Impartial equity release and retirement mortgage specialists in Coventry: We can help you make the right decisions for your future
Would you like to know more about how to release equity and whether this is the right decision for you? We are dedicated equity release specialists working throughout Coventry, Kenilworth, or Knowle, providing homeowners over the age of 55 with expert advice regarding over 55 home loans and retirement mortgages.
Many people get to retirement age and find that a large proportion of the money they have worked so hard for during their working years is tied into their property. Although for some people downsizing might be an option, many people would prefer to stay in the home they know and love. The answer: Equity release.
There are many reasons why people choose to release equity from their properties:
- To pay for home improvements or adaptations
- To clear debts or a residential mortgage
- To help children or grandchildren with a ‘living inheritance’
- To supplement pensions and retirement income
- To travel more or buy a holiday home
- To purchase a car
Our award-winning equity release team have access to the whole of the equity release market, so they can search across hundreds of products to find the right one for you. They can also offer all the help, support, and guidance you need to decide whether equity release is the right choice for you.
Releasing equity from your property is not something that should be done lightly and it is important to consider alternatives. Our equity release company also have access to retirement interest-only mortgages and residential mortgages.
Contact us to book a complimentary consultation now on 0333 000 2097.
The Coventry property market: Why more people are considering releasing equity from their homes
Coventry was named the City of Culture 2021 and is a city packed with history and heritage. Home to two universities and known for its rising employment and business growth, it is also surrounded by pretty countryside, with Warwick and Stratford just a short drive away.
Property site Rightmove states that in 2021 the average property price stood at just over £251,000. The majority of property sales during 2020 were terraced homes that fetched an average of just over £193,000, whilst semi-detached houses sold for an average of £246,000, and detached homes commanding over £546,000. Overall prices were up by a huge 14 per cent and 23 per cent on their 2019 peak.
If you are interested in how much money you could release from your Coventry home, please check out our equity release calculator.
Equity release schemes in Kenilworth explained: Home Reversion Schemes and Lifetime Mortgages
Equity release schemes in Kenilworth, Coventry, or Parkside allow homeowners aged over the age of 55 to remain living in their current home but to release some of the value tied into the home. The money released is tax-free and can be used for any reason.
Fundamentally, there are two different types of equity release schemes:
- Lifetime Mortgages allow you to borrow an amount of money in return for allowing the lender to secure their debt against your property. You can choose to pay off the interest each month to avoid the debt increasing or allow the interest to roll up over time.
- Home Reversion Plans differ from Lifetime Mortgages because with these plans, you agree to sell all or just a percentage of your home’s legal ownership in return for receiving a discounted lump sum and the right to remain in your home for the rest of your life normally rent-free.
Whilst both plans give you the right to remain living in your property for the rest of your life and still allow you to move at any time, they are fundamentally different and we always recommend choosing Lifetime Mortgages that allow for more flexibility. Lifetime Mortgages have evolved to suit many different types of circumstances and needs. Read our blog: How does equity release get repaid?
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CV1 Lifetime Mortgages versus residential mortgages
Lifetime Mortgages offer a flexible option for people looking to release equity from their Coventry properties. They are designed to last your whole life and only need to be repaid when the last remaining homeowner on the plan moves into care or passes away. To check out common questions, our FAQS.
Lifetime mortgages are different to residential mortgages because:
- There is no fixed term and run for as long as you live or until you move into residential care, whereas residential mortgages are set for a period of time.
- There are no monthly repayments and with a Lifetime Mortgage, the loan is repaid when your property is sold.
- Lifetime Mortgages have a fixed interest rate throughout the term.
- Lifetime Mortgage interest is added to the amount you owe each month. This is known as rolled up or compound interest.
- There are no affordability checks as to whether you can afford the mortgage.
Qualified equity release experts in Coventry
Equity release is regulated by the Financial Conduct Authority (FCA) and overseen by the Equity Release Council (ERC). Our equity release company in Coventry is also FCA-regulated and we are members of the ERC, so we uphold the various rules and safeguards to ensure you always own your own home and have the flexibility to move.
All equity release products come with a no negative equity guarantee, which means that when the property is sold and solicitor’s and agent’s fees have been taken into account, you will never owe more than the value of your estate.
The Equity Release Council stipulates that you can only take out a loan if you have received professional financial advice and independent legal advice. Releasing equity from your home is a big decision, so it is always worth considering the benefits and drawbacks before deciding it is a good idea for you. Speaking to our specialist advisers will help answer any questions you may have so you can fully understand the process and how it works.
Appointments available in :-
- Allesley
- Wyken
- Coundon
- Keresley
- Whitley
- Longford
- Canley
- Foleshill
- Baginton
- Exhall
- Walsgrave
- Corley
- Kenilworth
- Fillongley
- Brandon
- Shilton
- Bubbenhall
- Bulkington
Talk to our later life mortgage advisers in Coventry now
To discover more about releasing equity in Coventry, call 0333 000 2097 or email info@accessequityrelease.com
