Mortage Advice

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Equity Release Advice in Oldham

Anyone living in Oldham will appreciate just how much their home has increased in value, but will also realise that this comes at a cost – both in terms of living costs in London and also how difficult it is for any younger family members to get on the property ladder.

Equity Release in Oldham can help. It can be an ideal way for London homeowners aged 55 plus to tax efficiently release some of the value in their property to improve their own life/retirement, or even help children/ grandchildren with a deposit.

Equity Release can now also be arranged on most investment properties in Oldham.

Releasing money from your home, is not only TAX FREE, but also avoids you suffering punitive and progressive stamp duty and expensive estate agent fees by moving.

It will, however, reduce the value of your estate and could affect any entitlement to means tested state benefits such as Pension Credit or Council Tax reduction. It is therefore important that you seek impartial advice from specialists such ourselves in order to consider all options before proceeding.

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Is equity release right for you?

More and more homeowners in Oldham over the age of 55 are finding that much of their cash is tied up in their property. London property prices have risen exponentially since the 1990s meaning that many Oldham homeowners stand to benefit considerably when they eventually sell their home. But what can London homeowners do to access capital if they don’t want to move house? Equity release in Oldham can be a useful way of accessing money tied up in your property, either as a lump sum, in a series of payments, or as a combination of both.

If you already have an equity release plan that would benefit from review, we can also help you with that. You may be unaware, but some older plans aren’t benefitting from the lower interest rates since those policies were taken out and many from the likes of Mortgage Express (now UKAR), Northern Rock (now Papilio UK / Phoenix Group), Portman (now Nationwide), New Life (now L&G) also have no early redemption charge.

Equity release schemes in Oldham can usually be used for any purpose from funding home renovations and improvements to gifting family members and funding leisure and lifestyle costs. There are various schemes available so it is important to take expert advice before making any commitments to equity release.

If you are a first-time buyer, consider using Oldham Independent Mortgage Services Ltd as your independent mortgage broker. We will guide you through the buying process.

How does equity release work?

In general, equity release comes in the form of a lifetime mortgage. This is a long-term loan that is secured against your property and has rolled-up interest which is only re-paid when you die or move into long-term care. At this point, your home will be sold and the money will be used to pay off the loan amount and accrued interest. The specifics can vary depending on the product or scheme that the lender offers.

 

Is equity release safe?

Equity release in Oldham is a very highly regulated financial product. It has a number of safeguards in place to ensure that it is as safe as possible for customers. We are members of the Equity Release Council, and we adhere to their rules and guidance. This body is highly professional and makes sure that its members act with transparency and integrity.