long as you ensure they are regulated by the FCA.
We recommend that you ask for a personalised illustration that will help you understand the features and risks of equity release Manchester.
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When it comes to choosing a law firm, you will need to make sure it is reputable. If you do your research and check well-known review sites such as Trustpilot, you will see that there are many options for lawyers in Manchester.
In terms of costs, this will vary greatly depending on the firm, so we advise you to ask for quotes from different law firms before committing to anything.
The fees that you will pay will cover things like paperwork, property valuation, and checking title deeds.
With regards to loan payment, different consumers pay different amounts according to their property’s value, their age, and the plan they have selected. Some homeowners pay on a monthly basis, whereas others receive a lump sum.
The great news is that this loan does not need to be repaid until the house is sold (unless you have a voluntary repayment plan or an interest plan), so strictly speaking, it is not an expense for you.
Interest is also something you have to consider, but again, this will only be relevant if your scheme requires you to pay back some interest each month.
If not, the interest will accrue over time and be added to the total amount owed at the end. Compound interest is often charged on this too.
There are additional fees you will have to pay throughout the process, such as administration fees.
Again, we cannot give you an exact amount as it will depend on the scheme you are on and the various decisions you make along the way.
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As we have mentioned, there are lifetime mortgages and home reversions.
If you choose to take out a lifetime mortgage, you will have a big decision to make as there are many different kinds you could opt for, including second home plans, lump sum plans, buy-to-let plans, drawdown plans, income plans, interest-only plans, and voluntary repayment plans. You will always keep ownership of your home.
Each arrangement has different criteria, so some things that will change with each one are: the interest rate, the loan amount, how you receive the money, when you receive the money, whether inheritance is protected, whether you can move home, and what you can use the money for.
Home reversion is the second option, and you will not be the homeowner in this situation, but you will rent-free live in your home on a permanent basis.
Equity release in Manchester can be hugely beneficial from a financial viewpoint as you are accessing the value of your assets, so it is already yours, but you would ordinarily not get to appreciate it as it would be passed onto your family when you pass away or go into long-term care.
However, the financial benefits are dependent on the way you choose to spend your money.
Nobody is there to force you to spend it on one thing (unless you take out a plan with purpose, such as a buy-to-let plan), so we encourage you to think about what the best option would be.
Something we highly recommend is paying for home improvements, as this can make you feel like you’ve had a change of scenery without having to move.
you’ve moved home yet you haven’t had to go through the stress of moving. It can also be useful if you have more space than you need in your later years, as you could convert rooms into useful areas such as storage rooms.
Another idea is to use equity release to simply pay your bills each month, as this is a great way to ensure you are staying afloat and spending your money on something that is absolutely necessary and must be prioritised.
Of course, you do not have to select one thing to spend your money on – you could use your loan for various things.
Perhaps it would be better to receive monthly payments in this case, as it would prevent you from spending it all in one go, but this only applies if you are a spender rather than a saver.
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As you are free to do what you like with your money unlocked from your home, for some people, equity release in Manchester is a way to help out family or friends financially.
Perhaps you would like to gift them a lump sum, provide them with money for a house deposit, or pay for something useful such as a car.
When you pass away or move into long-term care, your family are able to inherit your money in the same way that they usually would, provided that you have inheritance protection in place.
Some of the money will go to the provider, but the rest is for your beneficiaries.
Our free equity release calculator provides you with a general quote for equity release. You simply input your age, the type of property you own and the property’s value, and you will see a figure on screen that is an amount you could borrow.
There are other factors that go into your loan amount, so do not take this figure as an accurate estimation.
Instead, contact us and we will give an estimate that reflects your personal situation, which may include your income, credit rating, and location.
Please call our 24-Hour Helpline: 0330 058 1579
We will not hold it against you if you realise you are not ready to release equity from your property. There are many different reasons you may come to this conclusion, and we are not here to judge.
We are happy to discuss downsizing as a different option, or perhaps finding other ways to earn extra income.
However, we do want you to know that we are always here to talk about equity release again if you change your mind later down the line.
Some people are not ready to begin with, but the older they get, the more evident it becomes that they would benefit from unlocking the value of their home.
There are many things to consider before you choose equity release, so we encourage you to reflect for a while before making any permanent decisions.
This involves taking legal advice, speaking to mortgage advisors, looking at Manchester equity release specifically, investigating negative equity, deciding what to do if you have an outstanding mortgage, deciding whether you would prefer a tax-free lump sum of cash or regular instalments, and considering your future needs.
Please call our 24-Hour Helpline: 0330 058 1579
First and foremost, play by the rules when it comes to selecting an adviser, lawyer, and plan, and do not go with the first option you stumble across, but instead get quotes from different companies.
This will ensure your money is in safe hands and you are not rushing into something that will be detrimental to you and your family.
Next, consider what your boundaries are and enforce them. If you need to protect some money for your family, for example, mention this from the beginning and do not settle for a plan that does not accommodate this
If you think you may want to move home after releasing equity, ensure this is permitted on your plan.
If you need the money imminently, you could consider a retirement plan. This will ensure you are benefitting from the loan straight after you finish work, rather than waiting until you hit rock bottom to borrow money.
It’s also worth pointing out that equity release isn’t the cheapest form of borrowing, because of the nature of compound interest. Although you don’t pay back equity release until death, releasing equity will diminish your estate when you do die. You can read about the potential drawbacks of equity release here.
If you are taking out equity release as a means to combat the cost of living, it might be better to first seek out assistance with budget planning. If you are experiencing issues with debt, then there are a variety of organisations you can reach out to in Manchester, some of which we have listed below:
Telephone: 0808 278 7800
Address: Albert House, 17 Bloom St, Manchester, M1 3HZ
Website: https://www.citizensadvicemanchester.org.uk/
Telephone: 0161 833 3944
Address: 20 St Anns Square, Manchester M2 7HG
Website: https://www.ageuk.org.uk/manchester/
Telephone: 0161 231 5222
Address: Queens Court, 24 Queen St, Manchester M2 5HX
Website: https://manchestercreditunion.co.uk/
Other useful organisations include Manchester City Council, National Debtline and Money Advice Trust.
Please call our 24-Hour Helpline: 0330 058 1579
Yes, of course, we can help. As we mentioned above, we can call you or you can get in touch any time between 8 am-8 pm on any day of the week, weekends included.
We offer excellent service thanks to our expert advisers who are willing to help you every step of the way.
We are happy to talk to you even if you have only just found out about equity release in Manchester and you aren’t sure what your specific options are.
However, we would encourage you to check out the different sections of our website so that you can get a better idea of your equity release preferences before the consultation.
You could visit our blog, have a look at the plans that are available in Manchester and all over the UK, see the areas we work in, get a personalised quote, and visit our help centre for answers to your burning questions.
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