Equity Release Advice London

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How does equity release in London work?

If you are 55+ and you are a homeowner, with a property valued at least £70,000, whether you have a mortgage or not, you could be eligible to take out an equity release plan.

Equity release plans allow you the option of releasing a portion of the value of your home as a tax-free lump sum, or a series of smaller sums that can be taken out during a specific length of time.

Londonmoneyman are a company that specialise in providing a whole service with mortgage advice in London, provided to you by experienced and qualified later life mortgage advisors in London. This is backed up by a hard working team of case managers, to ensure that your plan is correctly and effectively put in place and to keep you informed throughout your journey.

Your later life equity release advisors in London will take an in-depth look at your current situation, your past experiences and what you are looking to achieve in the future. This allows them to determine whether equity release in London, or an perhaps something else, is the right step for you to take.

If this is the right path for you to go down, it also allows your later life mortgage advisor to find the most appropriate product that benefits you currently and in the future, from the whole of the market.

There are two main types of equity release available in London - the lifetime mortgage which is available to homeowners from 55+, as well as the home reversion plan* (which involves selling all or a portion of your home).

*Both types of equity release plans, lifetime mortgages and home reversion plans, are regulated by the Financial Conduct Authority. Londonmoneyman does not offer home reversion plans.

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Equity Release Advice London

Lifetime Mortgages in London

Whether you are looking to raise money to help out children or grandchildren, repay a current mortgage you have or other debts in your name, carry out home improvements or boost your retirement income to cope with increased costs of living, our fast & friendly mortgage advisors in London can help you to achieve your goals.

A lifetime mortgage in London can give you the option to release tax-free money from the value of your home. You will retain complete ownership of your home  and you can stay in your home for the remainder of your life.

Typically speaking, a lifetime mortgage in London will be repaid from the sale of your home once you have died or have moved permanently into care (with two borrowers this will apply to the surviving borrower).

In recent years, lifetime mortgages in London have become a lot more flexible, with these now including options to make voluntary payments, monthly interest payments and the ability to move your mortgage to another property you wish to live in.

For additional mortgage advice in London regarding equity release in London, it is worth seeking the advice of someone who is a specialist in this mortgage area, like ourselves.

Book online to speak with a equity release broker in London, and you will benefit from a free initial mortgage appointment with one of our later life mortgage advisors. They will happily discuss your options for releasing equity in London and advise on the best course of action to take.

To understand the features and risks, ask for a personalised illustration.

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.

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Equity Release FAQs

What is equity release in London?

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Equity release in London is a later life mortgage option that is available to eligible homeowners in London, aged 55+, who are homeowners of a property that is valued at least £70,000. They do not need to have a mortgage.

When dealing with equity release in London, we most often find it occurring in the form of a lifetime mortgage. With a lifetime mortgage in London, you have the option of releasing money in a loan that is secured against the value of your home.

You remain the owner of your home, just as it would be the case on a conventional mortgage. Your later life mortgage lender will eventually need to be repaid, typically from the sale of your home, after you have either died or have moved into long-term care.

Is equity release in London right for me?

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It is entirely possible that it could be. It is the role of a qualified later life mortgage advisor in London to talk with you and start to build up a picture of your plans, as well as what it is you hope to get out of your home later in life.

Your later life mortgage advisor will review all of the appropriate alternatives that may end up being better suited for you, before they look at equity release as a viable option for you.

It’s really all down to what the highest value solution is for you and your long-term needs. We actively encourage you to involve your family in our talks, though this is your choice.

Do not worry, if equity release in London is not the most suitable option out there for you, your later life mortgage advisor in London will be completely transparent in their service, let you know and help you to potentially find an alternative solution, even if this means referring to an external source who can offer the help you need.

Do I still own my home if I take out equity release in London?

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When you take out equity release in London, you will retain 100% home ownership. This means that when you die or move on to long-term care, the remaining equity balance will be repaid from the sale of the property and everything that remains will either go to you or your estate.

What are the benefits of a lifetime mortgage in London?

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Taking out a lifetime mortgage can come with many benefits like having the ability to choose what happens to your monthly mortgage repayments. Even though you pretty much owe a balance, it is common for people to let the interest roll up as a way to not make those monthly payments.

Keep in mind that your home is sold after you die or move into long-term care so you can pay off the remaining mortgage balance. Therefore, in the case where you don’t make those monthly payments, you may find that there is nothing left after for inheritance, if this was an option you were thinking of.

Is there anything else I need to do for equity release in London?

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As well as talking with a later life mortgage advisor to find out if equity release in London is the best option for you to choose, we do recommend that you look into any further arrangement you may need to put in place for the future.

We do find that many customers find it’s best to speak with their family about equity release in London, making sure your will is up to date and that you also sort any lasting powers of attorney.

The reason as to why it’s key to sort these things out is usually your family will be beneficiaries (after your death) or attorneys (if you have an impaired mental capacity) who will be in charge of selling your home as a way to repay the lifetime mortgage in London that you took out.

