Equity Release in Runcorn

Equity Release In Runcorn | March 2024

Runcorn residents over 55 can access the value of their homes without selling them. This financial plan enables regular payments or a tax-free lump sum, providing financial relief in later life. 

Runcorn offers many equity release programmes with terms and conditions, including lifetime mortgages and home reversion plans.

Table of Contents

Understanding Equity Release

In releasing equity from your home, you can convert it into a lump sum of cash, regular payments, or both. The amount of equity you can remove depends on the value of your home, less any outstanding mortgage. 

This amount may be calculated using an equity release calculator. Since equity release involves a significant financial commitment, getting qualified equity release advice is essential. 

Financial advisers can offer unbiased financial advice to help understand the different types of equity releases available and their effects on tax positions and means-tested benefits.

Equity Release Options in Runcorn

Home reversion plans and lifetime mortgages are Runcorn’s two equity release options. With the help of these products, homeowners can borrow money against the value of their property without having to make regular payments. 

The most popular kind of equity release is lifetime mortgages. Your home is used as collateral for this loan, but you still own it. 

A common feature of lifetime mortgages is a guarantee against having negative equity, which prevents you from ever owing more than the value of your home.

Home reversion plans entail selling some or all of your property to a provider in exchange for a lump sum payment below market value or ongoing fees. 

Until your death or admission into long-term care, you may continue to reside in the home without paying any rent.

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.

The Process of Equity Release

The first step in the Runcorn equity release procedure is to consult a professional adviser. Your needs will be discussed, the equity release options explained, and a suggestion made by the adviser. 

An impartial solicitor will then explain the legal aspects of the equity release agreement. The adviser will apply to an equity release provider once you move forward. The value of the property is then determined through a property survey. 

The provider will submit a formal offer outlining the loan amount, interest rates, and any penalties for early repayment based on the study. After approval, the lawyer completes the legal work, and the provider releases the money.

Equity Release in Runcorn

Best Equity Release Interest Rates as of 24 February 2024

The table below shows you some of the best equity release rates, as of 24 February 2024, for lifetime mortgages from some of the leading equity release providers in the UK. 

Provider NameProduct NameInterest RateType of productOffers
Standard LifeHorizon 200 Drawdown5.26%FixedFree Valuation
Standard LifeHorizon 200 Drawdown Fee Free5.31%FixedFree Valuation
No application fee
More2LifeCapital Choice Ultra Lite Drawdown 15.46%FixedFree Valuation
No application fee
LV=Drawdown Lifestyle DD15.58%FixedFree Valuation
No application fee
Scottish WidowsFR15.60%FixedCashback
Free Valuation
No application fee
Standard LifeHorizon 280 Drawdown5.60%FixedFree Valuation
Legal & GeneralInterest Roll-Up 15.61%FixedFree Valuation
Legal & GeneralOptional Payment 15.61%FixedFree Valuation
LV=Drawdown Lifestyle DD25.63%FixedFree Valuation
No application fee
Legal & GeneralInterest Roll-Up 1 (no fee)5.65%FixedFree 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.

Eligibility Criteria for Equity Release

Being 55 or older, owning a home in the UK, and using that home as your primary residence are requirements for Runcorn equity release. 

Nevertheless, depending on the specific equity release product, some providers may set a higher minimum age requirement and other requirements.

Risks and Benefits of Equity Release

Equity release has many advantages, including accessing tax-free money, no monthly payments, and home ownership. It’s crucial to comprehend the potential risks, though. 

You might experience a decline in your estate value, a change in your tax situation, or need more equity remaining for future needs.

Legal Aspects of Equity Release

Equity release’s legal ramifications need to be carefully considered. Understanding the terms and conditions of the equity release plan requires independent legal counsel. 

The lawyer will outline the requirements and ensure no negative equity guarantee exists.

Comparing Equity Release Providers

Compare equity release providers by considering interest rates, loan amounts, and option flexibility. Additionally, confirm whether the service provider is a part of the Equity Release Council, which offers certain guarantees.

