FREEPHONE 0330 058 1579
7 Days a Week 08:00 - 20:00

Equity Release Northumberland - Lifetime Mortgage Near Me

Lifetime Mortgage & General Equity Release Advice in Northumberland
Reviewed by Tom Philips

Request A Callback

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.

Equity Release Northumberland & Near Northumberland

Most people are much more familiar with traditional loans than equity loans, as it is more common for people to need to borrow money in a traditional way, such as borrowing for a mortgage or borrowing with a credit card.

As the most common equity release Northumberland product is a lifetime mortgage, we will start by discussing what a conventional mortgage is and how it works, in an effort to help you understand what an equity release lifetime mortgage is and how that works.

Please call our 24-Hour Helpline: 0330 058 1579

Conventional Mortgages – What are They & How do They Work?

Let’s start by looking at who qualifies for a conventional mortgage in Northumberland.

Firstly, you will need to have a good credit rating to be approved for a conventional mortgage in Northumberland, as this informs the lender that you are capable of borrowing and repaying money.

Fortunately, if your credit history is poor, you can fix this by getting a credit builder card, registering on the electoral roll, and making payments on time from now on (1).

Secondly, the lender will check your income, which is another way of confirming that you will be able to make timely repayments. This can be problematic if you are self-employed, as lenders may be sceptical about your income being stable.

Finally, your age will be taken into account. It is usually better to be younger when you are applying for a conventional mortgage, as you will then be making repayments over a long period of time. On the other hand, older applicants in Northumberland may pass away before they have repaid most of their mortgage, which is a downside for mortgage lenders.

In terms of types of conventional mortgage, the two main ones in Northumberland are fixed-rate mortgages and variable-rate mortgages.

Fixed-rate mortgages are the most popular type. The interest rate is fixed for a set amount of time, usually a few years, and then it becomes variable. However, with variable-rate mortgages, the interest rate changes over time from the very beginning of the scheme.

Finally, when it comes to making repayments, the average period for repayment in Northumberland is 25 years. You can choose to make additional repayments, but sometimes mortgage lenders put a cap on this and charge you a fee if you want to repay the mortgage completely.

Please call our 24-Hour Helpline: 0330 058 1579

Equity Release Lifetime Mortgages – What are They & How do They Work?

Now that you know how a conventional mortgage works, it will be easier to understand what makes a lifetime mortgage stand out. Again, we’ll start by looking at eligibility.

Age is also an important factor in qualifying for an equity release Northumberland loan, but in a different way.

Where conventional mortgages are generally open to all ages but benefit young people more, lifetime mortgages are only accessible for over-55s and older people can get additional benefits for applying.

For example, they may be entitled to lower interest rates and larger loans. However, some equity release lenders do have a maximum age for equity release, which is often over 85 years old.

Another factor that is important for equity release is being a homeowner. This is of course not a requirement for conventional mortgages, as most people are applying to take out a mortgage on their first or only home.

Finally, equity release consumers must have a Northumberland property that is worth £70,000 or more. Again, this is evidently not a requirement for conventional mortgages.

Unlike the two main types of conventional mortgage that exist in the UK, there are 8 main types of lifetime mortgage.

These are: the voluntary repayment plan, the buy-to-let plan, the lump sum plan, the drawdown plan, the income plan, the second home plan, the enhanced plan, and the interest-only plan.

With regards to repayment, the scheme is entirely different from the conventional mortgage scheme in Northumberland. Repayments are neither necessary nor preferred, as the mortgage is expected to be repaid when you die, rather than you making repayments over 25 years.

Please call our 24-Hour Helpline: 0330 058 1579

What Does the Process For Equity Release Northumberland Look Like?

The equity release Northumberland process will look different for everyone, as it depends on how quickly you would like to proceed with the application, and how timely your advisers and solicitors are.

We can give you a general outline of equity release in Northumberland to show you what the process might look like, and how long it might take.

1. Research

It is very much down to you to make sure you research equity in Northumberland a sufficient amount.

This will look different for everyone, but make sure you have at least studied what equity release is, how it works, the pros and cons, and the different equity release products that you can choose from in Northumberland.

Part of the research stage will involve selecting an equity release adviser, and if you do a good job selecting someone reputable, you will perhaps be able to set aside less time for independent research in favour of using the adviser as your primary source of information.

2. Application

Once you have decided that you definitely want to go ahead with equity release in Northumberland, you can apply to an equity release lender near you. Your equity release adviser can inform you how to do this, and they will be able to help with filling out the application.

Make sure that you are still happy with your chosen lender and plan before sending off the application, as it only takes around a week for the lender to approve it, and you wouldn’t want to cause any delays over a simple yet avoidable change of heart.

