Equity Release in Exeter
For homeowners over 55, equity release is a common financial strategy in Exeter. They can release equity from their house without moving or selling it.
Homeowners can access the value locked up in their homes through equity release. The equity release procedure entails either taking out a loan against your home (a lifetime mortgage) or selling a portion of it while keeping the right to live there (a home reversion plan).
The value of your home and the homeowner’s age are the two main factors determining how much equity one can release when dealing with equity release. Providers of equity releases calculate this sum using an equity release calculator.
Like a lifetime mortgage, an equity release product enables you to borrow money against the value of your house while maintaining ownership.
It’s important to remember that with most lifetime mortgages, you can secure the loan and make monthly payments or let the interest accumulate. The loan balance and any rolled-up interest are paid off when your house is sold after your death or when you enter long-term care.
Any equity release plan authorised by the Equity Release Council must include a no-negative equity guarantee as a fundamental component.
With this guarantee, customers are protected from going into negative equity because they will never owe more than the value of their property.
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.
Understanding the various equity release plans offered is essential when considering equity release in Exeter. Lifetime mortgages and home reversion products are the two primary categories of equity release products.
With a lifetime mortgage, you can borrow a portion of the value of your house. When you pass away or enter long-term care, the loan and interest—which may be fixed or rolled up—are paid back.
Monthly payments are optional, and a guarantee against negative equity means you’ll only owe the value of your home.
On the other hand, home reversion plans entail selling all or a portion of your home to a reversion business. You can take this money as a tax-free lump sum or regular payments and keep your home rent-free until you pass away.
An arrangement fee for the equity release mortgage, valuation fees, solicitor’s fees, and advice fees are a few examples of equity release expenses. You must speak with an equity release adviser to fully comprehend these expenses.
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 application is a significant financial decision, so getting professional advice is advised.
By assisting you in understanding the financial ramifications of equity release, such as how it will affect your tax situation and eligibility for means-tested benefits, an equity release adviser can help you navigate the equity release process.
The Equity Release Council, a national trade organisation for the equity release sector, establishes strict standards for providers to ensure that equity release products are safe for consumers. This includes the required guarantee against negative equity.
Legal counsel is also an essential component of the procedure. You will be sure to fully comprehend the equity release agreement, including the advantages and potential risks, with the help of independent legal advice.
Equity release plans have advantages and disadvantages. Accessing tax-free funds held in your home without relocating is one of the main advantages. This is especially helpful when preparing for retirement.
It’s crucial to comprehend the potential risks, though. If you want to pay off your mortgage early, these can include early repayment fees and the effect on your estate value and inheritance.
They were getting expert advice in Exeter, such as from a financial adviser or lawyer. They can offer you unbiased financial guidance to aid in decision-making.
Understanding the legal and financial ramifications of equity release can also benefit from counsel from the Financial Ombudsman Service and the Financial Conduct Authority.
Exeter, a charming and historically rich city, is located in one of England’s most picturesque counties, Devon. Exeter, known for its thriving culture, beautiful architecture, and high standard of living, is a location that skillfully combines the old and the new.
Numerous historical sites can be found in the city, which has the area code 01392 and is home to the renowned Exeter Cathedral and the old city walls.
The main postcode areas of EX1, EX2, and EX3 are home to high-end retailers and independent boutiques, making it renowned for its shopping scene.
The university in Exeter is ranked in the top 1% of all universities, which adds to the city’s thriving student community. Rugby and football are the most popular sports in the town, which is also known for its love of sports.
The city’s namesake, River Exe, provides a picturesque setting for riverside strolls and watersports. The town is a popular destination for outdoor enthusiasts because it is close to the stunning Devon coastline and Dartmoor National Park.
Despite its lengthy history, Exeter is a cutting-edge metropolis. One of the greenest cities in the UK, it is known for its commitment to sustainability and has a burgeoning tech industry.
Here is a list of local areas and boroughs where equity release services can be provided:
1) Alphington
2) Cowick
3) Duryard
4) Exwick
5) Heavitree
6) Mincinglake
7) Newtown
8) Pennsylvania
9) Pinhoe
10) Polsloe
11) Priory
12) St David’s
13) St Leonard’s
14) St Thomas
15) Topsham
16) Whipton & Barton
The following are towns, villages, and boroughs within 10 miles of Exeter:
1) Topsham
2) Broadclyst
3) Clyst St Mary
4) Pinhoe
5) Exminster
6) Kennford
7) Starcross
8) Kenton
9) Ide
10) Alphington
11) Heavitree
12) Whitestone
13) Exwick
14) Stoke Canon
15) Silverton
16) Cullompton
17) Thorverton
18) Kenn
19) Crediton
20) Dawlish.
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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