Equity Release in Blackpool
Homeowners in Blackpool, particularly retirees, can access the value of their property without having to sell it through equity release. It has unique features, advantages, and considerations as a financial product.
Equity release entails releasing your home’s value and turning it into a one-time or recurring payment. It is primarily intended for homeowners 55 and older, allowing them to supplement their income or pay for home improvements, among other costs.
Lifetime mortgages and home reversion plans are the two primary categories of equity release products. With either choice, homeowners can borrow money against the value of their property and receive a lump sum of cash, ongoing payments, or a combination of both.
The most prevalent kind of equity release product is a lifetime mortgage. They involve a mortgage that is secured by the property. The homeowner still owns the property and is exempt from making regular payments.
Instead, when the homeowner passes away or enters long-term care, the loan and accrued interest are paid back.
On the other hand, a home reversion plan entails selling all or a portion of your property to a provider of a home reversion scheme in exchange for a tax-free lump sum or ongoing payments.
Until the property is sold after your death and the sale proceeds are divided among the remaining ownership interests, you are free to remain rent-free.
Lifetime mortgages and home reversion plans are the two main categories of equity release plans. Both systems allow you to keep living in your home while releasing equity.
The most popular equity release plan, the lifetime mortgage, entails taking out a loan secured by your house while maintaining complete ownership. Most lifetime mortgages provide a no negative equity guarantee, which states that you’ll never owe more than the home is worth.
To receive a tax-free lump sum or recurring payments, you must sell all or a portion of your home to a provider of home reversion, the second type of equity release. Rent-free occupancy of the house is permitted until your passing, but no appreciation in value will accrue to you.
Try Age Partnership’s equity release calculator and estimate how much money you could release from your property
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Equity release products in Blackpool are subject to regulation by the Financial Conduct Authority (FCA). To ensure that their products are fair and transparent, equity release providers and brokers are required to abide by strict guidelines.
The Equity Release Council (ERC), a trade association for the sector, offers an additional layer of protection for consumers. These include the freedom to live in your home for the rest of your life and the guarantee that you’ll never have any negative equity.
The ERC also advises getting unbiased financial advice from a licenced adviser before signing an equity release agreement.
They can assist you in comprehending the expense and effects of releasing equity on your current mortgage, your tax situation, and your eligibility for means-tested benefits.
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.
Equity release is a significant financial commitment that should be carefully considered, even though it can boost your finances in your later years. Accessing tax-free money locked up in your home without having to move or make recurring payments is one of the main advantages.
There are drawbacks to think about, though. Equity release can reduce your estate’s value, potentially leaving your family with little to inherit. Your tax situation and eligibility for state benefits may also be impacted.
In addition, equity releases may cost more than conventional mortgages due to higher interest rates. The interest is typically rolled up, which means that it accumulates over time and significantly raises the balance owed on the loan.
If you want to repay the loan earlier than agreed, there are occasionally fees associated with early repayment. Therefore, obtaining independent legal counsel and expert equity release advice is imperative before choosing.
Your property’s market value, age, and physical condition affect how much equity you can release from your home. Generally speaking, the more money you can remove, the older you are.
You can know how much equity you can release using an equity release calculator. For a more precise figure, speaking with a financial advisor is suggested.
The fact that the money you unlock from your home is tax-free, whether you take it as a lump sum or regular payments, is one of the main benefits of equity release. The way you spend the money, though, might impact your taxes.
For instance, you might have to pay income tax if you invest the money released and make money from it. If you give the money to a relative and pass away within seven years, inheritance tax may apply.
A few steps must be taken to apply for equity release. First, you should consult a knowledgeable equity release adviser who can help you navigate the process and understand any potential effects on your tax situation and benefits.
The equity release product type that best suits your needs and situation must be chosen. A lifetime mortgage or a home reversion plan might be involved. Your advisor will assist you in completing the application and submitting it to the equity release provider once you’ve decided.
The provider will then make arrangements to have a professional appraise your property. If your application is accepted, the equity release loan will be secured against your property, and your solicitor will walk you through the legal process.
Considering equity release’s difficulties and long-term effects, consulting a professional is essential. An experienced equity release adviser can offer objective financial guidance for your needs and circumstances.
They can assist you in comprehending the benefits and drawbacks, expenses, and potential effects on your tax situation and state benefits.
