Thinking about releasing equity in Northumberland, UK?

Access Equity Release offers homeowners throughout Blyth, Cramlington, Ashington, Bedlington, and the wider parts of Northumberland the opportunity to choose a Lifetime Mortgage or equity release plan that is right for them and their circumstances.

Our experienced equity release brokers offer independent and impartial advice and have access to the whole of the equity release market. We are regulated by the Financial Conduct Authority (FCA) and are members of the Equity Release Council (ERC); we can give you the expert advice you need to make the right decisions for you and your family. This is based on our years of expertise, up-to-date research, and knowledge of the market.

More and more homeowners are reaching retirement age and realising that most of their wealth is tied into their properties. House prices in Northumberland have grown considerably over the years meaning that homeowners stand to benefit greatly when they eventually decide to sell their property. Equity release is a way of accessing the capital tied into your property without having to move house.

Equity release money is tax-free and can be accessed in one lump sum or a series of smaller payments. Our qualified equity release advisors will be able to guide you through the process and help you choose the right plan with the features that fit your circumstances. Not everyone will choose to proceed with equity release and we can outline the various drawbacks. We also have access to other financial products including residential mortgages and retirement interest-only mortgages.

Equity release is safe and a highly regulated product with many safeguards in place to ensure it is as safe as possible. We adhere to all rules and guidelines set out by the ERC.

To talk to our equity release specialists, please call now on 0333 000 2097.

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Why release equity in Northumberland?

Equity release is an attractive proposition for many homeowners in Northumberland who wish to tap into the value of their home without the need to move. Here at AER, we always provide a personal and bespoke service where we can come and visit you at home, at work or another convenient location, so we can take time to learn more about your financial goals.

Widely considered as one of the UK’s finest counties, Northumberland boasts historic castles, rolling countryside, stunning coastline, and bustling market towns. According to Rightmove, the majority of property sales in 2020 were detached homes that sold for an average of just over £369,000. Semi-detached and terraced houses sold for an average of £180,000 and £151,000, respectively. The average property price was over £180,000. In 2020, prices had grown by 13 per cent from 2019 and 16 per cent from 2018.

The most expensive area in Northumberland was Bamburgh, where house prices averaged £626,000.

Use our helpful equity release calculator to find out how much money you could raise through equity release.

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Lifetime Mortgages in Northumberland: The facts

The most popular type of equity release plan in Northumberland and throughout the UK is a Lifetime Mortgage. It is different from a normal residential mortgage in several ways. You need to be aged 55 or over to access a Lifetime Mortgage (sometimes called an over-55 home loan). This is a type of loan secured against your property. Unlike a conventional mortgage, which runs for a fixed term, Lifetime Mortgages run for the rest of your life.

The idea of this type of mortgage is to enable any homeowner to take out a loan secured against their property, which does not require repayment until they die or go into long-term care. Therefore, you are simply borrowing a proportion of your house’s value, and nothing is paid back whilst you are still living there. The loan plus any rolled-up interest is then paid when your house is sold on. This means that you do not need to downsize or move to an area where the property is cheaper and you can use the money as you wish.

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There are many different types of Lifetime Mortgages available, including the option to pay back some of the interest to reduce the overall value of the loan. You also have the option of ring-fencing some of the value of your property as an inheritance for your family. We only recommend plans with a ‘no negative equity guarantee’ so your beneficiaries will never owe more than the value of your estate. The other type of equity release product is called a Home Reversion Plan.

Read our blog: Can I release equity if I’m aged under 55?

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    Why choose retirement mortgages in Northumberland?

    Are you looking at later-life mortgages in Northumberland? Releasing equity can help you get the things you want during your retirement, without having to compromise. If you are facing financial barriers, equity release can be one way to help.

    Ask yourself these questions?

    • Would you like to clear existing debts or your current residential mortgage, so you no longer owe monthly repayments?
    • Would you like to go on the trip of a lifetime or travel more widely?
    • Would you like to make improvements to your home, such as a new kitchen or bathroom?
    • Would you like help with regular bills?
    • Would you like to help family or friends, such as paying for a grandchild’s education or to get your children onto the property ladder?

    If your answer to any of these questions is ‘yes’, equity release might be an option for you.

    Speak to one of our friendly team
    Call our equity release team on 0333 443 9825