Equity Release Nottingham - Lifetime Mortgage Near Me

Lifetime Mortgage & General Equity Release Advice in Nottingham
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 Nottingham and Near Nottingham

Qualifying for equity release in Nottingham means that you’re able to gain access to the cash that’s tied up inside your home, without having to sell up.

There are many different types of equity release loans used throughout the UK, but the two most common are lifetime mortgages or home reversion plans [1].

Unlike most other types of loans, you do not have to repay your equity release loan until after you pass away or move into a care home.

That’s right; there are no mandatory payments. You can opt to repay your loan should you wish to do so, although you might be subject to early repayment charges [1].

When you pass away, your house will be sold and the proceeds from the sale of the house will repay the loan in full [1]. The proceeds from the sale of your home should cover the cost of your loan, including any interest.

However, if it doesn’t then you and your family are still protected by the no negative equity guarantee, meaning that the lender will pay any difference.

As mentioned, you will be charged interest on top of your equity release loan. This interest will either be charged monthly or annually and will turn into compound interest and continue to grow for as long as you live [1].

Please call our 24-Hour Helpline: 0330 058 1579

House prices in Nottingham

If you own a property in Nottingham, then the chances are that you are sitting on a decent amount of equity in your home. This is particularly true if you bought your property over a decade ago in Nottingham.

According to a report carried out by Rightmove, the average price of a property in Nottingham currently sits at £257,538.000 with even terraced housing selling on average for approximately £182,402.000.

Whilst house prices in Nottingham reduced by just 1% in the past 12 months, they have increased by 5% since 2021 [2].

Therefore, if you own a property in Nottingham and bought it a number of years ago, then you might be sitting on a significant amount of equity inside your home.

If you are nearing retirement and are worried about how you will be able to afford life after work, then you might want to consider taking out an equity release loan.

Please call our 24-Hour Helpline: 0330 058 1579

Am I eligible for equity release in Nottingham?

Equity release in Nottingham is a fantastic tool to use if you are struggling for cash later in life. However, it is important to note that equity release in Nottingham is not for everyone.

For example, there are a number of different qualification criteria that you will need to meet before applying for an equity release loan [3].

For example, if you want to apply for a lifetime mortgage in Nottingham then you will need to be aged at least 55 years old, own your own home in the UK worth at least £70,000 and not suffer from any debt [3].

As part of the application process, you will undergo a credit check.

To apply for a home reversion plan in Nottingham, then you need to be aged at least 65 years old, live on mainland UK and own a property worth at least £70,000.

Likewise, you must have paid off the majority of your pre-existing mortgage and not suffer from any debt [3].

If you receive benefits, then you will still be able to opt for equity release but your benefits might stop as a result, once you inform the Department for Work and Pensions.

Please call our 24-Hour Helpline: 0330 058 1579

How much can I borrow if I opt for equity release in Nottingham?

How much you are able to release through equity release in Nottingham depends on a few different factors, including which lender you opt for.

Likewise, how much you can release through equity release in Nottingham also largely depends on your age and on your health [4].

On average, if you are aged approximately 60 years old, then you should be able to release around 25% of the total value of your home.

On average, this increases by approximately 1% each year you get older [4]. So, an 85 year old should be able to release around 50% of the value of their home.

Please call our 24-Hour Helpline: 0330 058 1579

Can I repay any equity release loan whilst I’m still alive?

Yes, you are able to make repayments on your equity release loan if you want to, although you will be charged early repayment fees.

This is because equity release loans are supposed to last for as long as you live and are not designed to be paid off quickly or early.

Not all lenders will charge you an early repayment fee. For example, some lenders might allow you to repay up to 10% of the value of your home before they charge you a fee.

If you plan on repaying your equity release loan whilst you live, then speak to a qualified equity release adviser before doing so, to check that you won’t be charged an early repayment fee for doing so.

Can I move home after taking out equity release in Nottingham?

Whether or not you are able to move house after taking out equity release in Nottingham depends on which lender and plan you opt for.

The idea behind equity release is that you remain living in your property until you pass away. However, sometimes life has other plans.

Whilst most lenders will try to discourage you from moving home after taking out equity release in Nottingham, with some lenders it is doable.

Some lenders will allow you to move home if they approve the new home you plan on moving to [5].

Please call our 24-Hour Helpline: 0330 058 1579

What happens if I’m not old enough to release equity?

Unfortunately, all equity release loans have a minimum age requirement. For equity release lifetime mortgages, the minimum recruitment sits at 55 years old.

For home reversion plans, the minimum age requirement is slightly older, at 65 years old.

If you do not meet this minimum age requirement, then you are unable to take out an equity release loan in Nottingham. However, there might be alternative options that suit your circumstances, such as a personal loan or remortgage.

Equity release drawbacks and alternatives

The main alternatives of equity release include downsizing and borrowing money from family members. You can learn about the disadvantages of equity release here.

What happens if my property isn’t eligible for equity release in Nottingham?

In order to qualify for equity release in Nottingham, you must own a property worth at least £70,000. Your home will be valued and must also be in good condition at the time of the valuation [6].

If your property is not worth this much or in good condition, then you might not be able to apply for equity release in Nottingham. Instead, there might be alternative options available to you [6].

For example, you could choose to take out a personal loan in order to pay for renovations to the property. Likewise, you could choose to downsize.

Please call our 24-Hour Helpline: 0330 058 1579

Will my family be worse off if I release equity?

Unfortunately, there are a number of myths surrounding equity release. One of the biggest risks associated with equity release in Nottingham is that taking out a loan will harm your family. This simply is not the case.

All equity release loans are protected by the no negative equity guarantee. This guarantee ensures that even if your home decreases in value and the proceeds no longer cover the cost of the loan, then your loved ones will not be left responsible for paying off the loan amount.

You can also implement inheritance protection, which means that some of your funds are saved for your family as inheritance.

Likewise, the money that you receive and spend whilst you are still alive will be tax-free and could go towards improving your family’s lifestyle.

The equity release industry is now regulated by the Equity Release Council and Financial Conduct Authority, ensuring that the industry remains fair and in the best interests of you and your family.

Please call our 24-Hour Helpline: 0330 058 1579

Will I regret opting for equity release in Nottinghamshire?

It is important to understand that no decent equity release adviser will put any pressure on you to release equity from your home. Likewise, it is difficult to say whether or not equity release is the right option for you.

It is important to educate yourself as much as possible on everything equity release, so that you know the pros and cons and ins and outs surrounding equity release in Nottingham.

You should also seek the advice and support from a qualified equity release adviser, who will be able to provide you with all of the necessary information you need to make the best decision that is right for you.

Talk to Equity Release Warehouse

If you are interested in equity release in Nottingham, then speak to a member of the team at Equity Release Warehouse.

Our team is on hand to provide you with all the necessary information and can even use our very own equity release calculator.

We will never put any pressure on you to release equity, as the decision is entirely yours. Speak to our team for free by calling us, or by visiting our website.