Equity Release in Bolton
Homeowners in Bolton can use equity release as a financial tactic to access the value of their properties. People 55 and older who want to supplement their retirement income, pay off an existing mortgage, or fund home improvements frequently look into this equity release plan.
The ability to stay in the property while accessing the equity locked up is a crucial advantage of such a plan.
A type of loan secured by the value of your home is called equity release. Many people in Bolton use this method to access tax-free money secured by their property.
This procedure, known as equity release, can be carried out using various equity release products provided by multiple providers.
The lifetime mortgage is one type of equity release product widely used. A lifetime mortgage allows the homeowner to borrow money against the value of their home without having to make regular payments because the loan and interest are paid back when the house is sold.
Because the interest rates on these loans are fixed, you don’t need to be concerned about rate fluctuations. The home reversion plan is another equity release product.
Here, you retain the right to live there rent-free while selling a portion of your property to a home reversion company in exchange for a lump sum or ongoing payments.
The Equity Release Council, which oversees the equity release procedure, guarantees a negative equity guarantee, which states that you’ll never owe more than the value of your home. You must use an equity release calculator to determine how much equity you can release from your home.
The value of your home, the borrower’s age, and the kind of equity release plan you choose are just a few of the variables determining your eligibility for equity release in Bolton.
While home reversion plans typically require the homeowner to be at least 60–65 years old, most lifetime mortgages require borrowers to be at least 55. The house must also be in good condition and be your primary residence.
Before committing to an equity release plan, it is essential to receive professional advice on equity release from a financial adviser. They can assist you in comprehending equity release’s complexities and how they may affect your tax situation and eligibility for means-tested benefits.
Try Age Partnership’s equity release calculator and estimate how much money you could release from your property
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Bolton’s two main equity release programmes are lifetime mortgages and home conversion plans. The most popular kind of equity release is lifetime mortgages. You maintain ownership while borrowing against the value of your house.
When you pass away or enter long-term care, the loan and any accumulated interest are repaid.
Plans for home reversion entail selling all or a portion of your property to a reversion business. You can live there for no additional rent until you pass away.
You must, however, maintain and cover it. Some providers let you access your money in smaller amounts as needed with a drawdown lifetime mortgage. This kind of equity release plan may decrease the interest you pay over time.
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.
Getting unbiased legal counsel is imperative before taking equity out of your house. You can be guided through the process and advised on equity release while also being made aware of the possible risks and advantages by a chartered financial planner.
The equity release procedure in Bolton typically entails several steps once you’ve decided to move forward. Your initial meeting with a financial advisor will focus on your needs and situation.
They will also let you know whether equity release may affect your tax situation and any state benefits. Your property will be valued to determine how much money you can release.
After that, the equity release provider will submit a formal offer outlining the plan’s terms. Once you accept the offer, the money is typically transferred to your account as a tax-free lump sum.
There are risks and rewards associated with releasing equity from your home. It is a significant financial commitment. It’s essential to consider these before moving forward.
Accessing tax-free funds held in your home without leaving is one of the main advantages of equity release plans. You can use this money for various things, including making home improvements, paying off debt, or supplementing your retirement income.
However, equity release is also fraught with dangers. These include lowering your estate’s value and affecting your ability to receive means-tested benefits. If you pay off the plan early, you might also be charged an early repayment fee.
The Financial Conduct Authority (FCA) oversees equity release regulation, ensuring that all service providers adhere to strict standards of behaviour.
The Equity Release Council also establishes a code of conduct for its members to ensure they offer their clients superior service and protection. Before signing an equity release agreement, you must get independent legal advice.
A lawyer will ensure the contract is in your best interests by helping you understand its terms and conditions. The solicitor will also communicate with the equity release provider’s attorney to finish the legal work.
Financial consultants are essential to the equity release process. They offer knowledgeable equity release advice, assisting you in comprehending the various types of schemes and determining which might be most appropriate for your needs and situation.
The potential effects of equity release on your tax situation and any means-tested benefits will also be covered by a financial advisor. They will also carefully evaluate your financial situation to ensure equity release is the best choice for you.
The value of your estate and any inheritance you may leave behind can be significantly impacted by equity release. When you pass away or enter long-term care, the money you owe, including the rolled-up interest, is typically paid back from the sale of your house.
This could result in less money being available for your heirs. Your ability to receive means-tested benefits could also be impacted by equity release.
If you have significant cash from an equity release plan, you might lose eligibility for certain benefits like pension credit or council tax relief. These potential effects must be discussed with a financial advisor before releasing equity.
They can aid you in comprehending the implications and, if necessary, look into alternative options.
