Why you need equity release advice in Warrington

Equity release allows homeowners in Warrington, Widnes, or Runcorn, to release the money tied up in their properties without selling or moving. Here at Access Equity Release, we can offer helpful, friendly, and impartial advice about equity release, sometimes called over-55 home loans.

If you choose to go ahead, our equity release brokers have access to the whole of the market, so we can help you access the best possible deal for your circumstances so you can release tax-free cash from your home. This can be used for exactly what you wish and common reasons include making home improvements, helping family members, or enjoying a more comfortable retirement.

The decision to release equity from your property is not one that should be made in a hurry. You must always seek the support of a professional and regulated equity release advisor, who will be able to offer advice tailored to your requirements.

We are members of the Equity Release Council and are regulated by the FCA. Read our blog: Should you release equity in 2022? What you need to know.

We are waiting to take your call today and can be reached on 0333 000 2097.

The Warrington property market and choosing an equity release mortgage

Many people over the age of 55 have financial concerns and are looking for ways to make their retirement more enjoyable. The largest town in the county of Cheshire, Warrington is known as the gateway to the North and offers many opportunities for the people who reside there. The economic growth and regeneration plan started in 2012 has seen a rise in development, enterprise, and investment. In 2017, the £142million development of the town centre was completed and now it is home to many restaurants, bars, and entertainment venues.

Property site Rightmove states that in 2021 the average property price stood at just over £226,000. The majority of property sales during 2020 were semi-detached homes that fetched an average of just over £249,000, whilst detached houses sold for an average of £417,000. Terraced properties fetched £184,000. Overall prices were up by 5 per cent on the previous year and 16 per cent on their 2019 peak.

Want to know how much tax-free cash you could release from your property? Use our equity release calculator.

What is a Lifetime Mortgage? Equity release products in Widnes explained

There are two main types of equity release schemes in Widnes, Warrington, or Appleton Thorn – Lifetime Mortgages, where you borrow money against your home and Home Reversion Plans, where Home Reversion Plan providers allow you to sell all or part of the value in your home in return for a tax-free cash lump sum and the ability to stay in your home.

When you or the last remaining homeowner passes away or moves out into care, your home is eventually sold to repay whatever you owe.

Lifetime Mortgages are by far the most popular type of equity release plan. They are available with a huge range of different options. These include:

  • Drawdown Lifetime Mortgage: This type of mortgage allows you to drawdown a tax-free lump sum of money in smaller amounts as and when you need them. You do not pay any interest on your reserves, which are essentially funds available when needed, so this will reduce the overall value of the loan.
  • Interest-only Lifetime Mortgage: With this type of Lifetime Mortgage, you have the option to pay the interest every month. You can pay some or all of the interest to reduce the value of the loan and to stop the interest from compounding over time.
  • Roll-up Lifetime Mortgage: This is a loan secured against your home. The provider gives you a tax-free cash lump sum but you do not have to make repayments on interest or capital. Instead, the interest is rolled up and added to the total loan and it is designed to be repaid when you die or move into care.

With all Lifetime Mortgages, you retain ownership of your property and may benefit from any increase in its value. All products we recommend include a no negative equity guarantee, which prevents you from ever owing more than your home is worth.