Lifetime Mortgage & General Equity Release Advice in Norfolk
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How much do you really know about equity release in Norfolk? Are you a homeowner aged 55 or over and are thinking about taking out an equity loan, but don’t know where to start?
Do you worry about the future, your retirement and your inheritance? If you do, then equity release in Norfolk might be the solution for you.
Equity release in Norfolk is a fantastic way of gaining access to some of the equity that has built up in your home over years.
Once you release equity from your home, you are able to spend it however you like, and it could help you enjoy a more comfortable, fun and secure retirement.
Lots of people who live in Norfolk and the surrounding area would benefit from equity release in Norfolk. This is because lots of people who live in Norfolk find themselves short of money, even though they might own their own property which has hundreds of thousands of pounds tied up in it.
For many people who live in Norfolk, selling up and downsizing might seem like the only option. However, lots of people across Norfolk aged 55 or over simply do not want to do this.
They might have a large family, and might not want to move away from the area. Likewise, they simply might not want to sell the home they have created so many memories in over the years.
This is why equity release in Norfolk is the perfect solution for so many people across Norfolk aged 55 or over. When you are considering taking out an equity release plan, you should consider how much your property might now be worth.
For example, lots of people who bought their home in Norfolk many years ago might find that their property has grown in value by a substantial amount since they bought it.
Norfolk is a beautiful place to live, so it is no surprise that lots of people want to live there. With soaring demand, house prices have increased in Norfolk considerably over recent years.
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In fact, house prices in Norfolk have increased considerably since 2020. In fact, a recent study carried out by Rightmove found that some house prices in Norfolk had increased by 13% between 2019 and 2020, with the most increase seen in Thornham, in Norfolk.
An equity release loan is taken out based on how much your property is now worth, taking into consideration your age and current health status.
Each equity release plan is another form of mortgage, which allows you direct access to the cash allowing you to spend it in whichever way you choose.
Lots of people who take out equity release in Norfolk choose to spend their money on home improvements, such as an extension, or treat themselves to a holiday or simply a better lifestyle.
It is important to understand that with equity release in Norfolk, unlike with a normal mortgage, you will not be required to pay back money in monthly repayments.
However, the compound interest on the loan amount that you have taken does compound over the year. Lots of people choose to pay off this compound interest in the form of monthly repayments, to ease the end of year bill.
It is also important to understand that the equity release loan, along with any remaining interest will not need to be paid off until you pass away, or until you move into long term care such as a care home.
This is why equity release in Norfolk is the perfect solution to those wishing to remain living in their Norfolk home as they grow older.
If you do wish to move home whilst you are still alive, that is also fine. However, you will need to transfer the loan to another property if you wish to do so.
More and more people in Norfolk are considering equity release. If you would like more information on equity release in Norfolk, then speak to a member of our Equity Release Warehouse team for professional help and advice from qualified and trained specialists.
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If you live in Norfolk and are aged 55 or over, then you might be considering releasing equity from your home.
There are many different reasons why someone in Norfolk might choose to release equity from their home.
Lots of people choose equity release in Norfolk to replace their existing traditional mortgage.
Although you have to be coming towards the end of your mortgage to qualify for an equity release plan in Norfolk, many people choose a lifetime mortgage as it has no end date, and therefore no pressure to repay the debt off as quickly as possible, like with many traditional mortgages.
With equity release in Norfolk, there is no pressure to pay the money back monthly. Although interest will compound throughout the year, you and choose whether to pay this off monthly or to allow the interest to add to the outstanding mortgage balance.
Another reason to choose equity release in Norfolk is because it allows you to spend the cash in whichever way you want to.
Lots of people choose to spend their equity release money on home improvements, holidays for special memories, to buy a new car or to help friends and family members out financially.
In fact, lots of people release equity from their home in Norfolk because it allows them to leave more inheritance in place for their loved ones.
Lots of people leave their equity in their will for their children to grandchildren, or might choose to spend their equity release in Norfolk on their grandchild’s university fees or first deposit on a house.
