Equity Release in Ramsgate

Equity Release In Ramsgate | April 2024

In Ramsgate, equity release offers homeowners over 55 a way to increase their financial resources by releasing equity from their homes. 

Property owners can borrow money against the value of their home using this financial product, which is governed by the Financial Conduct Authority, either in a lump sum or through recurring payments.

Table of Contents

Understanding Equity Release

A type of loan secured by your home is an equity release product. They enable you to withdraw tax-free money from the value of your house without having to leave. Home reversion plans and lifetime mortgages are the two main equity release strategies. 

A lifetime mortgage entails taking out a loan against the value of your house with a set interest rate. When you pass away or enter long-term care, the loan and rolled-up interest are paid back. 

Most lifetime mortgages include a no negative equity guarantee, which states that you’ll never owe more on your loan than the home’s market value.

Selling a portion of your home to a home reversion provider is known as home reversion. The provider will take a cut of any future property sales in exchange for letting you live there without paying rent for the rest of your life.

Eligibility Criteria in Ramsgate

Homeowners in Ramsgate must be at least 55 years old and have a South East property with a sizable market value to qualify for equity release. Your age, the value of your property, and the particular equity release product you select all impact how much you can release.

It’s important to remember that you must use the money from your equity release to pay off any existing mortgages or secured loans secured by your property. 

Any use of the remaining funds is allowed, including making home improvements, supporting loved ones, and boosting retirement income.

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.

Types of Equity Release Schemes

As mentioned, the two main equity release strategies are lifetime mortgages and home reversion plans. With a lifetime mortgage, you can take out a loan against your house and keep ownership. 

On the other hand, home reversion entails giving a provider a share of your property while keeping your right to live there.

Before making a choice, it is imperative to seek professional advice because each type of equity release has advantages and disadvantages. Your equity release adviser can offer professional guidance and aid in your search for a plan that best suits your requirements.

Equity Release in Ramsgate

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

Your income can be supplemented with a tax-free lump sum payment or ongoing payments from equity release. Later in life, it can provide financial freedom, enabling you to pay for home improvements, support loved ones, or have a more comfortable retirement.

With equity release plans, there is a guarantee that you will never owe more on your home than it is worth. You can also choose to let the interest accumulate or make monthly payments.

Risks and Pitfalls

Equity release carries potential risks, just like any other financial product. The interest rates could be more significant than conventional mortgages, which would quickly increase your debt. The loan balance could grow exponentially if you roll up the interest.

If you pay off the mortgage earlier than planned, early repayment fees might be incurred. Equity release may also impact your tax situation and eligibility for means-tested benefits.

Impact on Inheritance and Benefits

Because it lowers the value of your estate, releasing equity from your home may affect the inheritance you leave to your loved ones. Given that it raises your income or savings, it might also impact your eligibility for means-tested state benefits.

Seeking Professional Advice

The most crucial step before choosing an equity release plan is to get unbiased financial advice. Your ability to release equity, associated costs, and effects on your tax situation and benefits can all be better understood with the assistance of a financial advisor. 

To make sure you comprehend the legal ramifications, it’s also advised to seek independent legal advice.

Equity Release Providers in Ramsgate

Ramsgate is home to some equity release service providers, including reputable lenders covered by the Financial Conduct Authority regulation. Consider a provider’s equity release costs, plan flexibility, and track record of customer service when making your decision. 

Your equity release adviser can make recommendations depending on your needs and circumstances.

How Equity Release Affects Your Mortgage

If you already have a mortgage, Ramsgate equity release may be your best option. The money obtained can be used to pay off your current mortgage by choosing equity release. This implies that you can keep your home and live without a mortgage. 

But by making this choice, you’re replacing your current mortgage with a loan secured by the value of your house. The monthly payments that were once a part of your budget vanish. 

In its place, the equity release mortgage’s interest can either be paid monthly or allowed to accumulate, increasing the loan’s value. It would be best to choose this after carefully analysing your financial situation and consulting a professional.

You can get the essential mortgage guidance you need to get through this process from a mortgage broker or advisor. 

They can assist you in finding the ideal mortgage rate for your financial situation as well as in helping you understand how the equity release mortgage functions.

Exploring the Role of Solicitors

Getting impartial legal counsel is crucial during the equity release process. To ensure that you fully comprehend the legal ramifications of your equity release agreement, solicitors are essential. 

To ensure that they deliver the highest calibre of legal advice, solicitors are governed by the solicitor’s regulation authority. Your equity release product’s terms and conditions will be explained to you by your lawyer. 

The implications of the guarantee against negative equity, the requirements for early repayment fees, and how the interest rates apply to your loan will all be explained.

The total cost of the equity release includes the legal fee for their services. When determining whether equity release is the best choice, it is imperative to consider these advice fees.

Understanding the Equity Release Process

It would be best if you used an equity release calculator before you release equity from your home. Considering your age, the value of your property, and the kind of equity release product you choose, this tool calculates how much equity you could release from your home.

After considering the initial lump sum you might receive, receiving professional equity release advice from an advisor is the next step. 

They’ll help you through the process, give you specific advice, and explain how your choice might affect your tax situation and ability to receive means-tested benefits.

After receiving advice, you will enter into an equity release agreement with your preferred provider. 

The terms of your equity release are outlined in this agreement, including the interest rate, whether you’ve chosen to make monthly payments or let the interest compound, and the assurance that you can continue to live in your home for the rest of your life.

About Ramsgate

A charming seaside town in Kent, Ramsgate can be found in the South East of England. It is renowned for having the only Royal Harbour in the UK, a marina, and sandy beaches. 

Ramsgate’s primary postcode districts are CT11 and CT12, and its telephone area code is 01843.

Ramsgate’s stunning architecture reflects the city’s rich history. The town is home to over 900 listed structures that range in style from Regency to Art Deco. The Maritime Museum provides information about the town’s seafaring past, a vital component of its identity.

The town is renowned for its tunnels as well. During World War II, a vast network of underground tunnels called the Ramsgate Tunnels served as an air raid shelter. They provide a window into the town’s history during the war and are a well-liked tourist attraction today.

The Grange, designed by Augustus Pugin, is another exciting landmark in Ramsgate. Renowned architect Pugin also designed the iconic Houses of Parliament in London. Ramsgate is desirable because of its active cultural scene, stunning coastline, and fascinating history. 

It is a popular option for those looking for a balance between seaside living and city conveniences because of its location in the South East of England and how simple it is to get to London.

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) St Laurence

2) Newington

3) Nethercourt

4) Northwood

5) Manston

6) East Cliff

7) West Cliff

Here are some towns, villages, and boroughs within 10 miles of Ramsgate:

1) Broadstairs

2) Margate

3) Sandwich

4) Deal

5) Birchington-on-Sea

6) Westgate-on-Sea

7) Minster

8) Monkton

9) Saint Peters

10) Cliffsend

11) Acol

12) Eastry

13) Worth

14) Wingham

15) Preston

16) Woodnesborough

17) Ash

18) Sholden

19) Betteshanger

20) Goodnestone

21) Staple.

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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