At the Mortgage Hive, though out Poole we help people with specialist advice in Equity Release Mortgages. Our tailored advice will help you get the most out of your retirement. Contact us to learn more about lifetime mortgages in Poole and get guidance on how you can release funds from your property. We can assist you in setting up an equity release plan (Lifetime Mortgage or Home Reversion Plan) matched to your circumstances, whilst comparing to alternative retirement mortgage options.
Equity Release Mortgages & Lifetime Mortgages
Have you thought about releasing some of the equity secured in your property? Have you considered seeking advice in your equity release options? Our equity release advisers in Poole have experience in helping clients in the borough and the surrounding areas. If you have been looking for a Poole equity release broker, that offers impartial advice please get in touch.
Equity release is often a solution for those who want to pay off an existing Interest Only Mortgage, gifting to a family member, making home improvements; most equity release providers do not request you spend the cash released on anything specific, you may wish just want to supplement your retirement income.
Our Equity Release brokers can help you to obtain the immediate financial support you require through equity release such as a lifetime mortgage in Poole. Contact one of our Equity Release specialists right now.
Financial freedom is just around the corner, and there are many clients that we have helped here in Poole. If you are over 55, an equity release product could allow you to release any money tied up in your property.
Contact our Lifetime Mortgage Advisers in Poole today, learn more about the different equity release mortgage solutions available to you on the market today.
What Is An Equity Release?
Equity Release is releasing the money that has been built up in your property.
You can choose to release the equity in one lump sum or may choose to release part of equity left now and additional parts later on via a draw down facility . In contrast to a traditional mortgage, you wont be required to pay monthly payments to a lender.
Everyone's future requires financial planning, so contact our Poole lifetime mortgage brokers immediately if you'd like to discuss your equity release options. We will discuss equity release options such as lifetime mortgage products, home reversions plans along with other lending options that meets your needs.
Proud Member of the Equity Release council
The Mortgage Hive along with the Equity Release providers we use, are members of the Equity Release council.
All Equity Release council members need to abide by the councils standard and principles, such as making sure that all their products have a no negative equity guarantee.
Do I Pay Interest On An Equity Release?
You will be required to pay interest on equity release lifetime mortgages. However, with most products the interest rates are fixed for life when you receive the money, so they won't alter even if the value of your property does.
Although Poole is becoming an increasingly popular place to live and house prices frequently fluctuate, with equity release, your interest rate won't alter. Your interest rates can be fixed for life.
The monthly interest rates need to be discussed with your equity release expert in Poole. They will create a personalised illustration from the equity release provider and explain all the costs. They will highlight and explain to you why its the most suited equity release plan for your circumstances.
With a Lifetime Mortgage in Poole, you will have Interest to pay. However with most providers you have an options to make voluntary payments, to stop the interest from compound up. If you choose not to make payments, the Equity you initially released from your Poole home plus any interest that has been added will need to paid back if you enter long term care or pass away.
Our equity release brokers in Poole, have the expertise and knowledge needed to provide you with impartial whole of the market equity release advice and guidance. Our experienced consultants will ensure you completely understand the procedure.
In Poole the lifetime mortgage is the most preferred equity release product/solution, as you will keep ownership of your property. When you either enter long-term care or pass away, the equity release loan and the entire amount of the interest must be repaid. Speaking with one of our advisers today will allow us to assess your circumstances and offer a personal service that can get you the best equity release loan suited for you.
Here in Poole, we want the residents to feel financial secure and at stress free for the rest of their lives.
Pros & Cons Of An Equity Release
Keep your property, Pay off your existing mortgage
No affordability check done by the lender
Option to make voluntary payments or let interest compound up
Equity release may affect your means tested benefits.
You may pay an early repayment charge should you want to pay the debt off sooner.
Equity Release Solutions In Poole; Call The Mortgage Hive Today
A variety of equity release options are accessible to you with our team of Equity Release advisers in Poole. We will always give you sound, friendly, and responsive advice that is upto date with market developments. Our experts will always act in your best interests.
So, please pick up the phone and call one of our specialists if you have any questions or concerns about equity release in Poole. We are pleased to secure your equity release product and are always happy to provide advice and direction.
Is equity release a good idea in Poole?
If you are over 55 and looking to release money in your Poole property, equity release is something that you should consider. No income is required as there is no affordability check.
You could release equity in your property for a number of things or alternatively you can use an equity release plan to help you purchase a new home. At The Mortgage Hive we will look at all your financial circumstances and make recommendations that best fit, it could be that an equity release scheme is the best solution for you.
Our Equity release brokers in Poole will explain the two main types of equity release.
Lifetime Mortgages- currently, the most popular option.
Home reversion plans- only offered by a few Providers
Our Equity Release advisers in Poole predominantly process lifetime mortgages. A home reversion plan is seldom taken out. With a lifetime mortgage your retain ownership of your property.
With a home reversion plan you sell the property to the Lenders and become a lifelong tenant, with no rent to pay. So its not often favoured, unless you are wanting to maximise the cash released in equity release and have no beneficiaries to your estate.
Which company in Poole is best for equity release?