In addition to this, lots of people who live in Norfolk might not want to move away from their home, friends and family members. Therefore, selling up simply isn’t an option.
With equity release Norfolk, you will be able to remain living in your home and will remain living close to loved ones.
There are many reasons to consider equity release in Norfolk. If you would like more information, or would like to speak to a member of our team at Equity Release Warehouse, then give us a call and let our fully-trained specialist advisors talk you through the process from start to finish.
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, One Family and LiveMore Mortgages.
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If you are in need of some form of loan, then there are a number of different options available to you. Some of these options might include a retirement interest-only mortgage, a home improvement bank loan or an equity release plan.
However, as many people are aware, when it comes to bank loans age and income are often key factors when it comes to qualifying. If you are aged 55 or over and do not earn a certain amount, then you might always qualify for a loan.
This is mainly because the bank wants to ensure that you are able to pay back the monthly repayments, so that they protect both you and themselves.
However, equity release in Norfolk is based on both your age, and how much money your home is valued for. Therefore, it is always important to speak with a financial advisor and to speak with an equity release specialist before you take out your plan. It is also a good idea to get your home valued, too.
It is best to think of equity release as another form of mortgage. An equity release mortgage allows you access to the money you have put into your home over the years, whilst allowing you withdraw from money should you need to at a later date.
Equity release plans are fantastic as they allow you to have security whilst direct access to your funds. You will only pay interest on the amount that you have borrowed, too.
However, it is important to understand that there will be costs associated with setting up an equity release plan. It is also important to remember that, as with any loan, there will be interest involved.
However, with an equity release plan in Norfolk, this interest is usually ‘rolled up’ and paid when your home is sold, or in the event of your death.
It is also worth remembering that with equity release in Norfolk, the value of the property you leave to your loved ones when you die will be reduced, and having an equity release plan and loan might affect your chances of qualifying for a means tested loan or benefit amount in the future.
An equity release plan might be more expensive than a traditional bank loan. However, it does provide you with the assurance and quality of life that you deserve at an older age.
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If you enter a mortgage agreement or own a home as tenants in common, then this simply means that when you sell your property, you will each be able to leave your share of your money to whoever you like, as per your will and testament.
If you co-own a property, then your equity release plan must be in both of your names, regardless of who owns what percentage of the house.
In order to do so, you can take out a joint lifetime mortgage (which is the most popular equity release plan across Norfolk and the rest of the UK). You must do this under ownership as tenants in common.
A lifetime mortgage will continue until the last person and co-owner of the house passes away, and the lender will not ask for any repayments until the second owner of the property also passes away.
Nevertheless, if one of the partners leaves their share of the property to someone else in their will, then this might cause some confusion and discrepancy.
If you are tenants in common and are considering equity release in Norfolk, then speak to one of our equity release specialists at Equity Release Warehouse for advice and support on how to go forward.
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A lifetime mortgage is the most popular form of equity release in Norfolk. A lifetime mortgage works slightly differently to a normal mortgage.
With a lifetime mortgage, the amount of money you borrow depends on how old you are, and how much your property is worth as opposed to your income and savings, as with a traditional mortgage.
There are lots of different types of lifetime mortgage equity release plans, including a Drawdown Lifetime Mortgage, Interest Only plans and a Lump Sum plan.
You can either choose to access this money in smaller amounts, and only pay interest in what you receive. This will help to reduce the value of the loan over time.
However, others might choose to receive their equity release loan in some lump sum. If you are considering a lifetime mortgage equity release plan, then there are a few things to take into consideration.
If you are considering a lifetime equity release plan in Norfolk, then speak to a member of the Equity Release Warehouse team for advice and support on whether equity release in Norfolk is right for you.
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Alternatively, individuals are able to choose a home reversion plan. With a home reversion equity release plan, individuals are able to release and sell part of their property at less than the market value.
In return, you will receive a tax-free lump sum, or can choose to receive monthly or quarterly sums. You will stay in your home as a tenant on the percentage that you sell, and will not have to pay any rent on it.
