Lifetime Mortgage & General Equity Release Advice in Yorkshire
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If you haven’t heard of equity release before, it can seem like a complicated scheme to get into. However, once you understand the features and risks of equity release, you will realise that it is a very safe scheme that is becoming more modern as each year passes.
Equity release in Yorkshire is very similar to equity release everywhere else, as the rules and regulations are the same and the equity release products are the same.
You will take out an equity release lifetime mortgage or have a home reversion plan, receive an equity loan, and spend the loan on whatever you want without having to make monthly repayments.
The property market in Yorkshire is not the same as everywhere else, as each area of the UK is in a different situation, so this is the only thing that may change your experience of equity release.
It is possible that there are more or less properties in Yorkshire that are eligible for equity release than in other counties, but you will learn more about this after speaking to an equity release specialist.
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Between July 2021 – June 2022, the average house in Yorkshire was worth £206,000 (1).
Given that the minimum value for most equity release lenders is £70,000, it is very likely that you will be able to release equity from your Yorkshire home if it is in the region of the average value.
However, there are other factors involved in equity release that can prevent you from being eligible, and we will go into these later on.
In terms of your property itself, it simply has to be worth at least £70,000, and it is more likely to be eligible if it is in a great condition, in a desirable location, and a freehold property rather than a leasehold.
Some people worry about their apartments not being eligible for equity release in Yorkshire, but this is not something you have to be concerned about as you can take out equity from homes and apartments alike.
Some issues may arise if you are in certain types of property such as a retirement flat, so we recommend reaching out to an adviser for guidance if you are in this situation.
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Many customers reach out to us asking whether they are eligible for equity release.
If you want to find out quickly, you can use our equity release calculator which tells you how much money you could release from your property, provided that you do qualify for equity release.
Another idea is to request a personal quote from us, as this will give you an accurate idea of how much money you could be entitled to, and you will find out very quickly if you are entitled to nothing at all.
However, there are certain criteria that apply across the board, and we will outline them here so that you know where you stand before pursuing equity release unnecessarily.
You absolutely must be a homeowner in Yorkshire if you want to release equity. This is non-negotiable, as you need to be able to provide the equity release lender with a property that they can profit from.
Another criterion is that you must own a property worth at least £70,000, as we mentioned earlier.
Less valuable property will not be worthy in the eyes of an equity release provider in Yorkshire as it will not be worth the risk of offering a loan, and your loan would be so small that it wouldn’t benefit you.
Finally, you must be aged at least 55 years old to get an equity release loan in Yorkshire.
You can be working or retired, this does not matter, however you cannot be younger than 55 as the scheme is expected to continue for the rest of your life, and taking out equity earlier would mean the interest would rack up and lead to an unrealistic amount.
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The length of time for equity release varies depending on many different things, so do not expect that the process will last the same amount of time for you as it does for other homeowners.
We would generally advise you to expect equity release take around 8 weeks, so keep this in mind if you have any upcoming plans such as holidays or work projects.
In some cases, there are delays that result in equity release taking months and months, but remember that this can happen with any process involving your property, including downsizing.
Equally, there are times that equity release can last a few weeks, which is why we state 8 weeks as a general, not specific, figure.
There are certain things you can do to speed up the Yorkshire equity release process, such as making yourself as available as possible for appointments, asking advisers for help, and doing as much independent research as possible.
On the other hand, some homeowners inadvertently delay the process by taking a long time to respond to their solicitor or lender and going back on decisions. This is why we recommend learning about the different equity release schemes before getting in touch with a lender.
To find out more about the stages of equity release and how long they take, read the following article. We cover the many different steps of equity release (research, application, valuation, mortgage offer, solicitor and completion) and how long each one should take.
Please call our 24-Hour Helpline: 0330 058 1579
This is another question that cannot be answered directly, as it is dependent on many factors. For the most part, you are in control of how much it costs you to take out equity, as you decide which advisers to speak to, and each adviser will offer a different quote.
