Equity Release in Hastings

Equity Release In Hastings | April 2024

For homeowners over 55 in Hastings, equity release represents a sound financial choice. It enables you to release equity locked up in your home without relocating. The equity release product offers tax-free lump sum payments or regular monthly payments. 

Given the financial commitment involved, professional equity release advice should be sought before deciding.

Table of Contents

Understanding Equity Release

Equity release allows you to access your home’s value without selling it. Homeowners who wish to release equity may obtain a loan backed by their real estate. Your property’s market value and age determine how much you can borrow. 

When the house is sold, which typically happens when you pass away or enter long-term care, the loan and rolled-up interest are paid back. You won’t ever owe more on a lifetime mortgage than the house is worth, thanks to the guarantee of negative equity offered by most of them. 

It would be best to use an equity release calculator to calculate how much you can release. An equity release advisor can also guide you and offer unbiased financial advice.

Types of Equity Release Schemes

Home reversion plans and lifetime mortgages are Hastings’s two equity release options. A lifetime mortgage is a home-secured loan that enables you to release tax-free money through a lump sum, ongoing payments, or a combination of both. 

On the other hand, a home reversion plan entails selling all or a portion of your property to a lender in exchange for a tax-free lump sum or ongoing payments. 

Getting independent legal counsel is crucial before committing to any equity release plan because doing so may impact your tax situation and eligibility for means-tested benefits. 

You can also watch this video on Youtube here.

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.

Equity Release Regulations in Hastings

The Financial Conduct Authority (FCA), which oversees the regulation of equity release products in Hastings, ensures that all vendors follow high standards of behaviour. Selecting an equity release provider who is an Equity Release Council member is also a good idea. 

This ensures that the service provider adheres to the equity release council standard, which includes a guarantee against negative equity.

It’s crucial to be aware of potential expenses when considering equity release. These fees include the financial advisor’s advice fee, independent legal counsel fees, and early loan repayment fees if you choose to pay off your loan early. 

Equity Release in Hastings

Some of the Best Equity Release Interest Rates as of 28 March 2024

The table below shows you some of the best equity release rates for lifetime mortgages from some of the leading equity release providers in the UK. 

Provider NameProduct NameInterest RateType of productOffers
JustJust For You – J1 Green5.35%FixedFree Valuation
No application fee
Standard LifeHorizon 200 Drawdown5.37%FixedFree Valuation
Standard LifeHorizon 220 Drawdown5.38%FixedFree Valuation
JustJust For You – J2 Green5.40%FixedFree Valuation
No application fee
Standard LifeHorizon 240 Drawdown5.40%FixedFree Valuation
Standard LifeHorizon 200 Drawdown Fee Free5.41%FixedFree Valuation
No application fee
JustJust For You – J15.45%FixedFree Valuation
No application fee
Standard LifeHorizon 240 Drawdown Fee Free5.45%FixedFree Valuation
No application fee
Standard LifeHorizon 260 Drawdown5.45%FixedFree Valuation
Scottish WidowsFR15.50%FixedCashback
Free Valuation
No application fee

The equity release rates have been sourced by UK Care Guide from the Equity Release Supermarket website. These rates may have changed since this table was created and should be taken as indicative only. There may be other providers not listed on this table that could offer better deals.  In addition, the providers and products noted may not be right for your particular circumstances.  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. 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 apply to you.

Speak To An Equity Release Specialist Today

Call Boon Brokers on 0333 567 1607 to discuss your equity release requirements and see what deals are available to you.

Benefits of Equity Release

Several advantages can be had from equity release. It offers a way to release tax-free money on your property without relocating. To supplement your retirement income, pay off a current mortgage, or cover significant costs like home renovations or long-term care.

Equity release can also assist you in managing your finances more effectively as you age. As an illustration, you can work the accumulated debt by making monthly payments. 

There are no monthly payments to be concerned about, though, because most lifetime mortgages permit you to roll the interest into the loan. 

Risks and Considerations

Although equity release can give retirees extra money, it is a significant financial commitment with risks. The proceeds from the sale of your property are used to pay off the outstanding loan balance and any rolled-up interest, which may impact any inheritance you intend to leave. 

Additionally, it might affect your tax situation and eligibility for government benefits.

If you pay off your loan early using equity release, you might also be charged an early repayment fee. 

Additionally, if you decide to relocate, you must make sure your new home satisfies the requirements of your equity release provider. 

Therefore, getting debt advice from financial advisers or services like StepChange Financial Solutions before moving forward with equity release is imperative.

Process of Equity Release in Hastings

Expert equity release advice is the first step in the equity release procedure in Hastings. An equity release adviser will evaluate your needs, review the benefits and potential risks of the equity release products, and recommend the best option given your specific situation. 

You must then have your property valued to ascertain its market value. The equity release provider will survey your property after your adviser has submitted your application. 

After approval, your attorney will review the equity release agreement and ensure you comprehend all the terms and conditions before signing.

Equity Release Providers in Hastings

Many equity release providers in Hastings provide flexible equity release plans and competitive interest rates. Among them are reputable organisations with a proven track record in the equity release market. 

It is advisable to seek advice from a mortgage adviser or broker who can point you toward the best equity release provider for your needs and situation. 

Seeking Professional Advice for Equity Release

Get expert advice if you’re thinking about doing an equity release. An impartial financial adviser can offer individualised guidance for your needs and objectives. 

They can aid in your comprehension of the equity release products’ features, costs, and advantages and how they may affect your tax situation and eligibility for means-tested benefits. 

A solicitor should also be consulted if you want impartial legal counsel. 