It is also important to understand that a home reversion plan is a high risk product. A home reversion plan can have major implications for your tax, any additional benefits, loans or inheritance you are due.
You will need to inform Department for Work and Pensions that you are now benefiting from equity release, and this may mean your benefits are stopped.
That is why it is always important to talk to an advisor and specialist before you take out a home reversion equity release plan.
If you are to sell your home, then the lender will get the percentage of the proceeds of the sale agreed upon contract. For example, if you sell the entire property to them then they will get the entire proceeds.
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If you sell half of your property to the lender, then upon sale you will receive half of the proceeds.
If you opt for a home reversion in Norfolk, then you will most likely only get between 20% and 60% of the market value for your property. Until then, you are able to continue living in your home rent-free.
It is important to understand that with a home reversion equity release plan in Norfolk, the older you are the higher percentage you will get of your property’s value. For this reason, most home reversion plans are limited to those aged 65 or over.
If you are considering a home reversion plan, then you will need to consider the following factors.
If you live in Norfolk and are considering equity release, then speak to a member of our friendly and professional team for help and support when choosing between a lifetime mortgage equity release plan and home reversion equity release in Norfolk.
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If you live in Norfolk and are considering equity release in Norfolk, then it is important that you understand what a no negative equity guarantee is.
Since all lenders and members of the Equity Release Council, every equity release product comes with a no negative equity guarantee.
Before you can understand what a no negative equity guarantee is, it is best to start with understanding exactly what negative equity is.
Negative equity is when someone sells their house for less than they bought it for. This might be because the house has significantly reduced in value due to a market crash or some sort of issue in the home, such as subsidence or an area getting worse.
This means that when someone sells the house, the proceeds and sale of the house does not cover the loan (the mortgage) that they took out in the first place, which subsequently means that the bank or lender has lost their money.
Unfortunately, this cost does not fall to the bank. Instead, the consumer has to pay the difference between the loan and the sale of the house. In essence, this is negative equity.
Nevertheless, if you take out an equity release plan in Norfolk, then you will benefit from a no negative equity guarantee. This means that if the value of your home decreases after taking out an equity release plan, you will not need to pay anything extra or pay the difference.
Therefore, if you opt for equity release in Norfolk and the future value of your property decreases, you do not have to fear. The great thing about equity release in Norfolk is that no matter what happens to the housing market or local area, your money is protected.
With equity release in Norfolk, your no negative equity guarantee means that you can be safe in the knowledge that you won’t lose out.
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Many people who want to learn about equity release hear the term loan-to-value ratio. However, not everyone who takes out an equity release plan will know or truly understand what it means.
A loan-to-value ratio is a term that is used to explain how risky the deal is for both the lender (the bank) and the consumer, based on the value of the individual’s property.
A relatively low loan-to-value ratio means that the deal is a low-risk one, which means that people will end up paying less interest over time [1].
However, a high loan-to-value ratio means that it is both a risky investment for both the consumer and the lender (the bank) and these should be avoided where possible.
If you are considering equity release in Norfolk, and want more information about the no negative equity guarantee, then speak to a member of our friendly and helpful team at Equity Release Warehouse for advice and support.
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If you are considering taking out equity release in Norfolk, then there are a number of things that you should be doing beforehand in order to ensure that the deal you are getting is going to be a good one.
In order to ensure that you take out a safe equity release plan, you will need to ensure that you can afford the equity release plan going forward. This is why we advise you to ensure that you speak with an equity release advisor before taking out your plan.
All advisors and lenders are regulated by the Financial Conduct Authority (FCA) and registered on the Financial Services Register. This means you can complain to the Financial Ombudsman Service if you are unhappy with the advice you receive.
All advisors and lenders are members of the Equity Release Council. The benefits of this include all products come with a no negative equity guarantee.
Whilst an equity release plan gives you money, it is important to ensure that you can afford to pay any interest over time, and it is also important to remember that you will have less money available to your next of kin when you sell the property.
Secondly, you should always ensure that you have a lasting power of attorney in place prior to taking out an equity release plan.
