Equity Release in Derby

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How does Equity Release in Derby work?

Equity starts building up in your home as soon as your start paying off your mortgage. It is calculated by deducting the amount remaining on your mortgage from the total mortgage amount. 


Equity is essentially just cash. So when you withdraw it from your property, you will receive a lump sum based on the percentage that you took out.


Once you have withdrawn equity from your property, it’s entirely up to you what you spend the money on. As a mortgage broker in Derby, we have seen that some choose to pay off unsecured debts, pay for holidays or gift the money to a family member to use for a deposit to purchase a home.

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Helping You Find the Value in Your Property! 

If you are below the age of 55, you will be able to release equity through a remortgage, however, if you are over 55, it will likely come in the form of a Lifetime Mortgage.


Providing this is your primary residence, you could take out a lifetime mortgage and select a portion of the equity for the future family inheritance.  


With this mortgage, you don’t necessarily have to pay back your monthly repayments, you could just let the interest build up. The loan only becomes repayable if you pass away, move into long-term care or are declared unable to take care of yourself without assistance. 


Things to Remember with Equity Release 

You will have to meet the criteria before being able to release equity from your home. Your age and property value will be the main factors that affect how much you can withdraw from your home.  


If you are looking for further mortgage advice in Derby regarding Equity Release, it is recommended that you speak to a specialist. Our advisors will be more than happy to help if you reach out to our team.


To understand the features and risks, ask for a personalised illustration. Equity Release may come in the form of a lifetime mortgage or home reversion plan.


A lifetime mortgage may impact the value of your estate and it could affect your entitlement to current and future means tested benefits. The loan plus accrued interest will repayable upon death or moving into long term care.


A home reversion plan involves selling all or part of your home to a plan provider in exchange for a tax-free lump sum.

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Popular Options For Equity Release in Derby

You’ll find that people will release equity for all different kinds of reasons. If you do not qualify for a Lifetime Mortgage, you may look at other Equity Release alternatives.

  • To repay a mortgage
  • For paying off unsecured debts
  • To pay for any home improvements, modifications or alterations
  • Any additional purchases

Equity Release to Pay Off a Mortgage

If you do qualify, you could take out a lifetime mortgage and use the equity to pay off the remaining balance of a mortgage. You can sometimes do this even if you have not finished your mortgage term.


Your affordability could be affected due to the fact that you have another large financial commitment in your name. It could limit the amount that you could borrow.

Equity Release to Pay Off Unsecured Debts

Secured debt is something that is secured against an asset, such as your mortgage payment to your property. An unsecured debt example would be a personal loan, as it is not secured against any assets.


If you have unsecured debt in your name, you may want to release equity to cover these costs and pay off the debt.

Equity Release for Home Improvements, Modifications or Alterations

It’s not just debts that you can pay off using the equity from your property in Derby, you may want to use the equity to fund home improvements, modifications or alterations.


This works exactly like remortgaging to another deal, however, you will likely be put on a repayment mortgage. We’ve seen applicants choose this route to fund the costs of creating home offices, conservatories, garden improvements, extensions, new living rooms and kitchens, and a new or additional garage.

Equity Release in Derby for Additional Purchases

You also don’t have to just fund home improvements, modifications or alterations, you may want to spend your money on something different. Purchases could include a new car, a holiday or two, a wedding for yourself or relatives or anything that you want, it’s your money!


If you would like to discuss your Equity Release in Derby options, make sure to contact our mortgage advisors in Derby today.

I have an Equity Release enquiry, can you help?

As an experienced mortgage broker in derby, we have had the opportunity to encounter all different kinds of scenarios over the years. We encourage everyone to ask questions, as our advisors have had over 20 years of experience; they know what they are doing!


We have in-house equity release advisors that will do their best to help you with your mortgage enquiry.

Can you help me Remortgage to Release Equity?

We are not only here to help you with your remortgage to find a better rate, but we are also able to help you remortgage to release equity from your property.

Why should I use Derbymoneyman for my Remortgage?

We are a mortgage broker in Derby with over 20 years of experience in the industry. Malcolm, the actual ‘moneyman’, has worked since 2009 and has helped many applicants achieve their mortgage dreams.


Our amazing mortgage advice service has helped so many gain the keys to their new home. Find out more about how our service has impacted others by reading our 5-star reviews. You may find someone has been in a similar situation to you.


We will always be open and honest with you, every step of the way. Your mortgage advisor in Derby will only recommend the best deal that is available to you and your personal and financial circumstances. If your best option is to remain on the same product or stick to how you are, your advisor will tell you so.


Every customer can benefit from a free mortgage appointment by following our new, simple ‘book online’ service. We can’t wait to hear from you, pick a date and time for your free mortgage appointment today.

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