The general consensus surrounding this is that sorting out these arrangements now will likely make it simple and normally cheaper in the future.

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Our Simple Mortgage Process

Free 45-Minute Chat About Your Future

Step 1

During your free initial appointment, our later life mortgage advisors in London will discuss your inheritance plans and goals.

Alternatives to Equity Release

Step 2

Equity release and lifetime mortgages are the last options we'll look at for you, as an alternative can be better suited to your situation.

From retirement mortgages to possible charity participation, we'll look at the best options for you before releasing equity from your home.

Discuss With Family / Trusted Parties

Step 3

Because of the importance of later life mortgages, we actively encourage customers to involve family or trusted parties to participate in discussions.

We'll make sure you review all your options, plans and any more information you need to know in detail so you know what you agree with.

Tailored Lifetime Mortgage Recommendation

Step 4

If equity release is not right for you, your later life mortgage advisor in London will refer you on to the appropriate services for your plans.

That said, if equity release is right for you, your advisor will make a tailored lifetime mortgage recommendation, factoring in any inheritance plans you have.

I have Equity to Release, can you help?

Free Mortgage Review

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Book a free appointment using our online form and one of our dedicated later life mortgage advisors will run through all of the options you may have. They will help you understand the steps you will be taking, your options and the effect that taking out a lifetime mortgage in London might have on state benefits, tax and the equity that is left in your home, over time.

We actively encourage clients to make sure that their family members are involved or they have another trusted individual that can be there to support you through the process and be present at the meetings you have with the advisor.

We provide all initial advice for free and with absolutely no obligation or pressure to go ahead. Only if you go ahead and your case completed, do we charge you an advice fee.

1000s of Deals

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Once you and your advisor have identified the appropriate plan, your later life mortgage advisor in London will present you with an illustration and a written recommendation, detailing the information you have given us and why we have recommended that specific plan for you.

You later life mortgage advisor in London will then review their recommendation with you, prior to submitting an application to the mortgage lender.

Our Service

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As an open & honest mortgage broker in London, we have been helping our customers to achieve all of their mortgage goals and dreams for the last 20 years plus.

Our advisors have the same level of passion and dedication that they have with mortgages, in presenting whole of market lifetime mortgage advice in London for our older, valued customers.

We have a truly brilliant team of experienced case managers who, along with your later life advisor in London, will manage the entire process all the way through until completion. They will ensure you are always kept informed throughout your journey, as well as being readily available to speak with if you ever need us.

7 Days a Week

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We will be there to support you throughout your entire process. With our continuous guidance and support, we will work through your mortgage experience together, reducing as much stress from you as we can.

It is important that you enlist the services of a later life mortgage advisor that you feel you can trust and share your information with. As a company, we completely believe that we excel in this area, which is reflected in our fantastic customer reviews.

Malcolm and Amy Davidson - Mortgage Advice in London

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Popular Options For Equity Release in London

Common Equity Release Situations

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As an open & honest mortgage broker in London, we have encountered a wide variety of equity release situations.

The ones we have seen most frequently include to pay back your mortgage, to pay off unsecured debts, for home improvements and for any additional purposes.

These are the reasons we find most common as to why people release equity. If your situation is not mentioned in the list, don’t worry as we could still help.

Book online and a member of our team will be able see if equity release or an alternative, is right for you.

Equity Release to Pay Off a Mortgage

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When you take out a lifetime mortgage, you can release the equity in your property as a tax-free lump sum as a way to pay off the rest of your existing mortgage. The majority of people normally let the interest rate build up over time.

Having a lifetime mortgage can impact your affordability because you already have a substantial outgoing (your current mortgage). Therefore, a lender may have a watchful eye on how much they are lending to you.

Equity Release to Pay Off Unsecured Debts

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Having secured debts means that you have debts that are valued against an asset (like you mortgage valued against your house). Examples of unsecured debts include personal loans, credit cards, etc. These types of debts aren’t secured against any particular asset.

Contact our team if you are interested in going for this option, we will be more than happy to help.

Equity Release for Home Improvement, Modifications or Alternations

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If you are looking at giving your property a massive revamp like a conversion or extension, you may be able to release equity to fund these developments.

The process of remortgaging to release equity includes you taking out a lump sum of cash and invest it back into your property. Along with this, you will be placed onto a new mortgage deal, normally a repayment.

Some of the more home improvement option include a new kitchen, garden extension, home office, loft conversion or a new garage – it's completely up to you!

Equity Release for Additional Purchases

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As well as being able to release equity to fund home improvements, there is also the option to release equity to fund a holiday, your own/a family member’s wedding, etc. This is your money, so you can spend it on anything you like.

Get in touch with our team if you have any questions and are looking to speak to an equity release mortgage advisors in London. We are more than happy to help!

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Londonmoneyman.com & Londonmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.

UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.

We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk

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