Equity Release in Harrogate

How does equity release in Harrogate work?

If you are aged 55 and over, own a home of your own, whether you have a mortgage or not, and that home is worth at least £70,000, you could be eligible to take out an equity release plan.

In taking out an equity release plan, a homeowner will have the option of releasing a portion of your homes value, as a tax-free lump sum, or in a series of smaller payments that can be taken out over a specified duration.

Harrogatemoneyman are specialists in providing customers with a complete service with expert mortgage advice in Harrogate from qualified and professional later life mortgage advisors in Harrogate.

This top level service is backed up by having an efficient team of case managers, who are there to make sure that your equity release plan is put in place as quickly and efficiently as possible, keeping you informed every step of the way.

Your trusted and dedicated later life mortgage advisor in Harrogate will review your case in-depth, looking at your present and past circumstances, as well as your plans and goals for the future. This allows them to decipher whether or not equity release in Harrogate is right for you, or if perhaps an alternative would be more appropriate.

If it is indeed the best step for you to take, it would also allow for your later life mortgage advisor in Harrogate to take a look at the whole of the market and see which product would be best for you now and in the future.

You will find that there are two main types of equity release in Harrogate – the lifetime mortgage, which will be available to homeowners from aged 55+, and the home reversion plan. (which will involve selling all or part of your home).

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Both types of equity release plans, lifetime mortgages and home reversion plans, are regulated by the Financial Conduct Authority.

Lifetime Mortgages in Harrogate

No matter if you are looking to raise the funds to help out your children or grandchildren, repay any existing mortgages you have, as well as any other debts, carry out necessary home alterations, or to boost your retirement income as a means to cope with the increased costs of living, our fast & friendly later life mortgage advisors are here to help.

A lifetime mortgage in Harrogate will allow you to release money from the value of your home, free from tax, whilst letting you maintain 100% ownership of the home and the ability to stay there for as long as you live.

Typically speaking, a lifetime mortgage in Harrogate will be repaid from the sale of your home after you have died or have moved permanently into care (with two borrowers this will only apply to the last survivor).

In more recent times, a lifetime mortgage in Harrogate will generally be much more flexible than they used to be, including options for homeowners to make voluntary payments, monthly interest payments and even port the mortgage to another property.

For any more mortgage advice in Harrogate on the topic of equity release in Harrogate, it is worth getting in touch and utilising the advice of a specialist in the field.

Contact a mortgage broker in Harrogate and we will look to get you booked in with one of our later life mortgage advisors to discuss the various options that you have available for releasing equity in Harrogate.

To understand the features and risks, ask for a personalised illustration. Equity Release may come in the form of a lifetime mortgage or home reversion plan.

A lifetime mortgage may impact the value of your estate and it could affect your entitlement to current and future means tested benefits. The loan plus accrued interest will repayable upon death or moving into long term care.

A home reversion plan involves selling all or part of your home to a plan provider in exchange for a tax-free lump sum.