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Thursday 12 January 2023
Thursday 12 January 2023
Thursday 12 January 2023
Thursday 12 January 2023
What Is an Equity Release Mortgage?
An equity release mortgage allows homeowners, typically aged 55 or over, to unlock the equity tied up in their homes. This financial product is particularly appealing to retirees looking for additional income, funds for home improvements, or to pay off debts. Borrowers can choose between taking a lump sum or receiving regular instalments, depending on the lender's terms.
Key Features:
No Monthly Repayments: The loan is repaid when the homeowner moves into long-term care or passes away.
Tax-Free Income: The funds received are tax-free, providing a financial boost without additional tax burdens.
Flexible Repayment Options: Tailored solutions to suit individual needs.
How Do You Get an Equity Release Mortgage?
The process involves several steps, and professional guidance is essential:
Step 1: Seek Professional Advice
At Barrett Mortgages, our certified equity release advisors will:
Assess your eligibility and financial goals.
Discuss whether equity release aligns with your needs.
Offer tailored recommendations without obligation.
Step 2: Application and Legal Guidance
If you choose to proceed, we’ll assist with the application process.
A solicitor with equity release experience will provide legal advice and represent you.
The lender will evaluate your property and, upon approval, send an offer to your solicitor.
Step 3: Receive Funds
Once the offer is accepted, the solicitor will use the funds to clear any debts on the property before releasing the remainder to you.
The loan is repaid from the proceeds of the property sale, typically when the homeowner moves into long-term care or passes away.
Why Choose Equity Release?
Equity release can provide a valuable financial resource for homeowners with significant property equity. The funds can be used for:
Home Improvements: Enhance your living space without worrying about immediate repayments.
Paying Off Debts: Consolidate or clear outstanding liabilities.
Supplementing Retirement Income: Enjoy financial freedom during retirement.
Lifetime Mortgages vs Home Reversion Schemes
Lifetime Mortgages: Retain ownership of your home while releasing funds.
Home Reversion Schemes: Sell a portion of your property in exchange for funds (not advised by Barrett Mortgages).
Contact Us for Equity Release Mortgages in Bournemouth
At Barrett Mortgages, we specialise in helping homeowners access tailored financial solutions. Our experienced team ensures a smooth and transparent process, providing:
Market-Leading Products
Fee-Free Options
Expert Portfolio Advice
Call us: 01202 733809
Email us: enquiries@barrettmortgages.com
Visit us: Parkstone Road, Poole, Dorset
Let us help you unlock your property’s potential today!
What Is an Equity Release Mortgage?
An equity release mortgage allows homeowners, typically aged 55 or over, to unlock the equity tied up in their homes. This financial product is particularly appealing to retirees looking for additional income, funds for home improvements, or to pay off debts. Borrowers can choose between taking a lump sum or receiving regular instalments, depending on the lender's terms.
Key Features:
No Monthly Repayments: The loan is repaid when the homeowner moves into long-term care or passes away.
Tax-Free Income: The funds received are tax-free, providing a financial boost without additional tax burdens.
Flexible Repayment Options: Tailored solutions to suit individual needs.
How Do You Get an Equity Release Mortgage?
The process involves several steps, and professional guidance is essential:
Step 1: Seek Professional Advice
At Barrett Mortgages, our certified equity release advisors will:
Assess your eligibility and financial goals.
Discuss whether equity release aligns with your needs.
Offer tailored recommendations without obligation.
Step 2: Application and Legal Guidance
If you choose to proceed, we’ll assist with the application process.
A solicitor with equity release experience will provide legal advice and represent you.
The lender will evaluate your property and, upon approval, send an offer to your solicitor.
Step 3: Receive Funds
Once the offer is accepted, the solicitor will use the funds to clear any debts on the property before releasing the remainder to you.
The loan is repaid from the proceeds of the property sale, typically when the homeowner moves into long-term care or passes away.
Why Choose Equity Release?
Equity release can provide a valuable financial resource for homeowners with significant property equity. The funds can be used for:
Home Improvements: Enhance your living space without worrying about immediate repayments.
Paying Off Debts: Consolidate or clear outstanding liabilities.
Supplementing Retirement Income: Enjoy financial freedom during retirement.
Lifetime Mortgages vs Home Reversion Schemes
Lifetime Mortgages: Retain ownership of your home while releasing funds.
Home Reversion Schemes: Sell a portion of your property in exchange for funds (not advised by Barrett Mortgages).
Contact Us for Equity Release Mortgages in Bournemouth
At Barrett Mortgages, we specialise in helping homeowners access tailored financial solutions. Our experienced team ensures a smooth and transparent process, providing:
Market-Leading Products
Fee-Free Options
Expert Portfolio Advice
Call us: 01202 733809
Email us: enquiries@barrettmortgages.com
Visit us: Parkstone Road, Poole, Dorset
Let us help you unlock your property’s potential today!
