Take control of your finances with equity release and over 55 home loans in Norwich

A record number of equity release customers cashed in on their property wealth during the first quarter of 2022. With more equity release products on the market than ever, our trusted equity release company can help homeowners in Norwich, Wymondham, or Downham Market release their property dreams.

Equity release is a tax-free way of unlocking some of the money tied up in your home. If you are aged over 55, money can be released in one go as a lump sum or in smaller amounts as required. Equity release can be used for any reason, from home or garden improvements or going on a once in a lifetime holiday to paying off existing debts or mortgages or helping family members get a foot on the housing ladder.

The equity in your home is the difference between its value and any outstanding loans secured against it such as a mortgage. When you release equity this loan is secured against your home in return for a sum of money. You continue to live in your home and there are no monthly repayments to make unless you wish to do so. Once you or the last remaining homeowner has died or moved into long term care and the house is sold both the original loan and any interest is repaid.

We are impartial equity release specialists who are not tied to any specific lenders, so we can search across the whole of the market to find the right products for you.

We offer free and no-obligation initial appointments so you can find out if equity release is something you want to consider, with no pressure to proceed.

For more details about equity release, please call now on 0333 000 2097.

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Norwich property prices have seen huge growth rates: What this means for equity release

Norwich has regularly been voted as one of the best places to live in the UK. Just a stone’s throw from the coast, with stunning scenic countryside and rich history, it is hugely popular. It is home to the biggest open-air market in the UK that dates back to the 1tth century.

Property site Rightmove states that in 2021 the majority of property sales during the previous year were terraced houses that made an average of just over £249,000. Semi-detached houses sold for an average of £265,000, with detached houses fetching just over £400,000. The average property price stood at just over £272,000, with prices overall up 3 per cent from 2020 and 12 per cent from 2019.

Are you intrigued as to how much money your property could be worth? Check out our helpful equity release calculator.

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Lifetime Mortgages in King’s Lynn: The advantages

Are you wondering about the different types of equity release products in King’s Lynn, Norwich, or Ely? There are two main types of equity release schemes: Lifetime Mortgages and Home Reversion Plans.

With a Lifetime Mortgage, you agree to borrow an amount of money in return for allowing the lender to secure their debt against your property. You can choose to either pay the interest each month to avoid the debt from increasing or allow the interest to accrue over time, which is described as a Roll-Up Lifetime Mortgage. You retain complete ownership of your property and will benefit from any future increase in your home’s value.

Lifetime Mortgage plans are increasingly flexible and as well as being able to reduce or suspend payments, some roll-up schemes allow you to make ad hoc repayments within limits without penalty. You are free to move at any time depending on your new property and can transfer your plan onto your new property. Interest rates are normally fixed for life so allow you to budget and plan for the future.

As well as receiving the cash in one lump sum, Drawdown Lifetime Mortgages allow you to apply for a pre-agreed facility and only take as much money as you need initially allowing the balance to be drawn down only when required. This can help save interest from accruing unnecessarily. Read our blog: Can I release equity if I am in debt?

How is equity release repaid?
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    Retirement mortgages in Norwich: Call our equity release company

    We are equity release brokers who have been offering impartial and helpful equity release advice in Norwich for many years. We have helped hundreds of customers safely release equity from their homes.

    We are FCA-regulated and members of the Equity Release Council and uphold all their standards to promote safe equity release. We promise to always act in your best interests.

    Speak to one of our friendly team