This will ensure that you will have someone else on your side who will be able to make any tough or hard decisions for you if for whatever reason, you are simply unable to at a later date.
For example, you might suffer from an illness as you grow older that affects your state of mind or memory, such as dementia or Alzheimer’s disease.
This not only means that you will not be able to communicate your wishes, but any of the admin tasks that come with equity release will also feel impossible and confusing. It is incredibly important that you have someone who you trust in place to make these decisions and carry out these tasks for you, should the worst happen.
In addition to this, before taking out an equity release plan you should also discuss in depth with your equity release advisor exactly why you are releasing equity, and what you are releasing equity for.
For example, an equity release specialist will ask this question so that you do not waste or spend your money on anything unnecessary, such as a flashy car to make the neighbours jealous. At the end of the day, they have your best interests at heart.
It is also worth assessing the various common drawbacks of equity release and first considering the alternatives.
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 Norfolk:
Address: 23 Earlham West Centre, Norwich NR5 8AD
Telephone: 01603 501301
Website: https://norfolkfirstcu.com/
Address: Assembly Rooms, Ruthen Pl, Dereham NR19 2TX
Telephone: 0800 144 8848
Website: https://www.ncab.org.uk/
Address: Library, Tolhouse St, Great Yarmouth NR30 2SH
Telephone: 0800 144 8848
Website: https://www.ncab.org.uk/
Address: The Forum, Millennium Plain, Norwich NR2 1TF
Telephone: 0800 144 8848
Website: https://www.ncab.org.uk/
It may also be worth reaching out to national organisations such as StepChange and the Money and Pensions Service. You can also find resources on Norfolk County Council’s website.
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For this reason, an equity release specialist will advise you not to spend your equity on anything unnecessary.
An equity release specialist in Norfolk also needs to have a good idea about how you plan on spending your equity, as this might inform what kind of plan you need.
For example, anyone who chooses to spend their equity on a holiday home would need a second home plan, instead of a normal lifetime mortgage equity release plan.
In order to release your equity in the best way possible, you will also need to decide whether you want the equity in monthly payments or a lump sum all at once, or all at once.
There is a massive difference when it comes to these two different ways of receiving your equity, and you will have to decide which one is best for you before taking out your plan.
If you need the money quickly, let’s say to pay for your grandchild’s University fees, or to carry out any home improvements, then a lump sum would be the best option for you. However, some others might decide that they need a monthly top-up, in which case this would be the better option for you.
An alternative to both of these options is a drawdown equity release plan. This is where individuals receive an initial lump sum, and then are able to withdraw more money as and when they need it in the future.
It is also important to understand that, as with any loan, there will be interest associated with your loan. If you are able to pay off any interest quickly, then you should.
Lots of people who have released equity from their homes do this in the form of a voluntary repayment plan and an interest-only plan where they pay off their interest very early on.
If you are considering equity release in Norfolk but want more information on the process, then speak to a member of the Equity Release Warehouse team for guidance and support on how to take the first steps to releasing equity in your home.
Our equity specialists will use our trusted equity release calculator to ensure that you are getting the very best deal on offer.
We also appoint solicitors who are familiar with the equity release process. You can learn about the importance of using solicitors during the equity release process here.
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.
We are here to help across Norfolk in Great Yarmouth, Cromer, Wells-next-the-Sea, Hunstanton, Sheringham, King’s Lynn, Blakeney, Thetford, Holkham, Cley next the Sea, Holt, Happisburgh, Dereham, Wroxham, Mundesley, Brancaster, Fakenham, Aylsham, Winterton-on-Sea, Burnham Market, Heacham, Gorleston-on-Sea, Sandringham, Caister-on-Sea, North Walsham, Wymondham, Swaffham, Walsingham, Overstrand, Downham Market, Horning, West Runton, Hemsby, Attleborough, Horsey, Weybourne, Stalham and Bacton.
[1] Understanding Loan-to-Value Ratio (LTV) https://www.experian.com/blogs/ask-experian/what-is-loan-to-value-ratio-and-why-is-it-important/
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