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Equity Release in Waltham Forest - Lifetime Mortgage Near Me

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

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Equity Release in Waltham Forest & Near Waltham Forest

Equity release in Waltham Forest (and a cross London) is a scheme for people who are at least 55 years old, own their own home, and have plenty of equity in this home (i.e., £70,000 or more).

You can take part in equity release in Waltham Forest if you have a home or apartment that you own outright. If you have a mortgage on your property, you could release equity if you found a way to pay off this traditional mortgage.

There are criteria for houses that can be used for equity release in Waltham Forest, so some types of property will not always be suitable. This tends to be leasehold properties and retirement apartments.

Your credit rating and income do not play a part in your eligibility unless you want to make monthly repayments on your equity release loan (which most customers do not do).

As well as this, your marital status is irrelevant, as you can take out equity as a single person or a couple.

Whether you are employed or retired is another factor that will not affect your eligibility for equity release in Waltham Forest. As long as you can offer a valuable property to an equity release lender, you can take part in the scheme.

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.

Please call our 24-Hour Helpline: 0330 058 1579

Can I Pursue Equity Release in Waltham Forest Without a Partner?

Yes, you can release equity on your own if your partner does not want to share an equity release plan with you, or if you are single.

As your income is not important for equity release in Waltham Forest, you will not get a lower loan when making an equity release application as a single person.

The size of your loan is dependent on the value of your property, your age, and the equity release product that you choose. This means single people have a great chance of releasing a large equity release loan that can help them through retirement.

There are downsides to taking out equity on your own if you are married or living with a partner.

When you die or go into long-term care, your partner would have to find another place to live as the equity release in Waltham Forest property would be sold by the product provider.

If you are not in a relationship, there are fewer negatives to making an individual application.

The only thing potentially stopping you is that single people are less likely to own high-value properties, but if you are in this position, equity release could be a profitable scheme for you.

Please call our 24-Hour Helpline: 0330 058 1579

How Can I Make Sure I Get the Lowest Interest Rate With Equity Release in Waltham Forest?

To get the lowest interest rate with equity release in Waltham Forest, do not settle on the first deal you see.

Interest rates are changing all the time, so you need to speak to an equity release expert to get their opinion on the best time to release equity, and the best lender and plan to select.

Some equity release plans have consistently low rates of interest, so it is generally safe to stick to these schemes if your main goal is to get a low interest rate. The lump sum lifetime mortgage is one of these plans, so customers who enrol onto this product tend to benefit from reduced debt.

It is also important to note that even if a scheme has a high interest rate, the interest debt could still end up low.

For example, with the drawdown scheme, you pay interest when you withdraw the tax-free cash, but you are not charged interest on the cash that is in the reserve.

If you do not use up all of your loan, you could find yourself owing less interest than someone who chose a scheme with an initially low interest rate.

You should also consider whether you feel comfortable being charged compound interest. Most equity release plans will have compound interest as part of the scheme, but you can find a repayment plan to avoid this.

The interest-only plan, or the voluntary repayment plan, could allow you to stay on top of the interest for the duration of the equity release in Waltham Forest scheme.

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 Waltham Forest

Address: 220 Hoe St, London E17 3AY

Phone: 0808 278 7838

Website: https://www.citizensadvice.org.uk/local/waltham-forest/

2. Age UK Waltham Forest

Address: 58 Hall Ln, London E4 8EU

Phone: 020 8558 5512

Website: https://www.ageuk.org.uk/walthamforest/

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

Please call our 24-Hour Helpline: 0330 058 1579

How Can I Find an Equity Release Lender With a Good Reputation?

There could be a reputable equity release lender with varied plans and affordable rates in your area, that is still not suitable for you.

It is extremely important that you look for a provider that meets your personal needs, otherwise you could end up in an unfortunate situation after releasing equity.

You can make a start with this by asking for recommendations from people you know, provided that they had similar ambitions to you for equity release in Waltham Forest.

You could also do some web research and focus on reviews, both positive and negative, of equity release companies.

Make sure you find a professional equity release adviser who can guide your search for a suitable lender, as they will encourage you to keep your personal needs in mind.

They will also be aware of providers that cannot be trusted, so they will be able to keep you away from these companies.

All advisors we work with are to advise on the equity release, and hold either the Certificate in Mortgage Advice and Practice (CeMAP) Certificate in Regulated Equity Release (CeRER).

All advisors are registered with the Financial Conduct Authority.

If you find a company with an Equity Release Council (ERC) membership, you will avoid most of the potential problems with equity release lenders.

They will follow set of standards that ensure the equity release process is safe for them and for you (1).

Some examples of the standards include:

  • Free early repayments (subject to lending criteria): If you find a plan with a free early repayment scheme, it means you can stop being an equity release customer whenever you want, without facing a payment. You can also change your lender or plan without paying a fee.
  • The right to move home: This standard allows equity release in Waltham Forest consumers to request to move into another property without paying a fee. Their lender must find a property for them to move into, where they can continue to be an equity release customer (with an adapted loan).
  • Fixed or capped interest rates: ERC providers must offer fixed interest rates, meaning the customer pays the same rate of interest (or owes the same rate of interest) throughout the scheme. They are also allowed to offer variable interest rates, but there must be a maximum amount of interest that is communicated to customers. This means they will be able to prepare to potentially pay the highest amount of interest.

Furthermore, advisors we work with recommend equity release products from lenders such as Scottish Widows, Legal & General, Aviva, Liverpool Victoria (LV), Canada Life, more2life and Hodge.

Please call our 24-Hour Helpline: 0330 058 1579

Will I Get an Inheritance If My Parents Have Taken Part in Equity Release in Waltham Forest?

Most people will be informed when their parents take out equity, as they will be involved in the early discussions. However, some people find out that their parents have released equity in private, and this can be unsettling for people who are worried about their future.

We cannot tell you whether you will get an inheritance after your parents have released equity, as it depends on the decisions they made in the process.

If they are open with you about this, you will be able to figure out how much money you can expect in the future (if they have chosen to leave you money).

However, we can explain the different possibilities. One possibility is that your parents put some money aside for your inheritance, as part of their equity release in Waltham Forest plan.

This is known as inheritance protection. Even if your parents spend all of their equity loan, you will always be entitled to this money.

Another possibility is that they did not pursue inheritance protection, and therefore you do not have a guaranteed pot of money.

If they have a no negative equity guarantee (which is highly likely), any money that exceeds their loan amount will be given to you, as the provider will only take enough money to make up for what they lent to your parents.

If they do not have this guarantee, it is possible that you will end up with no inheritance when they pass away. However, as we have said, this is unlikely as most modern equity release in Waltham Forest plans offer a no negative equity guarantee.

Please call our 24-Hour Helpline: 0330 058 1579

Can You Help Me With Equity Release in Waltham Forest?

Yes, we can help you with equity release in Waltham Forest if you call us on 0330 058 1579.

We would love to explain the different equity release products to you, such as the home reversion plan, the enhanced lifetime mortgage, and the buy-to-let lifetime mortgage.

Any questions you have about equity release in Waltham Forest can be answered by our expert equity release team.

They can help you with equity release interest, equity release calculators, compound interest, or any other subject associated with equity release in Waltham forest.

Our friendly team are also happy to discuss the different options for people in need of additional finances, such as credit cards, remortgaging, working, and downsizing.

Just say the word and we will offer excellent advice on any topic relating to later-life lending.

References

[1] Our Standards https://www.equityreleasecouncil.com/about/standards/

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