Equity-release supermarkets are online marketplaces with various equity-release products from multiple suppliers. They serve the same purpose as a market, enabling potential borrowers to assess different plans, interest rates, and terms.
Equity-release supermarkets can be a helpful resource for people living in Bolton, BL1, when looking for a suitable equity-release loan. Comparing various plans is one of the main benefits of using an equity-release supermarket.
This can apply to equity-release products such as lifetime mortgages, home reversion schemes, etc. By comparing these products, you can find a plan that suits your needs and financial situation.
Additionally, equity-release supermarkets offer a wealth of resources and information to aid in your understanding of the equity-release procedure. This can include manuals, tools, and guidance on various equity release issues.
Before consulting a financial advisor, it can be a great way to educate yourself on equity release.
In the UK, including Bolton, Critical Retirement Solutions is a top supplier of equity release products. They provide knowledgeable equity release advice to homeowners thinking about this financial plan because they are experts in the field.
Through the process, their advisors can help you understand the risks, advantages, and legal ramifications of equity release. You can access various equity-release products by working with Key Retirement Solutions.
Whether you want to release tax-free cash, pay off your current mortgage, or make retirement plans, they can assist you in finding a plan that suits your needs. Last but not least, Key Retirement Solutions participates in the Equity Release Council.
Because they uphold high standards of behaviour and practice, you can feel secure knowing that your financial future is secure.
Another significant player in the equity release industry is Fluent Money, which offers complete financial solutions to homeowners in Bolton and throughout the UK. They provide various services, such as debt counselling, mortgage brokering, and advice on equity release.
Your financial situation and goals will determine which equity release scheme is the most suitable for you, and their team of financial advisers can help you understand the various available types.
Additionally, Fluent Money places a high priority on customer service, making sure that all of its clients receive the best guidance and assistance possible throughout the equity release process.
The team at Fluent Money is available to help you if you need assistance comprehending the characteristics of a lifetime mortgage or the effects of compound interest.
Mark Gregory is well-known in the equity release industry and has a wealth of expertise in retirement planning and equity release. His contributions and insights have significantly changed the equity release market, improving Bolton homeowners’ access and understanding.
In Mark Gregory’s line of work, he assists people in making decisions by advising them on the advantages and disadvantages of equity release.
He has earned a reputation as a reliable source of information thanks to his knowledge and commitment to offering simple, clear guidance.
His dedication to equity release and retirement planning has been crucial in advancing the industry, increasing its transparency, and guaranteeing that homeowners can confidently access the equity in their homes to support their financial goals.
In the North West of England, Greater Manchester is where Bolton is situated. It is renowned worldwide for the variety of its cultures and rich industrial heritage.
Bolton’s three main postcode areas are BL1, BL2, and BL3, each covering a different city area and its surroundings. The city also employs the 01204 area code for phone calls.
Bolton’s history is deeply rooted in the textile industry, and during the Industrial Revolution, cotton mills shaped the city’s landscape. Numerous mill buildings converted into residences, offices, or cultural venues serve as a reminder of the area’s industrial past.
The famous inventor Samuel Crompton invented the spinning mule, a device that revolutionised the textile industry, once called Bolton home. This is an intriguing fact about Bolton. His former residence is now a museum featuring his life and creative output.
Ye Olde Man & Scythe, which dates back to 1251, is one of the oldest pubs in England and is located in Bolton. The historical pub is rumoured to be haunted by several ghosts.
The Bolton Wanderers Football Club has a history spanning more than 140 years, and the town is renowned for its love of sports. The annual Ironman UK Triathlon is held in Bolton and draws competitors from all over the world.
Here is a list of local areas and boroughs where equity release services can be provided:
1) Astley Bridge
2) Bradshaw
3) Breightmet
4) Bromley Cross
5) Crompton
6) Farnworth
7) Great Lever
8) Halliwell
9) Harper Green
10) Heaton and Lostock
11) Horwich and Blackrod
12) Hulton
13) Kearsley
14) Little Lever and Darcy Lever
15) Rumworth
16) Smithills
17) Tonge with the Haulgh
18) Westhoughton
19) Wigan
20) Salford
21) Bury
22) Blackburn
23) Leigh
24) Chorley
25) Worsley
26) Radcliffe
27) Prestwich
28) Rochdale
29) Eccles
30) Darwen
31) Tyldesley
32) Swinton
33) Walkden
34) Whitefield
35) Sale
36) Manchester
37) Hindley
38) Stretford
39) Atherton
40) Irlam
41) Ashton-in-Makerfield
42) Stockport
43) Urmston
44) Altrincham
45) Golborne
46) Hyde
47) Cheadle Hulme
48) Middleton
49) Hazel Grove
50) Stalybridge
51) Dukinfield
52) Denton.
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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