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If you are aged 55 years old or more and you own your home, you might be able to access a range of financial products to free up some money tied into it. This is known as equity release and allows you to take the money as a lump sum or in smaller amounts. At Ascot Mortgages, you can speak to a specialist equity release broker to discuss whether this is the right option for you and the kind of products that are available.

What Are The Options For Equity Release?

There are two main options available to you for equity release. Each has its pros and cons, and so it makes sense to research which option is best for you.

Lifetime mortgage

The first option is a lifetime mortgage, sometimes known as an equity release mortgage. This is where you take out a mortgage secured against your home, but you are still the property owner. It’s fairly flexible in that you can put aside some of the property’s value as an inheritance for your loved ones.

You’ve got the option to make monthly repayments as you would a regular mortgage. Or you can choose to let any interest accrue for the duration of your ownership. A lifetime mortgage gets repaid when your property is sold, often when moving into long term care, or when you pass away.

Home Reversion

The second type of equity release is home reversion. This is where you agree to sell part or all of your home to the finance company. You release equity from your house while still being able to live in it and you get a lump sum cash amount or a series of regular payments.

This kind of property equity release allows you to live rent-free in your home until you die. But you must insure and maintain the property as normal. At the end of the plan (i.e. when you pass away), your home will get sold and the equity release provider takes their percentage share of the property depending if you sold all or part of it to them.

For instance, you may have agreed to ring-fence part of your home’s value for inheritance purposes.

Choosing the right kind of equity release product is difficult, so it’s strongly recommended that you work with an equity release advisor who can talk you through your situation and help you choose the right one. 

