Leading providers of equity release advice in Staffordshire, UK
Otherwise known as over-55 home loans or later life mortgages, equity release is a financial product available to people over the age of 55 who wish to access the money tied up in their homes. Access Equity Release is a team of award-winning equity release specialists helping clients in Staffordshire gain the knowledge they need to make a decision about whether equity release is right for them.
We have access to the whole of the equity release market, so we give tailored advice and find exactly the right products to suit your needs. We can look at alternatives to equity release, including residential mortgages and retirement interest-only mortgages.
By releasing equity in the form of a lifetime mortgage (or less commonly a home reversion plan), clients are able to remain in their own home until they die or move into long-term residential care. The money is completely tax-free and can be accessed as one lump sum, or in a series of smaller payments. The money can be used exactly as you wish but is commonly used:
- To provide an additional income for day-to-day living costs
- To provide lifetime gifts to family or friends, such as helping them with the deposit for a property, wedding costs, or education costs
- To make home improvements, such as property renovations and extensions
- To generate a lump sum of capital to make a big purchase, such as buying a holiday home or car
- To fund private medical care or care at home
- To pay off a mortgage or any existing debts
We can assess your individual circumstances and needs and will always give you impartial and helpful advice. Any initial consultation is completely free of charge. To find out more, please contact us now on 0333 000 2097.
Property prices and equity release in Staffordshire
With beautiful countryside and picture-postcard villages, Staffordshire has always been a popular location. If you bought your property and have retired or are nearing retirement and would like to make the most out of your time, you may be wondering if releasing equity is the right choice for you.
Our advisors can come and meet with you in Staffordshire, either at your home, place of work, or another location. We take great pride in offering a truly personal and expert service.
So just how much might your property be worth? See how much money you could raise with our equity release calculator.
According to Rightmove in 2020, the average property price for a property in Staffordshire in 2020 was £225,000. The majority of property sales were semi-detached properties that sold for an average of just over £187,000. Terraces sold for £144,000 and detached properties fetched an average of £336,0000. In 2020, prices were up 9 per cent on the previous year and 13 per cent on 2018.
Types of Staffordshire equity release mortgages
There are hundreds of equity release products available to homeowners in Staffordshire. Each type of equity release scheme facilitates different ways of releasing equity from your home and there are various other useful features available to create the right product for you.
A lifetime mortgage is the vastly more popular choice for equity release. This is a form of equity release with a loan secured against your property, providing you with a tax-free sum to spend as you wish. Interest is added to the lifetime mortgage loan over the course and is eventually paid back when your home is sold. This is when you or the last remaining homeowner dies or moves into long-term residential care.
A home reversion plan or home reversion scheme allows you to sell off some or all of your home in exchange for a tax-free sum of money. You are allowed to stay in your property with no monthly repayments to meet until you die or move into long-term care. Read our blog: What are the pitfalls of equity release?
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Accessing lifetime mortgages in Staffordshire
We are authorised by the FCA. All products have a no-negative equity guarantee, so you will never owe more than the value of your home. You can also move home, so long as your new home meets certain criteria set out by the provider.
Some plans allow you to guarantee an inheritance for your family or allow you to pay back some or all of the interest to avoid it rolling-up.
As well as a single lump sum of cash, drawdown lifetime mortgages allow you to ‘drawdown’ the cash in stages, as and when required. You only pay interest on the amount of money received, so interest could accumulate more slowly than with a regular lifetime mortgage.
How long does releasing equity in Staffordshire take?
We always encourage our Staffordshire clients to take as long as they need to decide if releasing equity is the right choice for them. It is important to understand the benefits but also the wider implications of taking out an equity release mortgage and our professional advisers can help with this.
As well as a professional equity release advisor, anyone releasing equity will need to appoint a solicitor. Lenders will want to carry out searches and a survey of your property and you will need to sign a contract. We can help you find a list of recommended solicitors for this work near where you live. You will need to pay a valuation fee and your solicitor will need to make a number of checks. Any existing mortgage will need to be settled from the proceeds of any equity release at the time it is released.
Appointments available in :-
- Abbots Bromley
- Alsager
- Biddulph
- Brewood
- Burntwood
- Burslem
- Burton On Trent
- Cannock
- Cheadle
- Cheddleton
- Ecclestall
- Elford
- Hanley
- Hednesford
- Keele
- Kidsgrove
- Leek
- Lichfield
- Meir
- Newcastle
- Newcastle Under Lyme
- Newton
- Norton Canes
- Penkridge
- Rugeley
- Stafford
- Stoke Trent
- Stone
- Tamworth
- Tunstall
- Uttoxeter
- Yarlet
Would you like to know more about later life mortgages in Staffordshire? Call our expert advisors today
Get advice about equity release today and book a free, no-obligation consultation on 0333 000 2097 or by emailing info@accessequityrelease.com