When it comes to seeking out equity release advisers, remember that many offer free services. For example, we offer a free consultation for new customers who are considering equity release.
There are other advice services you will have to pay for, such as working with a solicitor, but you can choose how much to spend on this.
Having said that, though some people release equity in Yorkshire on a budget, there is no way to avoid spending money completely.
You should expect to pay out for things like application fees and valuation fees, and often the prices for these will be non-negotiable.
To get an idea of the specific costs, see our post on how much equity release costs. The prices are slightly different in each area, but the costs you see in this article will be very similar in Yorkshire.
When you are looking into the costs of equity release, remember to keep in mind the amount of equity release funds you could be offered, as this could outweigh the drawbacks of paying certain fees.
Yorkshire is a profitable place for equity release, with a potential equity release value of £71.3k per household (2).
You may conclude the cost of equity release is too high a price to pay. If so, consider the alternatives to equity release. Also, you can read about other potential drawbacks of equity release here.
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 Yorkshire:
Address: Community House, 46-50 E Parade, Harrogate HG1 5RR
Telephone: 01423 502253
Website: http://www.ageuk.org.uk/northyorkshire/
Address: 39 Aberdeen Walk, Scarborough YO11 1BD
Telephone: 01723 379058
Website: http://www.ageuk.org.uk/scarboroughanddistrict/
Address: South Yorkshire Fire & Rescue, 197 Eyre St, Sheffield City Centre, Sheffield S1 3FG
Telephone: 0114 250 2850
Website: http://www.ageuk.org.uk/sheffield
Please call our 24-Hour Helpline: 0330 058 1579
Equity release in Yorkshire is very safe, and it’s only getting safer.
When you sign up to an equity release plan, you will be informed on the process in great detail, so you are never handing your property over without being aware of the potential consequences.
For example, you are obliged to have at least one appointment with a solicitor, who will explain the legal aspects of equity release in Yorkshire, which helps you to make wise financial decisions.
You are also encouraged to speak to an adviser about how equity release will impact you personally, so you will not be jumping into a decision unwisely, which ensures the scheme is as safe as possible.
You can also take steps to make equity release safer, such as doing as much research as possible and potentially speaking to people you know about how equity release has impacted them.
You can even head to popular forums such as Mumsnet to get some advice from fellow Yorkshire homeowners. This will help you to make an informed decision based on how equity release has impacted other people like you.
Another way to keep equity release safe is to carefully consider the many different equity release plans that are available in Yorkshire, instead of selecting the one you like the most to begin with.
Different schemes benefit different homeowners more than others, so we advise you to take your time and think about which arrangement may be best for you.
Now that you know how to keep equity release as safe as possible, what does unsafe equity release look like in Yorkshire?
We would say that unsafe equity release involves committing to a lender and a plan without doing research, keeping advisers out of your decision as much as possible, not involving your family in your choices, and not considering the impact it will have on your future.
If you follow our advice and find an adviser who is trained in equity release (and a member of the Equity Release Council), you should have no problems regarding the safety of your equity release application and completion.
If any issues do occur along the way that threatens your safety, you would be able to raise this with the Equity Release Council.
Please call our 24-Hour Helpline: 0330 058 1579
We have stated that it is wise to carefully consider Yorkshire equity release before committing to it, and this does not only involve researching the scheme itself, but looking into the alternative options to equity release.
The alternatives will certainly not be for everyone, which is why many people end up deciding to take out equity, but it’s important to learn about them nonetheless, as you may discover that there is a less risky option that is better for you.
Perhaps the most obvious option is to continue working, as this would ensure you had a steady income for a longer period of time.
If you cannot cope with the amount of work you are currently doing, or if you are retired from your full-time job, you could consider reducing your hours or even starting your own business doing something you enjoy.
Another alternative to equity release in Yorkshire is to downsize. This is usually less risky as it doesn’t involve an equity loan and it means you aren’t tied to a scheme.