If you require impartial equity release advice from the whole market you should speak to The Mortgage Hive. The advice is free and tailored to your individual circumstances. It could be that you would like to release the maximum amount out from your house, or alternatively you may prefer an equity release plan that allows you to drawdown additional funds in the future.
Their are so many different options for the equity release products that our advisors would need to understand those needs and requirements and then they can advise you on which product and lender best suits you.
Who do I talk to about equity release?
To get an understanding on which product and lenders have the most suitable product for circumstances you need to speak to an equity release financial advisor. However it is also recommended that you discuss your plans with your family members. You can bring a family member along to accompany you during the advice process.
If you decide to proceed you will also need get legal advice from a solicitor who covers equity release.
Who is the best equity release advisers?
You will have a choice of equity release brokers in Poole, At the mortgage hive we have many five star reviews from happy clients that have taken equity release products in Poole. Regarding who is the best equity release adviser will comes down to a matter of opinion. If you have already sought advice from another firm and need a second opinion, please get in touch.
Can I speak to a lifetime mortgage advisor in Poole for free?
Yes at the Mortgage Hive you are able to speak to our Equity Release Poole advisors free of charge. Our consultants will go through your personal circumstances, needs and requirements and then give you recommendations on the best suited equity products for you.
Is it worth speaking to a Mortgage Advisor?
Yes it's definitely worth speaking to a mortgage advisor, all our equity release advisers in Poole are also mortgage advisers. A mortgage broker can look at various different financial options available to you. To obtain an equity release product you need to receive advice.
Where can I get advice about equity release?
At the mortgage hive you can get expert advice on all equity release products, we will tailor our advice around your needs and circumstances. You will also need equity release legal advice from a solicitor, to make sure you understand the legal implications of proceeding.
How long is lifetime mortgage?
A lifetime mortgage has no expiry date. The lifetime mortgage will continue until both applicants either die or go into long term care. It's at that point the lifetime mortgage provider will request the funds to be paid back.
How much can you release with a lifetime mortgage?
The amount you can release from a lifetime mortgage is dependent on three factors.
The value of the security property
Age of the applicants
Health of the applicants.
Speak to one our Poole consultants who will calculate how much you can release, the amount you can release and the interest rate will fluctuate between lifetime mortgage providers. .
What is the maximum age for a lifetime mortgage?
There is no upper limit on a lifetime mortgage term, it will continue until both applicants either go into long term care or pass away.
However some providers do have a maximum age on application, where as other do not. Our expert advisers will find a provider that matches your circumstances.
Who qualifies for a lifetime mortgages?
To qualify for a lifetime mortgage:
Applicant(s) have to be at least 55 years old on completion.
No income requirement, as no payments need to be made.
Property also needs to be suitable security for the lender.
Who is the best provider of equity release mortgages?
At the mortgage hive we are whole of the market equity release advisers. equity release provider. The best suited provider for you will be largely depend on your individual circumstances. Rest assured all the providers that we use are part of the equity release council and follow their principles and guidelines. We are also a proud member of the Equity Release Council.
Who are the equity release council?
The Equity Release Council promotes high standard of conduct for its members. They represent the equity release sector and have consumer safeguards at its heart. All members must adhere to the councils standards and principles.
How long does it take to complete a lifetime mortgage?
There are many variables that combine to decide on the times it takes for the lifetime mortgage to complete. Once the advice has been made and the recommendation accepted, your equity release adviser will be able to submit an application to the provider. The lender will then instruct a valuation on the subject property and underwrite the case, once passed a lifetime mortgage offer is then generated. The offer is sent out to your solicitor and the legal work commences, which could take anywhere between a couple of weeks up to six weeks.
So due the variables, you can find it takes anywhere between 2 - 8 weeks for a lifetime mortgage to complete.
How to get a lifetime mortgage?
To get a lifetime mortgage you will need to speak to an equity release adviser. They will be able to go through your your circumstances and make a recommendation that fits your needs.
Once accepted, they will submit an equity release application to the lender for you.
How much does it cost to release equity?
How much it costs to release equity varies, as its dependent on your personal circumstances and the amount you want to release. The most suitable equity release product could comes with a product fee or a valuation fee. Likewise you may find the adviser recommends a products that has no fees.
Additional cost to releasing equity, is the cost of this solicitor to offer independent legal advice. we would suggest you get quotes from a few solicitors before making a choice.
At the Mortgage Hive once we have sourced the cheapest product for your circumstances, we will generate a personalised illustration breaking down the costs.
What is a typical rate for a lifetime mortgage?
There is no typical interest rates for lifetime mortgages in the last 12 months we have seen rates as low as 2 1/2% up to 8 1/2%. The interest rate you will pay is highly dependent on the amount of money you can release the more you borrow the highly interest rate may be.
What are the disadvantages of a lifetime mortgage?
With most equity release schemes the interest rate is fixed for life this can be an advantage when the market rates are low but also a disadvantage when rates are high.
Like most standard mortgages, you can pay an early redemption penalties if you were to pay off the mortgage early. With equity release options, the period can be significantly longer and the penalty significantly higher.
Even though you have no tax implications on releasing the cash tied up in your home. The extra money could affect any means tested benefits.