Equity Release in Ashington
Many people in Ashington, a charming town in the North East, are now looking into equity release to pay for their retirement. They can access the equity in their home while still residing there with the help of professional equity release advice from a certified financial adviser.
Let’s learn more about this financial option, how it functions, and what you should consider.
In Ashington, equity release refers to releasing equity locked up in your home without relocating. It’s a financial product created with homeowners 55 and older in mind.
A lifetime mortgage, which enables you to borrow money against the value of your home, is the most popular type of equity release.
The amount of equity you can release depends on the value of your home. To calculate this amount, use an equity release calculator. The sale proceeds are applied to the outstanding loan when the property is sold, typically when you pass away or enter a long-term care facility.
The home reversion plan is another equity release product. This entails parting with all or a portion of your property to a home reversion company in exchange for a lump sum or ongoing tax-free payments and the ability to occupy the property without paying rent.
In Ashington, there are primarily two ways to release equity: lifetime mortgages and home reversion plans. Most lifetime mortgages include a no negative equity guarantee, ensuring you’ll never owe more on your loan than the house is worth.
When you take out a lifetime mortgage secured by your house, you can borrow a portion of its value at a fixed or limited interest rate. A single lump sum or recurring payments are options for receiving the money. The debt and rolled-up interest are paid off when the house is sold.
Selling a portion of your home to a reversion company is known as home reversion. In exchange, you get one-time or ongoing payments and a lifetime lease on your home.
However, you won’t be the sole owner of your home anymore, which may affect how you’re taxed and whether you qualify for means-tested benefits.
Try Age Partnership’s equity release calculator and estimate how much money you could release from your property
If you take out a product from Age Partnership, we will receive a fee for introducing you to them. This helps support the site and for us to produce more content.
Seeking objective financial advice is the first step in releasing equity in Ashington. Your financial situation will be evaluated, your needs will be discussed, the various equity release products will be explained, and debt advice will be provided by a financial advisor if necessary.
The effect on your tax situation and eligibility for state benefits will also be covered. Once you decide to move forward, select an equity release product and provider. You can get assistance from your advisor as you proceed.
The cost of equity release, including interest rates, advisory fees, and any early repayment penalties, must be considered.
The table below shows you some of the best equity release rates, as at December 2023, for lifetime mortgages, from some of the leading equity release providers in the UK.
These rates may have changed since this table was updated and should be taken as indicative only. There may also be other providers not listed on this table that could offer better deals. In addition, the providers and products noted below may not be right for your particular circumstances. Therefore, we strongly recommend that you speak to an equity release adviser, who will be able to provide you with information on the latest rates, that are applicable to you.
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| Product Name | Interest Rate | Type of product | Offers |
|---|---|---|---|
| Just For You – J2.5 | 6.22% | Fixed | Free ValuationNo application fee |
| Just For You – J1 | 6.30% | Fixed | Free ValuationNo application fee |
| Premier Flexible Pearl | 6.43% | Fixed | Free Valuation |
| Premier Optional Payment Pearl | 6.43% | Fixed | Free Valuation |
| Horizon 240 Drawdown | 6.43% | Fixed | Free Valuation |
| Classic Drawdown Super Lite 2 | 6.47% | Fixed | Free Valuation |
| Horizon 260 Drawdown | 6.47% | Fixed | Free Valuation |
| Classic Elite Drawdown Super Lite 2 | 6.47% | Fixed | Free Valuation |
| Premier Flexible Pearl | 6.48% | Fixed | Free Valuation |
| Premier Optional Payment Pearl | 6.48% | Fixed | Free Valuation |
| Horizon 240 Drawdown Fee Free | 6.49% | Fixed | Free ValuationNo application fee |
| Classic Drawdown Super Lite 1 | 6.52% | Fixed | Free ValuationNo application fee |
| Premier Flexible Pearl | 6.52% | Fixed | Free Valuation |
| Premier Optional Payment Pearl | 6.52% | Fixed | Free Valuation |
| Classic Elite Drawdown Super Lite 1 | 6.52% | Fixed | Free ValuationNo application fee |
| Flexible Pearl | 6.53% | Fixed | Free Valuation |
| Optional Payment Pearl | 6.53% | Fixed | Free Valuation |
| Enhanced Lifestyle Flexible Option | 6.53% | Fixed | Free ValuationNo application fee |
| Horizon 260 Drawdown Fee Free | 6.55% | Fixed | Free ValuationNo application fee |
The equity release rates have been sourced from Equity Release Supermarket. These indicative rates and incentives may have changed since this article was last updated. Therefore, they should only be taken as a guide and we cannot guarantee their current accuracy. Please also note that we do not provide advice on or endorse any particular product listed here. The rate you are offered will depend on your individual circumstances and subject to lender approval. We recommend that you speak to an equity release advisor to see what the best options are for you.
If you take out a product with Age Partnership, we will receive a fee for introducing you to them. By contacting Age Partnership through us, the cost of any equity release product would be the same as if you had contacted them directly. The fee we received is used to help keep our site operational and to produce new content.
The Financial Conduct Authority (FCA) oversees equity release and protects you. All equity release providers and advisers must adhere to The FCA rules, including transparency about costs and risks and providing clear, understandable information about the product.
