Manchester Equity Release | North West Equity Release
Search Mortgage Solutions are equity release experts offering equity release advice to clients in Manchester and the North West of England.
We give advice to people in the North West who, after years of working, want to enjoy a better, more comfortable retirement by releasing equity from their home.
Search Mortgage Solutions equity release experts do not charge a fee for arranging a suitable equity release product and we offer advice on a face to face basis in the comfort of your own home, daytime, evening, or weekends, at a time to suit you.
According to the industry body ‘Safe Home Income Plans’, 80% of equity release plans are now sold through specialist equity release advisors compared to the remaining 20% being sold direct from the lender. The reason for this is that the lenders can only offer a product from their own range whereas a qualified equity release advisor will be able to find a plan most suitable for your personal circumstances from the many schemes available within the market place. Here at Search Mortgage Solutions, we are pleased to have a team of Manchester based equity release advisors to assist you with your requirements.
What are Equity Release Schemes?
Equity release schemes are a specialised range of products allowing homeowners, over the age of 55 with little or no mortgage, to release cash or income from their property without moving house. Equity Release can help you to achieve the retirement that you deserve and achieve your financial goals.
The tax free cash released from your home can be used to purchase, a new car, a once in a lifetime holiday, home improvements, debt reduction, help for your children, house deposit for your grandchildren, funding health care, etc.
There are two main types of equity release schemes on the market as shown here. Please click on either for more details:-
Lifetime Mortgage (For people over 55)
This is a special type of loan for people aged over 55. You retain ownership of your home and you borrow a percentage of the property value. There are three main types of Lifetime Mortgages and each is designed to do a different job. The three types are described here:-
1.Roll-up Cash Lump Sum
With this type of plan you borrow a percentage of the value of your property but you do not have to make any monthly payments towards the loan or the interest.
There is no date fixed for the repayment of the mortgage. The loan has to be repaid either on the sale of the property or when the last applicant dies or goes into long term care. The loan can be paid earlier but there can be additional early repayment charges.
2. Roll-up Drawdown
This version of the lifetime mortgage plan allows you to receive a series of smaller cash lump sums rather than an initial higher amount. It means that further additional applications for further advances are not necessary. Of course, interest is only charged on the money you have drawn down.
The total amount drawn down plus interest is repayable from your estate upon final death or long term care.
3. Interest Only Lifetime Mortgage
This version of the lifetime mortgage plan requires a monthly payment of interest on the cash lump sum that you have received. This means that more equity will be preserved in your property for future use as your debt will not grow. Like any ordinary mortgage, the amount you can borrow is based on your income but these mortgages are generally designed to continue beyond retirement so your retirement income will be used to determine affordability. The rate of interest is fixed at the outset so the monthly payments are fixed. This means that the amount of the loan does not increase unlike a Roll-up Lifetime Mortgage Plan. There is no fixed term so the original loan is repaid when the property is sold.
Home Reversion Plan (Normally only available to people over 65)
This type of plan allows you to sell part or all of your home to a provider for a cash amount or a regular income. A legal agreement ensures that you will have a lifetime right to remain in the property rent free. To qualify for this type of plan you will have to be at least 65. (or, in the case of joint applicants the youngest must be 65) Please note that the plan provider discounts the amount of cash available to you because of the fact that they have to wait until final death to get their money back and you will be living rent free throughout those years. Although you may sell all or part of your property you will still be responsible for the property and its upkeep.
People under 55 can still be helped to raise money from their homes with an ordinary mortgage or remortgage. If you would like to discuss these alternatives to equity release please complete our online enquiry form and we will respond very quickly.
Which equity release scheme would be best for me?
Many factors are taken into account to establish which scheme will suit your circumstances. For example:- your age, how much money do you wish to raise, what are your thoughts about leaving equity to your beneficiaries, can you afford the monthly repayments.
We can offer impartial professional advice to help you choose the most suitable equity release scheme for your specific needs and circumstances. We make our recommendations based on affordability and suitability of the many plans that are available. As well as the features, you also need to understand the risks. We will explain them all to you.
Free no obligation consultations are available in your own home at a time to suit you or in our offices in The Triangle, Exchange Square, Manchester (Two minutes walk from Victoria Station) Please call us on 0800 756 7794 to arrange a consultation.
FSA Factsheet
The FSA have produced a valuable Factsheet entitled “Raising money from your home” which you can access here.
How long does it take from start to finish?
Typically it takes 6 – 8 weeks for a Lifetime Mortgage and up to 12 weeks for a Home Reversion Plan. During this time, Search Mortgage Solutions and our Manchester based equity release advisors will arrange the various steps to submit the application to the chosen equity release provider. They will appoint a local independent valuer to put a valuation on your home.
An offer will be sent to you from the lender and this goes also to your chosen solicitor for vetting. You will be asked to visit them to ensure that you fully understand the steps that you are taking. When they are happy that you are ready to go ahead they will issue a certificate to the lender and this then releases the money.
If you are looking for equity release advice and services and are based in the Manchester and North West regions, please do not hesitate to contact Search Mortgage solutions today. Our team of equity release advisors will be more than willing to assist you with your request and ensure you end up with an equity release deal which you are happy with.
This is a Lifetime mortgage. To understand the features and risks, ask for a personalised illustration.