We advise this form of retirement planning for people who are happy to leave their current property and are fit and healthy enough to move home.
Some people may decide to rely on credit cards to fund their later years, as they are in the position to make the repayments that are required, and they would rather do this than let the interest accrue as it does with equity loans.
Finally, we always encourage our customers to check whether they are entitled to any state benefits, as this can be an additional help in retirement that does not involve much stress to organise.
If you are already claiming benefits and they aren’t covering your living costs, that’s when we would suggest equity release.
Please call our 24-Hour Helpline: 0330 058 1579
We understand that the best way to decide whether equity release is for you is to find out how it will impact your personal situation, including any effect it may have on your family in the future.
This is why we offer a personalised quote based on your specific situation. Click here to get your quote.
Our free initial consultation is another great way to figure out whether you are suited to equity release, as our advisers will ask questions to determine your eligibility and to decide whether an alternative would be better for you.
You will not be pushed to opt for equity release, as we know that it is not for everyone and we would never want you to take out a lifetime mortgage only to regret it soon after. Instead, our advisers will give honest advice based on their experience with other customers.
We hope that we have answered your questions about equity release in Yorkshire, but if you are left wondering about how the scheme works, visit our frequently asked questions page.
You can also have a look at our blog where we dive into the difficult questions surrounding equity release, such as whether you can do equity release twice, whether you can move home after releasing equity, and how equity release can affect your benefits.
All advisors we work with are regulated by the Financial Conduct Authority. This means you are covered under the Financial Services Compensation Scheme, and you lodge a complaint with the Financial Ombudsman Service (FOS) if you are unhappy about the advice you receive in relation to equity release.
All lawyers are regulated by the Solicitors Regulation Authority. If you are unhappy about the legal advice you receive in relation to equity release, you can lodge a complaint with the Legal Ombudsman.
Access help and advice today across Yorkshire in Beverley, Goole, Alne, Bedale, Boroughbridge, Catterick, Catterick Garrison, Cottingham, Easingwold, Filey, Harrogate, Helmsley, High Bentham, Kirkbymoorside, Knaresborough, Malton, Market Weighton, North Yorkshire, Northallerton, Norton-on-derwent, Pateley Bridge, Pickering, Pocklington, Ripon, Scarborough, Selby, Settle, Skipton, Stokesley, Tadcaster, Thirsk, Whitby, Adwick Le Street, Askern, Barnsley, Bawtry, Bolton Upon Dearne, Conisbrough, Cudworth, Doncaster, Eckington, Hoyland Nether, Killamarsh, Maltby, Mexborough, Penistone, Rawmarsh, Rotherham, Sheffield, Stainforth, Stocksbridge, Thorne, Thurnscoe, Tickhill, Wath Upon Dearne, Wombwell, Aberford, Adel, Allerton, Batley, Bingley, Bradford, Brighouse, Castleford, Cleckheaton, Dewsbury, Elland, Featherstone, Garforth, Gomersal, Halifax, Hebden Bridge, Heckmondwike, Hemsworth, Holmfirth, Horton Green, Huddersfield, Ilkley, Keighley, Knottingley, Liversedge, Meltham, Methley, Mirfield, Morley, Normanton, Otley, Ovenden, Pontefract, Pudsey, Ripponden, Rothwell, Sheepridge, Shipley, South Elmsall, Sowerby Bridge, Todmorden, Undercliffe, Wakefield, Wetherby, Wyke, Yeadon, Acomb, Almondbury, Armthorpe, Bootham, Brough, Clifton, Hawes, Holmfield, Howden, Humberside, Leeds, Loversall, Ossett and Snaith.
Please call our 24-Hour Helpline: 0330 058 1579
[1] Yorkshire property prices https://www.plumplot.co.uk/Yorkshire-house-prices.html
[2] Potential UK equity release value hits record levels https://www.theactuary.com/news/2022/08/09/potential-uk-equity-release-value-hits-record-levels
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