Testimonials

Equity ReleaseJo H
08:16 31 Jul 22
I cannot thank Alison enough for her time, sound advice and consideration of my personal needs. The pressure i felt to remortgage was lifted by Alison as she found the right deal at the right time.I would highly recommend to everyone.
Equity ReleaseDarren Coolican
13:54 08 Jul 22
Just wanted to say a big thank you to Alison, Kevin and all the team at Ascot Mortgages for all the help and support they provided with our recent purchase.They hunted down the very best deal available for us which was fantastic on its own but that's just a small part of the support they gave us throughout the process of purchasing an investment property.I can not recommend them highly enough.
Equity Releasearmagedon72
08:17 19 May 22
used Ascot mortgages a few times, everytime great service and they find the perfect mortgage for me, thanks again.
Equity ReleaseMarta Lepa
17:11 09 May 22
Great work. Always helpfull, very efficient company, sorting your mortgage for you. Would reffer that company to everybody wanting to buy the house
Equity ReleaseJames Horgan
10:10 06 May 22
Fantastic service from Alison and the team at Ascot. They are always willing to talk through options and are very creative at coming up with solutions. They are a real asset in supporting my property investments.
Equity ReleaseOwain Leonard
15:19 04 May 22
Working with Alison has been an easy process. You know you can get the information you need to get the right deal for your situation. Georgia has been very helpful to me as well.
Equity ReleaseA Turner
22:36 15 Mar 22
Always prepared to go the extra mile to ensure we get the best deal. We can not recommend Ascot and the team high enough! Simply the best! Alison pulled out all the stops for us on our latest purchase and got us over the line with the most complex case ever imaginable! Thank you Alison. Ascot are genuinely dream makers!
Equity ReleaseJoseph Parker
13:41 08 Dec 21
Excellent service from Alison from start to finish! She has a wealth of experience, replied to any queries we had promptly, even during out of office times and secured us the best mortgage available. Couldn't recommend more highly.
Equity ReleaseLouise Casson
22:42 24 Nov 21
Fantastic experience with Ascot Mortgages. Very friendly and efficient service from Nagina. This was my first buy to let mortgage and Nagina has made it very straightforward with High attention to detail and useful advice. Mortgage offer within a few days. I will certainly continue to use this service going forward.
Equity ReleaseGennaro Alfano
11:50 21 Nov 21
Highly recommended. Great service and helpful in each step of the process with my mortgages. Quick and efficient in solving any issues on the way and replying to my queries.Thank you Nagina for your hard work and for being very patient on my last remortgage, which was trickier than expected.Thank all Ascot Mortgages team…I am looking forward to using them again.
Equity Releasesamantha salkeld
12:59 15 Nov 21
I have used Ascot Mortgages for many years now and I always receive a fantastic service. Alison is great at thinking outside the box and always provides a fantastic tailored service to suit my circumstances. Highly recommend!!!
Equity Releaserachel milgate
18:12 09 Nov 21
Ascot are not your average mortgage broker, they are special and here's why. I was recommended to try Ascot Mortgages by my best friend, who was still raving about this company 8 years after using them. I was sceptical: I had difficult circumstances and couldn't believe that anyone would be able to help me. However from my very first phone call of enquiry I felt supported and that Ascot were totally on my side, optimistic and encouraging. The journey was not without challenges but Alison and her team fought for me and never gave up hope. They called me on Saturdays and in the evenings, they put in long hours and were totally committed. It felt personal, it felt like their care was genuine and I wasn't just a name on a piece of paper. They saw a person, a family who needed help. I will never be able to thank Alison and the team enough. They didn't just get me a mortgage, they changed my life.
Equity ReleaseBob Allen
09:59 03 Nov 21
As older borrowers, we would have found it difficult to find a mortgage lender ourselves. Alison found a lender for us and guided us through the process to a very satisfactory completion. Would highly recommend Alison Gibson of Ascot Mortgages for your mortgage needs. ????
Equity ReleaseNagina Haroon
16:10 28 Oct 21
I used Ascot Mortgages to arrange my life cover and income protection and the service I received from Alison was outstanding, Alison was very knowledgeable and professional. Would highly recommend Ascot Mortgages for all of your needs.
Equity ReleaseVince
08:56 18 Oct 21
First class service. Helpful every step of the way with my first buy to let mortgage. Thank you all and look forward to using you again.
Equity Releasefiona hibberd
19:21 15 Sep 21
First time I had used Ascot mortgages but wouldn't hesitate to use them again. Alison was so helpful and took care of everything ensuring a smooth process from start to finish.
Equity ReleaseGrace Nkunda
17:00 23 Aug 21
I just completed on refinancing my two properties with Ascot Mortgages. The refinancing wasn't straightforward. Without Alison Gibson being on board this wasn't possible. Alison's knowledge and expertise is beyond what I can ask for. I am so pleased with the service and 100% recommend to anyone out there struggling to get mortgage or refinancing!Again thank you so much Alison and your team!
Equity ReleaseMatthew Leigh
06:34 09 Aug 21
I can’t thank you guys enough! Very good at what they do. Got me a great deal and helped me save the farm. Thank you so much Ascot Mortgages
Equity ReleaseThe Bears
14:44 09 Jul 21
Ms IsseJust completed on Monday, first time buyer. Excellent professional team, nothing was too much. Alison held my hand through out the process, returned my calls or answered my questions on the same day with exception. Chased my solicitor up to completion date even though her job was complete.Was very patient and kind through my several meltdowns. This team deserves six star, would highly recommend
Equity ReleaseDavid Smith
13:04 18 Jun 21
I can honestly say it was a relief when someone recommended Ascot Mortgages Ltd to me.From start to finish, they have taken care of all of my questions and worked tirelessly to secure me a mortgage I'm happy with. Special thanks goes to Nagina, my case handler, who has impressed me to no end and definitely deserves a pay rise, Kevin!Thank you once again!
Equity ReleaseNicole Scaife
17:28 09 Jun 21
Alison and Hina at Ascot Mortgages are part of the best company by far that I have ever been in contact with. They are a fantastic team and extremely professional. Me and my partner are first time buyers and they have been there for every need, every break down and they never gave up on us. I couldn’t recommend this company enough. In the future I wouldn’t hesitate to call them back. They have made the whole process as smooth as possible. If you need a mortgage advisor please give them a call you won’t be disappointed. Thank you deeply for your help and support absolutely life savers…
Equity ReleaseCecily Lai
10:43 09 Jun 21
Thank you Alison for your hard work, you are a trooper.100% recommend Ascot Mortgages, we have used them twice. The first time was for a bridging loan, the case was slightly complicated but Alison managed to get it through on time.The second one is for a buy to let mortgage, it was handle very quickly and efficiently.The communication through out was amazing and Alison really does care about her clients.Thanks a million.
Equity Release

Is A Lifetime Mortgage Equity Release Right For Me?

An equity release lifetime mortgage is the most popular kind of equity release scheme. The advantage of a lifetime mortgage is that you don’t usually have to make any payments to the company financing the equity release. However, the downside is that interest will continue to build up and gets added onto the loan. As a result, the interest could significantly increase the debt owed in some cases.

One of the reasons many people opt for lifetime mortgages is the flexible options on offer. These days, it may be possible to pay back some or all of the capital and interest as you would a regular mortgage. In some cases, you can opt to only pay back the interest charged on the loan, decreasing the total amount owed. An equity release broker will be able to explain the different types of products available and the terms that come attached. 

If you are thinking of getting a lifetime mortgage, it’s worth bearing the following points in mind:

You have to be 55 or older

The reason for that requirement is down to the simple fact that we are all living longer. If you took out a lifetime mortgage earlier on in your life, you would end up with a greater debt to pay back. That’s why you’ll only find over 55 equity release products. 