Impact of Equity Release on Inheritance

Equity release can lower the value of your estate and any potential inheritance. Some products, however, provide features that preserve a portion of the historical importance of your property. 

You should consult a professional and talk to your family about your plans.

Exploring the Financial Implications

Your financial situation may be significantly impacted by equity release. While the tax-free lump sum or recurring payments may be able to supplement your income, it’s essential to consider the long-term effects. 

For instance, the interest rates related to equity release may accrue, raising your overall debt. Additionally, while it’s not required, making monthly payments on the equity release loan can help you keep your debt under control. 

However, early repayment fees might be assessed if you repay the loan earlier than expected. 

Last, it’s critical to understand that taking equity out of your home may impact your tax situation and eligibility for state benefits. To better understand these implications, it is advised to consult financial advisers.

Securing Legal Protection

Before signing an equity release agreement, it is essential to seek independent legal counsel. A lawyer can help you navigate the legal ramifications and ensure your rights are protected, and the contract terms are reasonable. 

They will assist you in comprehending the conditions surrounding repayment and the associated legal fees. Additionally, the no negative equity guarantee will protect you if you join an equity release scheme through a provider member of the Equity Release Council. 

This means that even if housing prices decline, your debt will not exceed the value of your home.

Last but not least, contact the Financial Ombudsman Service if you’re unhappy with the service. They can support you and settle any disputes you have with the provider.

Considering Property Specifics

The type of property and market value may impact the equity release procedure. The more money you can release, the higher the property value. However, keep in mind that your house will secure the loan and that if the conditions of the contract aren’t met, your home may be taken back. 

If you still owe money on your mortgage or other secured loans secured by your property, there may be better options than equity release. In such circumstances, it might be necessary to use the money released to pay off any existing loans or mortgages.

Finally, remember that the equity release provider must concur that the new property is a suitable security for the loan if you want to move to a new residence.

About Runcorn

The county of Cheshire includes the vibrant industrial town of Runcorn in northwest England. The city is located on the southern banks of the River Mersey and is known for its rich history and diverse culture. 

Runcorn is an important transport hub home to the famous Runcorn-Widnes Bridge, which connects the Lancashire and Cheshire counties. 

The residents of Runcorn can connect to the broader UK telecommunications network using the area code 01928 assigned to the town. 

The majority of the postcode areas in the city are WA7, WA6, and portions of WA8. These postcodes are home to a lively neighbourhood that embodies the welcoming nature of the northwest.

Runcorn is notable for its commitment to protecting the environment despite industrial expansion. Runcorn Hill Park and Local Nature Reserve, a green area with picturesque views and a variety of flora and fauna, is located within the town. 

Runcorn has a rich historical past as well. With remnants of Norton Priory Museum and Gardens, Halton Castle, and the Catalyst Science Discovery Centre, the town provides a window into England’s colourful past. 

Runcorn also has a strong economy, with a focus on the chemical manufacturing sector. 

In addition, the town is home to Sci-Tech Daresbury, one of the UK’s top science and innovation campuses, enhancing Runcorn’s reputation as a town that masterfully combines nature, history, and modernity.

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) Halton

2) Widnes

3) Astmoor

4) Brookvale

5) Palacefields

6) Windmill Hill

7) Halton Brook

8) Weston Point

9) Norton

10) Preston Brook

11) Daresbury

12) Murdishaw

13) Beechwood

14) Castlefields

15) Higher Runcorn

16) Lower Runcorn

17) Weston

18) Halton Lea

19) Grange

20) Sutton Weaver

21) Moore

22) Frodsham

23) Helsby

24) Great Sankey

25) Penketh

26) Warrington

27) Appleton

28) Stockton Heath

29) Lymm

30) Thelwall

31) Weaverham

32) Northwich

33) Ellesmere Port

34) Chester

35) Speke

36) Hale

37) Garston

38) Hunts Cross

39) Hough Green

40) Ditton.

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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