Would you like to talk to an equity release specialist in Durham, UK?

Here at Access Equity Release, our experienced equity release advisors can offer you expert advice and guidance regarding all types of equity release in Darlington, Hartlepool, Stockton-on-Tees, Durham, and throughout County Durham.

Directed regulated and authorised by the Financial Conduct Authority (FCA) and proud members of the Equity Release Council, we have access to the whole of the equity release market, so we can help to find the right plan for you. We offer a friendly, personal, and helpful service.

How could equity release help you? If you are aged over 55, you could access some of the money tied up in your property, whilst retaining full ownership of your home. Our equity release advisors can visit you at your home or place of work and will take time to listen so we can understand your individual circumstances and make recommendations.

Equity release is not always the right choice for everyone and we also have access to retirement interest-only mortgages and residential mortgages. Read our blog: What is a retirement interest-only mortgage?

  • Our equity release advisors can recommend the right plan for you from hundreds of choices across the market.
  • We can make recommendations about Lifetime Mortgages that suit your requirements and circumstances.
  • All plans come with a ‘no negative equity guarantee’ which means the value of the plan cannot exceed the value of the property.
  • Money is released tax-free and can be spent exactly as you wish.
  • Our equity release company comes highly recommended and has won industry awards for their work.

To book a no-obligation equity release consultation, please call 0333 000 2097.

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Why release equity from your Durham property? How has the market fared?

Equity release is a way for retirees in Durham to release money from their property in a safe way. If you own a property in Durham, you will have seen its value rocket over the years and you may be wondering about how you can stay in your home but have more money for certain purposes like holidays or home improvements or even for day-to-day living costs.

With beautiful coastlines that stretch over the North Pennines, along with busy cities and picturesque villages, County Durham has long been a popular choice with homeowners.

In 2020, Rightmove said that the majority of property sales were semi-detached homes that sold for an average of just over £167,000. Detached houses sold for an average of £300,000 and terraced properties for an average of £156,000. The average property price was over £197,000. In 2020, prices had grown by 7 per cent from the 2017 peak. The most expensive places to live in the county include Barnard Castle, East Boldon, Durham, Darlington, and Billingham.

Are you thinking about the possibilities of equity release? See how much you could raise using our equity release calculator.

See how much you can release

Lifetime Mortgages in Durham explained

A Lifetime Mortgage is a type of mortgage for retired homeowners available to those aged over 55, which is sometimes referred to as an over-55 home loan. Unlike residential mortgages, there are no compulsory repayments and you may remain in your home for as long as you wish. The loan plus any rolled-up interest is paid when you move out into long-term residential care, or when you pass away.

You can release equity via a Lifetime Mortgage in Durham in one of two ways:

  • As a lump sum
  • A drawdown plan where you borrow an initial sum with the ability to draw down further sums of money as and when required

With regards to the interest, there is no obligation to pay the interest back so it rolls up. Some plans allow you to pay the interest regularly to avoid it ‘rolling up’ over time. This can be done via regular repayment or ad hoc repayments. With a Lifetime Mortgage, you can move home (subject to certain criteria being met).

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The other type of equity release plan is called a Home Reversion Scheme. This involves selling part of all of your home to a home reversion provider. This is not a popular type of product because it can have a negative impact.

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    The Bank of Mum and Dad and other uses of retirement mortgages in Durham

    These days it is harder than ever to get onto the property ladder and now the average buyer is 31 years old. People use the money released through equity release several different ways and one of these is to help children or families with costs such as a house deposit, wedding costs, or education costs.

    Other reasons include:

    • To pay outstanding debts or an existing mortgage
    • To have more money for day-to-day living costs
    • To pay for private medical care or help at home
    • To fund a luxury holiday or travel more
    • To make property improvements, such as a new kitchen or home extension
    Speak to one of our friendly team
    Call our equity release team on 0333 443 9825

    How safe is equity release in County Durham?

    One of the questions our advisors are asked the most is around the safety of releasing equity from their properties in County Durham. As members of the industry body, the Equity Release Council, our advisors uphold the strictest standards to safeguard consumers.