Before finalising an equity release agreement, you should get independent legal advice in addition to financial advice. You can ensure your interests are protected and gain an understanding of the legal ramifications of the contract from a lawyer.
Obtaining an equity release loan in Blackpool necessitates taking a few crucial actions. Consult a financial advisor about your financial situation and goals first. This is a vital step because it enables you to comprehend all of your options for equity release and their ramifications.
The next step is to choose an appropriate equity release plan. This could be a home reversion plan or a lifetime mortgage. Your equity release advisor can help you make the best decision by considering your financial requirements and the market value of your property.
Finally, the equity release provider will use your property as collateral for the loan. It’s critical to realise that the lender may seize your home if you cannot comply with the loan’s conditions.
Therefore, ensure you fully understand the terms before signing any equity release agreements and seek independent legal counsel.
In the process of releasing equity, mortgage brokers are crucial. They serve as a liaison between you and the equity release provider, assisting you in selecting the best product for your needs and financial situation.
The various equity release products that are offered, as well as their features and advantages, can be explained by a mortgage broker. Additionally, they can help you comprehend the expenses related to equity release, such as interest rates, legal fees, and advice fees.
Though mortgage brokers can provide information and direction, you should always get independent legal counsel before signing equity release agreements. This guarantees that your interests are safeguarded and that you know all of the loan’s terms and conditions.
The Financial Services Register is a public document that lists information about the businesses, people, and other entities that the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) have the authority to regulate.
Check the Financial Services Register before selecting an equity release provider or adviser. Being listed on the register indicates that a company or person has complied with the regulations’ standards and guidelines, improving consumer protection.
You should avoid your equity release adviser or provider if they are not on the register because they are operating illegally.
Remember that even though the Financial Services Register can assist you in confirming the legitimacy of a company or individual, it is still crucial to conduct due diligence and obtain independent advice before making any financial commitments.
Understanding the potential early repayment fee is crucial for an equity release plan. If you choose to pay off your equity release loan before the predetermined term expires, you might be required to pay this fee.
Early repayment fees can significantly impact how much an equity release plan costs. Therefore, before signing an equity release agreement, you must talk with your adviser about the possibility of early repayment penalties and how they would affect your finances.
Consider financial advice when thinking about equity release. You can understand all the costs involved, including the interest rate, legal fees, advice fees, and potential early repayment penalties, with the aid of an excellent financial advisor.
They can also offer advice on how to minimise or eliminate these expenses.
On England’s northwest coast, in the county of Lancashire, is the well-known seaside town of Blackpool. It’s a bustling town that draws visitors worldwide thanks to the iconic Blackpool Tower, its white beaches, and the Pleasure Beach amusement park.
The town’s central postcodes range from FY1 to FY4; its telephone area code is 01253. Blackpool is one of the most populated towns in Lancashire, with an estimated population of 139,000.
Blackpool has a long and illustrious past that dates to the Middle Ages. It gained notoriety in the 19th century as a significant tourist hub after a railway line connecting it to Northern England’s industrialised areas was built.
The town’s famous tower, fashioned after the Eiffel Tower in Paris, debuted in 1894 and has become a popular tourist destination.
In addition to its well-known landmarks, Blackpool is renowned for its illuminations, an annual lights festival from August to November. The festival annually draws hundreds of thousands of visitors and lights up the town’s promenade with vibrant lights.
Despite being a popular tourist destination, Blackpool has a solid sense of community and a thriving local economy. Local businesses, schools, and community centres contribute to the town’s vibrant and energetic atmosphere.
Here is a list of local areas and boroughs where equity release services can be provided:
1) Bloomfield
2) Claremont
3) Clifton
4) Greenlands
5) Hawes Side
6) Highfield
7) Ingthorpe
8) Layton
9) Marton
10) Norbreck
11) North Shore
12) Squires Gate
13) Stanley
14) Talbot
15) Victoria
16) Warbreck
17) Waterloo
18) Bispham
19) South Shore
20) Anchorsholme
21) Great Marton
22) Little Marton
23) Marton Moss’s Side
24) Queenstown
25) Revoe
26) St John’s
27) Walker’s Hill
28) Warbreck
29) Whitegate
30) Brunswick
31) Tyldesley.
Try Age Partnership’s equity release calculator and estimate how much money you could release from your property
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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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