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Wednesday 22 February 2023
Wednesday 22 February 2023
Wednesday 22 February 2023
Wednesday 22 February 2023
Our equity release service allows homeowners to access the value in their property in exchange for cash. Our expert team evaluates products from various lenders to find the best solution tailored to your individual needs. We manage the entire process, including liaising with solicitors, surveyors, and other third parties, ensuring a smooth and stress-free experience.
What is Equity Release?
Equity release is a financial option for homeowners aged 55 and over, who are likely to have paid off most of their mortgage. It allows you to borrow against your home's value. However, it’s essential to carefully consider the potential long-term costs, including accumulating interest, which can increase the amount repayable.
Types of Equity Release Mortgages
There are two main types of equity release products:
Lifetime Mortgage: You retain ownership of your property and receive a loan secured against its value.
Home Reversion Scheme: You sell a part or all of your property at a value below market price and remain as a tenant rather than the owner. (Please note: Barrett Mortgages does not provide advice on Home Reversion Schemes.)
How Does Equity Release Work?
Step 1: Professional Advice
Speak with a qualified advisor, such as Sally Walls, to determine whether equity release suits your financial goals. Our advisor will assess your needs and recommend suitable options. We also suggest involving a trusted family member or friend in the discussions.
Step 2: Application Process
Once a suitable product is identified, your advisor will guide you through the application process. This includes involving a solicitor experienced in equity release to represent you legally. The lender will evaluate your property and, upon approval, send an offer to your legal representative. Take time to review and discuss this offer with your solicitor.
Step 3: Receiving Funds
If you accept the offer, the lender will release the funds through your solicitor, who will first settle any outstanding debts on your property. The remaining funds are yours to use as you wish. The loan is typically repaid using proceeds from the sale of your home when you move into long-term care or pass away.
Contact Us for Expert Advice
Barrett Mortgages is Dorset’s trusted residential and commercial mortgage expert. Our experienced advisors provide personalised guidance, ensuring you find the best financial solutions.
📞 Call us: 01202 733809
📧 Email: enquiries@barrettmortgages.com
🌐 Visit us online or check our Google Reviews.
Why Choose Barrett Mortgages?
Experienced Team
Market-Leading Products
Fee-Free Options
Genuine Advice
Portfolio Guidance
Let us help you navigate the world of equity release with confidence and ease. Reach out today!
Our equity release service allows homeowners to access the value in their property in exchange for cash. Our expert team evaluates products from various lenders to find the best solution tailored to your individual needs. We manage the entire process, including liaising with solicitors, surveyors, and other third parties, ensuring a smooth and stress-free experience.
What is Equity Release?
Equity release is a financial option for homeowners aged 55 and over, who are likely to have paid off most of their mortgage. It allows you to borrow against your home's value. However, it’s essential to carefully consider the potential long-term costs, including accumulating interest, which can increase the amount repayable.
Types of Equity Release Mortgages
There are two main types of equity release products:
Lifetime Mortgage: You retain ownership of your property and receive a loan secured against its value.
Home Reversion Scheme: You sell a part or all of your property at a value below market price and remain as a tenant rather than the owner. (Please note: Barrett Mortgages does not provide advice on Home Reversion Schemes.)
How Does Equity Release Work?
Step 1: Professional Advice
Speak with a qualified advisor, such as Sally Walls, to determine whether equity release suits your financial goals. Our advisor will assess your needs and recommend suitable options. We also suggest involving a trusted family member or friend in the discussions.
Step 2: Application Process
Once a suitable product is identified, your advisor will guide you through the application process. This includes involving a solicitor experienced in equity release to represent you legally. The lender will evaluate your property and, upon approval, send an offer to your legal representative. Take time to review and discuss this offer with your solicitor.
Step 3: Receiving Funds
If you accept the offer, the lender will release the funds through your solicitor, who will first settle any outstanding debts on your property. The remaining funds are yours to use as you wish. The loan is typically repaid using proceeds from the sale of your home when you move into long-term care or pass away.
Contact Us for Expert Advice
Barrett Mortgages is Dorset’s trusted residential and commercial mortgage expert. Our experienced advisors provide personalised guidance, ensuring you find the best financial solutions.
📞 Call us: 01202 733809
📧 Email: enquiries@barrettmortgages.com
🌐 Visit us online or check our Google Reviews.
Why Choose Barrett Mortgages?
Experienced Team
Market-Leading Products
Fee-Free Options
Genuine Advice
Portfolio Guidance
Let us help you navigate the world of equity release with confidence and ease. Reach out today!
