Recommended equity release advisors in Yorkshire, UK

Would you like to unlock cash from your home in Yorkshire and start enjoying your retirement more? Here at Access Equity Release, we provide a service tailored to your specific needs and will search the whole of the market with all lenders approved by the Equity Release Council, to find the best plan for you. Unlike some advisors, we are not tied to specific lenders.

We can offer no-obligation consultations in the comfort of your own home, so we can understand your needs and make specific recommendations. Alongside all equity release products, we can access other products including retirement interest-only mortgages and residential mortgages. We can then provide you with a detailed report outlining our recommendations. There is never any obligation to proceed and we always take time to listen and answer questions and welcome involvement from family and friends in the decision-making process.

Equity release is a way for homeowners over the age of 55 to release tax-free funds from their homes. There are many different equity release financial products available that can be tailored to your circumstances and there is both flexibility and safeguards built-in. A lifetime mortgage is the most popular type of equity release and is a loan secured against your home.

  • All money released through equity release is tax-free and can be used as you wish for any reason, from making home improvements to taking a luxury holiday.
  • Equity release is an alternative to downsizing and means you can stay in your home until the end of your life or until you move into long-term care.
  • Unlike a residential mortgage, with an equity release mortgage, you do not need to make repayments unless you choose to.
  • With a ‘no-negative equity guarantee’ you will never owe more than the value of your home and your beneficiaries will never be left with any debt.

For more information about lifetime mortgages or to book a consultation, please call us now on 0333 000 2097.

Lifetime mortgages and other equity release schemes in Yorkshire

To be eligible for a lifetime mortgage, you need to be a UK homeowner, aged over 55. The money you release can be spent in any way you like and there are typically no monthly repayments to make, although this is an option if you wish to service the loan. You may stay in your home for the rest of your life until you decide you want or need to move, or you move into long term residential care. We have access to lifetime mortgages from the whole of the market and will always source the most appropriate mortgage for your individual needs. Read our blog on: Does equity release affect pension credits?

Lifetime mortgages, sometimes called over 55 home loans, offer a number of benefits. Instead of making monthly repayments, the interest accrued on your lifetime mortgage is rolled up. This is known as compound interest and the loan, plus the interest, are re-paid when the plan comes to an end. Interest rates are low and there are plans available where you can choose to pay off the interest. There are many flexible features, including the option to receive the money in a lump sum or to access a ‘drawdown’ facility, where you can receive the money in smaller instalments. The other type of equity release products are home reversion schemes but these are far less popular.

Yorkshire property and increasing house values: Why equity release could make sense

There are many reasons that people choose to put their money into bricks and mortar in Yorkshire. Being in the middle of the picturesque countryside, there are also big cities like Leeds on the doorstep. The county is steeped in history, with many castles and abbeys nearby. If you have roots in Yorkshire and have been there for some time, you will be sitting on money in your home, due to large increases in house prices.

According to Rightmove in 2020, Yorkshire homes had an average value of over £217,000, with semi-detached properties fetching an average of just over £187,000. Detached houses sold for an average of £331,000. In 2020, prices were up 5 per cent on 2019 and 8 per cent on 2018. According to data, Leeds saw the biggest growth in house prices in the whole of the UK in 2020, apart from Islington which topped the list. With house prices leaping 11 per cent in Leeds and 8.8 per cent in Doncaster, this news was great for all homeowners in the county.

To find out how much money you could release from your property, please use our handy equity release calculator.

Reasons people choose equity release mortgages in Yorkshire

We appreciate that releasing equity from your Yorkshire home is an important decision and our equity release advisors will spend time understanding your individual aims and circumstances. We will make you aware of the options available to you, and always present them in a clear and easily understandable format. All advice is tailored and impartial to your needs so you can be confident that you are making the right decision for you and your family.

There are a number of reasons why people choose to release equity from their homes; common reasons include:

  • To go on holiday
  • Giving children or friends money for big purchases or to help with education costs
  • Home improvements, such as extensions or kitchen renovations
  • Assisting with regular, day-to-day bills
  • Making large purchases, such as investing in a holiday home or buying a new car
  • Paying for private medical costs or care at home
  • Paying off any debts or an existing mortgage.