Before signing an equity release agreement, getting independent legal counsel is advisable. Before you sign the contract, a legal advisor will review all the legal ramifications with you and make sure you understand it completely.
While releasing equity can give your retirement a much-needed cash boost, it’s a significant financial commitment with several risks. The value of your estate will be diminished, your tax situation will change, and you might lose your eligibility for means-tested benefits.
Despite the dangers, equity release offers some advantages. While residing there, you can unlock your home’s value. You can use the money freed up for anything you like, including home renovations, helping out family members, or just living a more comfortable retirement.
Considering an equity release provider’s track record, products, and interest rates is essential. A reputable provider should be part of the Equity Release Council, which ensures they abide by a rigid code of ethics for customers’ safety.
Seek professional advice if you’re considering using equity release as a financial solution. An advisor can walk you through the process and assist you in understanding the intricacies of the product, including the risks and advantages.
They can also suggest using your released funds most effectively to cover your retirement expenses.
Due to the town’s steady real estate growth and residents’ growing awareness of post-retirement lending options, Ashington’s equity release market is expanding.
In this North East town, numerous equity release companies and mortgage brokers give homeowners a wide range of options.
A foundation home loan or a conventional mortgage can be an excellent option for those still in their later years.
Financial services play a crucial part in the equity release process. They aid homeowners in making an informed choice by educating them on the various equity release products offered.
Barclays Bank, Royal Bank, and other reputable financial institutions provide free property valuations and professional mortgage advice as part of their equity release services in Ashington.
Equity release may still be possible for people with a mortgage. Equity release money can be used to pay off the loan secured by your home, eliminating the need for monthly repayments.
It’s important to note that early repayment penalties might be imposed, so homeowners should get expert counsel before moving forward.
A critical step in the equity release process is seeking legal counsel. Homeowners can understand the legal ramifications of an equity release agreement, including possible effects on their council tax and state benefits, by seeking independent legal advice.
Legal counsel can also explain the implications of monthly payments and advice fees.
Not only in Ashington but also in nearby communities like North Shield, equity release is a common practice. Property values in the area make it a desirable choice for homeowners considering equity release.
But it’s essential to comprehend your property’s market value and how it might change.
Elderly residents of Ashington and the greater North East region benefit significantly from equity release. It gives retirees a way to increase their income while still taking advantage of the comforts of home.
However, this significant financial commitment should only be made after careful deliberation and consultation with legal and financial experts.
Ashington is a bustling town in the North East of England in Northumberland. As the largest coal mining community in the world, Ashington has a long history that is inextricably linked to the UK’s industrial past.
The town’s primary postcode areas are NE63 and NE64, and its area code is 01670. Ashington has developed over time into a vibrant neighbourhood that epitomises the tenacity and spirit of the North East.
Some well-known people reside in Ashington, including football greats Jack and Sir Bobby Charlton. It also has a thriving arts community thanks to the Ashington Group, a group of miners who became master painters. Their creations are now on display in the Woodhorn Museum, a popular tourist destination in the area.
Ashington’s commitment to environmental sustainability is another intriguing aspect of the city. In the town, you can find the QEII Country Park and Northumberlandia, a sizable land sculpture shaped like a reclining woman and sometimes called the “Lady of the North.”
Here is a list of local areas and boroughs where equity release services can be provided.
1) Hirst
2) Newbiggin-by-the-Sea
3) North Seaton
4) Woodhorn
5) Lynemouth
6) Ellington
7) Linton
8) Pegswood
9) Morpeth
10) Bedlington
11) Cresswell
12) Choppington
13) Stakeford
14) Widdrington
15) Stobswood
16) Red Row
17) Longhirst
18) Ulgham
19) Hadston
20) Blyth
21) Seaton Delaval
22) New Hartley
23) Seghill
24) Cramlington
25) Dudley.
Try Age Partnership’s equity release calculator and estimate how much money you could release from your property
The adverts for Boon Brokers on this page have been signed off as a Financial Promotion by Boon Brokers Limited, to ensure that they are in compliance with Section 21 of FSMA. Boon Brokers Limited is authorised and regulated by the Financial Conduct Authority (FCA). The Financial Services Register number is 973757.
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Meet the author
Jane is one of our primary content writers and specialises in elder care. She has a degree in English language and literature from Manchester University and has been writing and reviewing products for a number of years.
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Unlike most equity release advisors, Boon Brokers do not charge any fees! Have a free consultation to see how they can help.
You can speak to Boon Brokers on the number below and discuss your options.
0333 567 1812
Use the equity release calculator and see how much money you could receive.
You can book a callback from an equity release specialist, who can call you when it's conveniant.
All equity release advice is provided by Boon Brokers Limited, which is authorised and regulated by the Financial Conduct Authority (FCA). The Financial Services Register number is 973757.
If you take out a product with Boon Brokers, we will receive a fee for introducing you to them. Boon Brokers provides advice for free and without obligation. By contacting Boon Brokers through us, the cost of any equity release product would be the same as if you had contacted them directly.
The fee we receive is used to help keep this site operational and to produce new content.
Think carefully before securing other debts against your home. Your home or property may be repossessed if you do not keep up repayments on your mortgage.
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