Are you searching for trusted equity release specialists in Tyne & Wear, UK?

Have you been asking questions like, ‘What is equity release?’,’ Who are the best later life mortgage lenders’, ‘Is equity release right for me?’ or ‘Can I pay back equity release?’ Finding the right equity release plan for you in Gateshead, Newcastle, or wider parts of Tyne & Wear is the job for a professional equity release company. Here at Access Equity Release, we can find the right equity release plans for you, whatever your circumstances.

Equity release can be a valuable financial tool to release the money tied up in your property. It is available to homeowners over the age of 55 and the money that is released is tax-free and can be used for any purpose. We are regulated by the Financial Conduct Authority (FCA) and are proud members of the Equity Release Council (ERC), so you are in safe hands. Our advisers are completely independent and have access to the whole of the equity release market.

We take time to get to know you, where you are, and what your future plans are, so we can advise you about the best equity release plan for you. Equity release is not right for everyone and we also have access to other products, including retirement interest-only mortgages and residential mortgages.

We offer an initial equity release consultation completely free of charge and with no obligation to proceed. We can help you understand the benefits and drawbacks of equity release, so you have all the information you need to decide if it is right for you.

Meetings with our equity release advisors can be in your own home or another convenient location. To book a consultation, please call us now on 0333 000 2097.

Releasing equity in Tyne and Wear: Is it a good idea?

Equity is the share you have in the value of your home. So this will mean the value of the property minus any outstanding mortgage or debt you have against it. The most obvious way to access the equity tied to your property is through downsizing or selling up. However, many people living in Gateshead or throughout Tyne and Wear do not want to sell their homes and want to continue living in a familiar environment surrounded by friends or family.

The North East is considered a wonderful place to live with its wide expanses of countryside and beauty spots. Packed with iconic towns and historic villages and many coastal areas, it attracts many different types of residents. Over the years property in the local areas has grown hugely in value.

Do you know how much your home is worth? According to the property site Rightmove, the majority of home sales in 2020 were semi-detached houses that fetched an average of just over £188,000. Terraced houses sold for an average of £165,000, whilst flats fetched £115,000. In 2020, prices had grown by 7 per cent from 2019 and 10 per cent from 2018.

The most expensive area in Tyne & Wear was Tynemouth, where house prices are an average of over £360,000. Other desirable towns include Sunderland, Whitley Bay, North Shields, and Washington.

Would you like to know how much equity release money you could release? Use our equity release calculator to find out.

Would you like to know more about Lifetime Mortgages in Tyne & Wear?

Equity release is becoming more and more popular for homeowners in Newcastle and throughout Tyne & Wear. Unlike traditional mortgages, equity release mortgages are not paid off over a set period but are repaid when your home is sold when you die or move into long-term residential care.

There are two main types of equity release products:

  • Lifetime Mortgages: Lifetime Mortgages (sometimes called over 55 home loans) are the most popular type of equity release. With these equity release plans, you do not need to make any interest repayments unless you wish to do so. There are different types of Lifetime Mortgages, including products that allow you to drawdown the money to use when you need it. There are also features such as protecting part of the property for your beneficiaries.
  • Home Reversion Schemes: A Home Reversion Scheme is when you sell part of, or all of your property to a provider at a tax-free rate below the market value. In return, you can continue to live in your home rent-free. We generally do not promote Home Reversion Schemes.

We only suggest plans that follow the ERC’s ‘no-negative equity guarantee’. This means that when your home is sold and after all fees have been paid, the remaining amount will always be enough to pay the outstanding loan and neither you nor your estate will be liable to pay more. See more in our FAQS.

There are other retirement mortgage options, including retirement interest-only mortgages. Read our blog: What is a retirement interest-only mortgage?