You can borrow up to 60% of your home’s value

There’s never a fixed percentage you can borrow because it depends on your age and the value of your home. You will also find that some providers of lifetime mortgages may offer larger lump sums to people with certain medical conditions. Using an equity release calculator will help you work out how much you may be able to borrow. 

Interest rates are fixed, capped or variable

When you take out a lifetime mortgage, your interest rates are either fixed, capped or variable. That applies to the duration of your loan. You can get an equity release with bad credit without having a higher interest rate attached. 

There is no negative equity with lifetime mortgages

One of the most interesting features of a lifetime mortgage is that you don’t have to worry about negative equity. Let’s say that your property sells when you’re no longer living in it and there isn’t enough money to pay off the loan. The company financing the lifetime mortgage cannot request you or your ‘estate’ to pay any more money.

You can move to another property

It’s possible to live elsewhere and make that other property your home. But, you must meet certain conditions as set out by your lifetime mortgage provider. So, if you decide to sell up and move to another location, your lifetime mortgage provider should be okay with that. If you’re thinking of moving, speak to an equity release advisor to see how this might affect your finances. 

Is home reversion a better fit for me?

With home reversion, you can sell a part of your home or even all of it to a home reversion provider. By doing so, you can get a lump-sum payment or regular payments in return. The amount you can receive is often around 20% to 60% of your home’s market value. There are some differences between lifetime mortgages and home reversion products.

For instance, the minimum age requirement is higher for home reversion plans. Providers will usually ask that you’re at least 60 to 65 years of age. Lenders will also require you to maintain and insure your home so that its resale value won’t decrease due to property issues. Additionally, you don’t have to worry about negative equity, as you have the right to live in your home. Alternatively, you may wish to sell, to buy another property elsewhere. 

If you think home reversion might be more suitable for you, it’s worth speaking to an equity release broker, who can help you compare the types of products to find the best fit.

Is equity release right for me?

You might be wondering whether an equity release product is right for your needs. The thing is, you’re making quite an important decision, so it pays to know exactly what is going to happen before you agree to anything. It’s also worth working with an equity release advisor, so you can get independent advice before you commit to anything. 

For instance, you may find that a conventional mortgage product is better suited to your needs. This might be because you are younger than the minimum age requirement for an equity release mortgage. Or you may prefer to pay the loan back; if that’s the case, you should bear in mind interest rates are higher for equity release mortgages than for standard ones.

 

There are other factors involved when it comes to determining whether equity release is right for you or not. You’ll need to think about why you want the money and your plans for the future. You might find that your existing income is sufficient enough to cover a conventional mortgage, especially if you don’t need to free up vast sums of money. 

It’s easy to think about the potential cash payments you’d receive if you took out an equity release mortgage. But, you need to think about how it will affect your future when you get an equity release quote, and before you make a decision to take such a financial product out.

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How To Make Equity Release Work Well For You

If you’ve thought about it and decided that equity release is still something you wish to pursue, there are some tips you can follow to get the best deal possible. For instance, it can make sense to borrow as little as possible rather than opting for a large cash lump sum. That’s because the interest will compound and can make it potentially expensive if that interest compounds over a long period.

You might not know it, but it’s possible to take out more money as and when you need it. So, you could borrow what you need now, and extend your borrowing at a later date under the same equity release plan. An equity release advisor can help you to do this.

Are there any other alternatives to equity release?

If you want to free up some money in your home, it’s likely you want to use the money to fund a project. Should you live alone or with your spouse or partner, and you have a big home, one thing you could do is consider downsizing.

It’s a worthwhile consideration to make if you have mobility problems, for example, and find it hard to go up and down the stairs. You may wish to consider moving to a smaller property and one such as a flat or bungalow.

Doing so could give you the freedom to still live mortgage-free and also free up some cash you could use for other things in your life. Of course, you might wish to remain in your home if you’ve lived there a long time or remain close to friends or family.

Weighing up the options

Taking out an equity release plan is a big decision to make in your life. That’s why it pays to do your research first and think about whether it’s right for you or not, as well as ensuring you speak to the knowledgeable equity release adviser. Also, if you are on state benefits, you should take professional advice first before making a decision. That’s because the money you borrow could affect your entitlement to things like pension credit, universal credit, for example.

At Ascot Mortgages, we provide equity release advice to help you make the right decision on what’s best for you and your family. To find out whether equity release is right for you, speak to one of personable brokers who can offer you a wide range of suitable products. Contact us today.

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Thinking of remortgaging your current home? Want to ensure you get the best deal? Make an appointment with a remortgage specialist at Ascot Mortgages. As a  broker, we have access to the best deals, and can match you to a wide range of financial products to suit your circumstances. No matter what your reasons for remortgaging, contact the team at Ascot Mortgages today and we’ll be happy to discuss your needs.

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