Stay in the home you love in Cheshire, UK, with equity release

What is equity release? The value of your property, minus any mortgages or loans secured against it, is known as the ‘equity’. Equity release schemes allow you to access the equity in your property without needing to move home. Here at Access Equity Release, we are equity release experts who work for clients in Cheshire who wish to find out more about their financial options in later life. This may include lifetime mortgages, home reversion schemes, and retirement interest-only mortgages.

To apply for a lifetime mortgage, you must be over the age of 55, a UK resident, and own your own home. Here at Access Equity Release, we can search across the whole of the market to find the right product for your individual circumstances. If you are thinking about accessing equity through an equity release mortgage, it is essential that you seek independent financial advice from a qualified advisor.

We offer no-obligation consultations with no pressure to proceed and we encourage friends and family members to be involved in the discussion. We are authorised and regulated by the Financial Conduct Authority (FCA) and are members of the Equity Release Council. This means all the products that we recommend come with a ‘no-negative equity guarantee’ meaning that you will never owe more than the value of your property.

We enjoy getting to know our clients individually and can offer both face-to-face appointments and video and phone consultations. During these sessions, we will:

  • Look at whether equity release is a suitable route for you
  • Look at alternative options, such as residential mortgages or retirement interest-only mortgages
  • Examine how equity release works and its impact on you and others
  • Offer personalised recommendations based on your individual needs

For more details, please call us now on 0333 000 2097.

Equity release mortgages and lifetime mortgages in Cheshire

Are you a homeowner who is looking to release some of the equity tied up in your home in Cheshire? We advise on all aspects of equity release products, which are sometimes referred to as over-55 home loans.

There are two types of equity release plan available in the UK, and each has its own features. We will advise you on the right plans for your circumstances. The most common type of equity release scheme is a lifetime mortgage. These are similar to normal mortgages but with one big difference; rather than making repayments during their lifetime; the cost of repaying the released equity is met after the homeowner dies or they move into long-term care and the property is sold. With a lifetime mortgage, the equity sum can be taken as a tax-free lump sum in one go, or a series of payments. This is known as a drawdown mortgage and you will only incur interest on the money as you receive it,

The other type of equity release scheme is known as a home reversion plan, which transfers ownership of the home to the lender. All lenders will use certain criteria to decide who can release the equity in their homes. Lifetime mortgages are available to homeowners over the age of 55, whilst home reversion plans are available to homeowners over the age of 65.

There are various lifetime mortgage products that offer flexibility and favourable terms, including the option to pay off the interest that accrues to stop it from rolling up.

Cheshire property and equity release

With Manchester and Liverpool nearby and beautiful villages and historic towns aplenty, Cheshire has always attracted homeowners to the area. If you own a home in Cheshire and bought it some time ago it will have risen in value hugely. According to house price data on Rightmove in 2020, properties in Cheshire had an average value of over £273,000, with semi-detached properties fetching an average of just over £229,000. Detached homes fetched £411,000 on average. In 2020, prices were up 5 per cent on 2019 and 8 per cent on 2018. There are pockets in Cheshire where average house values are considerably more, including the Golden Triangle, an area in Cheshire East that is marked from Wilmslow to Prestbury, and Alderley Edge. Withinlee Road in Prestbury was formerly the most expensive address in northern England. Average house prices in Cheshire East are over £587,000.

If you bought a property in Cheshire and are wondering how much it could be worth, please use our helpful equity release calculator. Choosing the right company to help you make decisions regarding equity release is important. We are completely unbiased and always work in the best interests of our clients. Read our blog about how we were Mortgage Solutions Equity Release Awards Finalists.

Releasing equity in Cheshire: Common reasons

In retirement, it can often be tricky to access the money you need via a standard loan, or by re-mortgaging your property because you may be unable to meet the monthly repayments with pension income.

One of the main reasons our clients choose to release equity is because it allows them to spend the money exactly how they wish with a personalised plan to suit their unique needs. All equity release plans are tailored to your exact requirements.

There are different reasons for accessing equity release. Many people wish to support their children and look for different ways to raise money to help with education or a wedding. Equity release allows clients to gift cash to their children while still being around to see them enjoy it. Other reasons include reinvesting money in their property to carry out home improvements such as building an extension or doing a kitchen renovation; paying outstanding debts, such as loans, credit cards and mortgages; going on holiday and enjoying time away; or paying for care at home, or private medical costs.