They can assist you in comprehending the equity release agreement’s legal provisions, including your rights and obligations. Remember that equity release is a lifetime commitment and should only be undertaken after careful thought and expert advice.

Equity Release and Mortgage Details

It can be compared to getting a new mortgage into an equity release agreement. Mortgage brokers or advisers walk you through the process similarly to equity release advisers. 

A lifetime mortgage is an equity release plan that uses your home’s value as collateral to secure a loan, much like an existing mortgage does.

Mortgage payments, interest rates, and loan amounts are all based on the property’s value. The equity release mortgage has fewer monthly payments than a typical residential mortgage. Instead, the interest is ‘rolled up’ and paid back with the loan at the end of the contract.

Similar to a mortgage, the cost of equity release includes several fees. They consist of advice fees, lender fees, legal expenses, and perhaps early repayment fees. Before committing to an equity release plan, it is essential to understand these costs. 

Considering the Financial Implications

A significant choice affecting your financial situation is an equity release agreement. Your tax situation, state benefits, and council tax may all be impacted. Before making a choice, the financial ramifications should be carefully considered. 

It is wise to consult a qualified independent financial advisor and seek debt advice. Your ability to borrow money is based on how much equity you have in your home. You can estimate this with the aid of an equity release calculator. 

However, remember that giving away all your equity leaves your loved ones with nothing.

Always keep your future needs in mind. Later, you might require additional funds for long-term care or relocation. Therefore, assessing your long-term financial markets before making a choice is crucial.

Providers and Their Offerings

Hastings equity release companies provide a range of products suited to various requirements. Lifetime mortgages and home reversion plans are the two main categories of equity release products that product providers typically offer. 

Which one you choose will depend on your unique preferences and circumstances. Most lifetime mortgages provide a no negative equity guarantee, ensuring that you’ll never owe more on your loan than the value of your home. 

Some lenders provide flexible options, like the capacity to make monthly payments or access additional funds as necessary. A crucial part of the process is choosing an equity release provider. 

Selecting a provider member of the Equity Release Council is advantageous because it ensures they uphold high standards. You can navigate the process and select an appropriate equity release provider with the aid of a financial advisor.

Legal Aspects of Equity Release

Like any financial commitment, equity release has legal ramifications. In the equity release process, lawyers are essential. They review the equity release agreement, outline your rights and responsibilities, and ensure you comprehend the contract’s legal ramifications.

Lawyers are governed by the Solicitors Regulation Authority, which ensures they uphold strict standards of professionalism and ethics. Before signing an agreement, seeking independent legal advice from a solicitor is advisable.

Remember that equity release is a lifetime commitment. It’s imperative to fully comprehend the legal ramifications before committing. A lawyer can explain the legal ramifications and walk you through the procedure.

About Hastings

East Sussex’s charming seaside town of Hastings is on England’s southern coast. This town, well-known for the Battle of Hastings in 1066, is steeped in history and has a thriving cultural heritage. Its primary postcode areas are TN34 and TN35, and its area code for phone calls is 01424.

The Old Town in Hastings is renowned for being a labyrinth of ‘twittens’ and ‘cat creeps’ lined with beautifully preserved old structures. Victorian and Edwardian buildings line the town’s seafront, reminding it of its maritime past. 

With its stunning views of the English Channel and recent renovations, the Hastings Pier is a well-liked tourist destination. The town is also home to a thriving arts community. 

The Jerwood Gallery houses a collection of British art from the 20th and 21st centuries and is a popular destination for admirers. The annual Hastings Pirate Day also draws tourists from all over the country with fun-filled activities around pirates.

With its stunning parks and gardens, Hastings stands proud. Alexandra Park provides a tranquil retreat from the busy town with its lovely scenery, lakes, and exotic trees. 

With its stunning coastline and breathtaking clifftop views, the 660-acre Hastings Country Park offers a haven for nature lovers.

Hastings is a centre for dining and shopping in addition to its history and culture. It offers a unique shopping and dining experience with distinctive boutiques, antique stores, traditional pubs, and seafood restaurants. 

Local Areas Where Equity Release Can Be Provided

Here is a list of local areas and boroughs where equity release services can be provided:

1) Ore Valley

2) Silverhill

3) St Leonards

4) Hollington

5) Old Town

6) West Hill

7) Castle

8) Ashdown

9) Gensing

10) Braybrooke

11) Baird

12) Tressell

The following are towns, villages, and boroughs within 10 miles of Hastings:

1) St Leonards-on-sea

2) Bexhill-on-sea

3) Battle

4) Rye

5) Westfield

6) Sedlescombe

7) Fairlight

8) Icklesham

9) Winchelsea

10) Northiam

11) Robertsbridge

12) Peasmarsh

13) Brede

14) Beckley

15) Ticehurst

16) Stone

17) Pett

18) Guestling

19) Three Oaks

20) Westfield

21) Crowhurst

22) Catsfield

23) Dallington

24) Staplecross

25) Bodiam

26) Netherfield

27) Mountfield

28) Brightling

29) Whatlington.

Try Age Partnership’s equity release calculator and estimate how much money you could release from your property

Financial Promotions Sign-off

Where applicable, 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.

The Age Partnership equity release calculator has been approved and provided by Age Partnership. Age Partnership is a trading name of Age Partnership Limited, which is authorised and regulated by the Financial Conduct Authority. FCA registered number 425432.

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Meet the author

Jane Parkinson

Jane Parkinson

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.

Meet The Team

Most advisors charge for their service.  But you can get fee-free equity release advice from Boon Brokers. 

Call : 0333 567 1812

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If you take out a product from Boon Brokers, we will receive a fee for introducing you to them.

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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