3. Solicitor

Equity release consumers in Northumberland are encouraged to find a solicitor that they can stick with for the duration of the equity release application process.

Try to find one that is trained in equity release so that are familiar with the scheme, and can help with complicated applications such as ones involving leasehold properties or retirement apartments.

4. Valuation

Next, you will have a property valuation arranged. This is when the estimated value of your home is calculated, and the lender communicates this to either you or your solicitor – usually within a week.

In order to proceed with your application, your property must be in suitable condition and it must be worth at least £70,000.

5. Offer

Not everyone reaches this stage, as it is possible that your application will be rejected after the valuation. However, if you are eligible for equity release in Northumberland and have selected an appropriate plan, the chances are that the lender will take around a week to make an offer that you can either accept or refuse.

6. Completion

Assuming you have accepted the equity release provider’s loan amount, you will come to the end of the application process, and can expect to get your hands on the money in around a week, depending on which plan you have chosen.

Please call our 24-Hour Helpline: 0330 058 1579

How Can I Speed Up My Equity Release in Northumberland Application?

Certain aspects of the equity release in Northumberland application are unavoidable, especially if there are any unexpected delays. However, sometimes you can speed up the process by doing the following,

1. Make your decisions before meeting with the lender

Speak to your equity release adviser about the types of questions lenders are likely to ask. This will help you to be decisive when you are asked for your preferences, such as whether you would accept a certain offer.

2. Speak to your family about your decision

A problem shared is a problem halved, and not only will speaking to your family ease stress and prevent hasty decisions, but they may be able to help you make decisions more quickly by providing you with support and reassurance.

3. Free up your schedule

If at all possible, try to free up your schedule to ensure you have the time to attend meetings for equity release in Northumberland. Many applicants are retired, so this won’t be so difficult.

However, if you are working, consider taking time off to attend appointments as this will speed up the process a significant amount.

Please call our 24-Hour Helpline: 0330 058 1579

What Can I Do to Ensure I Access a Large Loan Via Equity Release in Northumberland?

It goes without saying that higher-value homes will produce higher loans, as the lender is risking less when they offer money to someone with valuable property. In this sense, there is not much you can do, as your home is either high value or it isn’t.

The only thing you could consider doing is moving to a higher-value home in order to take out equity. This will only be possible if you can afford to do so, and you are prepared to live in a different property for the rest of your life.

Another thing that can boost your loan is having a property that is in a very good condition. You could achieve this by ensuring your home is as clean and tidy as possible for the valuation, and paying to fix faults in your home.

Finally, though we have stated that credit checks and income checks are not always necessary for equity release loans, with certain lenders, having a high income and a good credit rating can benefit you in terms of how much money you could borrow.

Please call our 24-Hour Helpline: 0330 058 1579

How Can I Prepare For Equity Release in Northumberland?

We have already discussed the importance of researching equity release in Northumberland before taking out a lifetime mortgage or having a home reversion, and we believe this is the best way to prepare.

Another important tip is to make sure you have paid off your traditional mortgage, as you cannot keep this alongside a lifetime mortgage. If this is not possible for you, you can find a lender that will allow you to pay off your existing mortgage through equity release in Northumberland (2).

We would also recommend that prospective equity release consumers meet with an equity release adviser who is a member of the Equity Release Council (ERC) to learn more about equity release and find out whether it would be a suitable scheme.

Finally, decide whether any alternative schemes would be better for you in terms of making money for your retirement.

Perhaps you want to stick with a traditional loan, or you want to continue working, or maybe you have savings that you can lean back on. Make sure you have ruled out these options before going ahead with equity release in Northumberland.

Please call our 24-Hour Helpline: 0330 058 1579

I’m Ready to Apply to an Equity Release Lender  – Where Do I Start?

We are so happy to hear that you believe you would benefit from equity release in Northumberland, as many of our clients have done.

We make it easy for you to access an equity loan by offering free consultations in which we advise you about equity release and help you to make an application.

If you have already taken out equity in Northumberland and you would like advice on a specific aspect of it, such as making repayments or moving home, please call us on 0330 058 1579 and we will guide you through whatever it is you are struggling with.

There are many different equity release companies out there, so you may be struggling to know how to choose the right one for you. We recommend our team of advisers as they are friendly, experienced, and available every single day from 8am-8pm.


[1] A guide to mortgages in the UK

[2] Why are people releasing equity from their homes?

We are here to help you

To Provide Friendly, Efficient Advice For The Life Of Your Mortgage.

option 1
Request Free Brochure

Looking to release some cash that is tied up in your property?

option 2
Contact Us

You can contact us by calling 0330 058 1579 or using our contact form

option 3
How much can you release

Use our Equity Release Calculator to find out how much cash you can release