Equity Release in Leicester
Equity release is becoming increasingly popular among Leicester homeowners as a retirement financial planning tool. As a result, they can access tax-free funds linked to the property’s market value without selling or moving.
Leicester’s equity release market provides various products with unique characteristics, advantages, and costs.
Thanks to a financial product called equity release, you can release equity from your home while residing there.
Typically, homeowners 55 and older can use it. It can serve as a retirement income supplement, help pay for home improvements, or act as a safety net for later life.
The money can be given to you all at once or in regular instalments. Age, home value, and the specific equity release product you select are just a few variables that will affect how much you can borrow.
In Leicester, most equity release plans include a guarantee against negative equity. This guarantees that you will never owe more than the value of your home, regardless of what happens to the real estate market.
Additionally, many products allow you to manage the outstanding loan in a way that will enable you to roll over interest or make monthly repayments.
You must own a home in the area and be at least 55 years old to be eligible for equity release in Leicester. Your primary residence must be the property and may also need to satisfy other requirements established by the equity release provider.
While obtaining the equity release plan, you must pay off your current mortgage and any secured loans. This might come from the first lump sum you get.
Your financial advisor can help you understand how releasing equity might affect your tax situation and any means-tested benefits you may be eligible for, as well as provide professional equity release advice.
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.
Lifetime mortgages and home reversion plans are the two primary equity release programmes in Leicester. A lifetime mortgage is a loan secured by your house and enables you to withdraw tax-free money while still owning and residing in your home.
On the other hand, home reversion plans entail selling the provider a portion of your property while keeping the right to live there for the rest of your life without paying rent.
The best option for you will depend on your circumstances and financial objectives. Each type of equity release has advantages and disadvantages. Before making a choice, it’s critical to get unbiased financial advice.
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.
Several advantages can be had from equity release. It can give you a one-time tax-free payment or ongoing payments without requiring you to vacate your home. Thanks to features like the no negative equity guarantee, it can also provide peace of mind.
Equity release does have some disadvantages, though. It can be a complicated product, so it’s essential to comprehend all associated costs, such as interest rates, advice fees, and possible early repayment penalties.
Your tax situation and eligibility for means-tested benefits may impact both by releasing equity. Getting advice from a financial adviser specialising in this field is essential before choosing an equity release product.
They can direct you towards the best product and assist you in understanding the implications of equity release.
It’s crucial to realise that equity release in Leicester is a significant financial commitment if you’re thinking about it.
By releasing the value of your home, you can receive a one-time payment or recurring payments to supplement your income in retirement or pay for significant life events.
In particular, lifetime mortgages are becoming increasingly well-liked among those in their later years who use equity-release products.
The majority of lifetime loans have flexible features. You can choose between a drawdown plan, where tax-free money is released as needed, and a lump sum plan, where money is received immediately.
Consider consulting a financial adviser for professional advice on equity release before deciding to release equity from your home.
They can walk you through the process, explain the equity release agreement’s terms, and aid in your comprehension of how it might affect your tax situation and current state benefits.
An equity release adviser consultation is the first step in the process. Your financial situation will be evaluated, the features and risks of various equity release products will be discussed, and the adviser will advise on whether equity release is the best course of action.
The next step is having your property valued. How much equity you can release will depend on the property’s market value. You can get a ballpark figure for this amount using an equity release calculator.
When you decide to move forward, your equity release adviser will assist you in locating an appropriate equity release plan from a reputable provider. The provider will then make a formal offer, which you can accept or reject.
The legal ramifications of equity release are one of its key components. For this reason, it’s crucial to seek independent legal counsel before signing an equity release agreement.
The solicitor will cover the equity release plan’s terms and conditions, including the interest rates, the negative equity guarantee, and any early repayment fees.
They will also review your responsibilities for upkeep and maintaining your home as your primary residence and your rights and privileges under the agreement.
You should also think about how equity release will affect your estate. Releasing equity will lower the value of your estate and impact how much your beneficiaries will inherit. As a result, it is advised that you consult your family before making a decision.
Equity release may not always be the best option. You can access additional funds in retirement in other ways, depending on your specific situation. For instance, downsizing to a less expensive, smaller property might help you save some money.
Alternatively, consider renting out a space in your house or lowering your expenses. If you currently have a mortgage, you can change it to an interest-only mortgage or extend the term. This might lower your monthly payments and allow you to save some money.
Getting debt advice from a qualified advisor before making any decisions is recommended. They can offer you unbiased guidance catered to your unique circumstances.
Leicester, an English city in the East Midlands, is a thriving centre of culture and history. One of the oldest cities in the UK, it is located in Leicestershire and has a more than 2,000-year-old history.
With a rich tapestry of diverse cultures, traditions, and cuisines, Leicester is one of the UK’s most ethnically diverse cities. Its sizable Asian population contributes to the city’s distinctively multicultural atmosphere.
The city is renowned for its skill in sports as well. The famous rugby team Leicester Tigers and Premier League football club Leicester City call it home.
With a primary postcode area of LE1 to LE19 and the area code 0116 for telephones, Leicester is conveniently located for residents and tourists.
Many of Leicester’s landmarks, such as the historic Roman Jewry Wall, the mediaeval Leicester Castle, and the National Space Centre, the largest planetarium in the UK, are evidence of the city’s rich history.
In addition, the city is home to King Richard III’s final resting place, whose remains were found in a parking lot in 2012 and are now buried in Leicester Cathedral.
Here is a list of local areas and boroughs where equity release services can be provided:
1) Aylestone
2) Beaumont Leys
3) Belgrave
4) Braunstone Park & Rowley Fields
5) Castle
6) Evington
7) Eyres Monsell
8) Fosse
9) Humberstone & Hamilton
10) Knighton
11) North Evington
12) Rushey Mead
13) Saffron
14) Spinney Hills
15) Stoneygate
16) Thurncourt
17) Troon
18) Westcotes
19) Western Park
20) Woodstock
21) Wycliffe
Here are some towns, villages, and boroughs within 10 miles of Leicester:
1) Anstey
2) Birstall
3) Blaby
4) Countesthorpe
5) Enderby
6) Glenfield
7) Groby
8) Huncote
9) Narborough
10) Oadby
11) Thurmaston
12) Wigston
13) Syston
14) Rothley
15) Queniborough
16) Quorn
17) Mountsorrel
18) Ratcliffe on the Wreake
19) Scraptoft
20) Thurcaston.
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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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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