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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Once you have withdrawn equity from your property, it’s entirely up to you what you spend the money on.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.
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. For additional mortgage advice in Derby regarding equity release in Derby, it is worth seeking the advice of someone who is a specialist in this mortgage area, like ourselves.
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.
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The fee is up to 1% but a typical fee is £995.
You should always think carefully before securing a loan against your property.
A lifetime mortgage will reduce the value of your estate and may affect your entitlement to means tested benefits.
Clearing existing mortgage with a lifetime mortgage may result in higher cost of borrowing.
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Very fast and helpful
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Warren
Myself and brother Wayne really appreciate your patience with us as first timers can be ambiguous
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Very good and very effective. Easy to understand and communication was second to none
5 months ago
Anonymous
Really good service till the end, making sure everything was finalised smoothly. Will definitely use again when needed.
1 year ago
Anonymous
DIna was my mortgage broker and was so friendly and non-judgemental of my circs. I was wanting to buy an ex out the property and pay off some debt - she got me an offer within days. I had used free mortgage advice companies who hasn’t managed...
1 year ago
Liz
I dealt with Dinah who is the friendliest non-judgemental advisor I have ever dealt with . My case wasn’t that straight forward, but within days I had an offer. I have used well known free advice companies before, but didn’t get anywhere with...
1 year ago
Anonymous
They were quick to respond and maintained great communication throughout the process. Emails were answered promptly, making the entire experience smooth and stress-free. Highly recommended for anyone seeking a reliable and responsive mortgage broker!
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Donna
Amazing service would highly recommend A+++
1 year ago
Anonymous
Quite helpful and fast in dealing with the proceedings of the mortgage application.
1 year ago
Arron
Good recommendation for 1st time buyers. Made whole process easy and straightforward.
2 years ago
Kudakwashe
Very good 👍
2 years ago
Sarah
I can’t believe the service we have had and we can’t recommend them enough, Matt and the team are amazing. We have had several mortgage offers through them but the houses we have bought have fallen through but nothing has been too much trouble...
2 years ago
Carol
Friendly efficient service, took their time to explain the procedure etc, I would definitely recommend them.
1 week ago
Joshua
Leo is always a pleasure to talk to. Very friendly and knowledgeable, and allows us to ask questions, no matter if we’ve asked before orbits really obvious
1 month ago
Adam
Thank you to Wayne and the team at UK Moneyman, Derby. We were first time buyers, both with adverse credit history and one with sporadic income from agency work. I was finding the whole process of applying for mortgages to be quite stressful and...
2 years ago
Arran
The team over at Derbymoneyman have been incredibly helpful in helping me understand the process of buying a house. A friendly and welcoming team who do all they can to help. Definitely recommended, you feel like the team is invested in helping you.
2 years ago
Gurjeet
Really helpful and clear.
9 months ago
Gemma
From first discussions with Tom to being passed over to Lyndsey, the whole process was easy and seamless. Everyone I have dealt with at Moneyman have been really helpful and friendly, which has helped take the stress out of applying for a...
10 months ago
Matthew
Jenny has been extremely helpful throughout the process and resolved any issues quickly. Thanks!
11 months ago
Susan
Very good service over the moon Wayne and Megan no there stuff
1 year ago
When you schedule a complimentary initial consultation with our team of life insurance experts at Derbymoneyman, we prioritise understanding your specific aspirations and strategies regarding your inheritance.
While equity release and lifetime mortgages are viable options, we consider them as last-resort alternatives. Our philosophy is rooted in exploring potential alternatives that may better suit your unique circumstances.
Recognising the significance of later life mortgages, we encourage you to involve your family or other trusted individuals in our discussions. Their input can provide valuable insights and contribute to well-informed decisions.
Whether equity release is deemed suitable or not, our knowledgeable later life mortgage advisors in Derby will guide you towards the appropriate resources and services that align with your plans.
Every customer can benefit from a free initial 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 initial mortgage appointment today.
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 most suitable deal that is available to you and your personal and financial circumstances. If your most suitable option is to remain on the same product or stick to how you are, your advisor will tell you so.
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.
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Derbymoneyman is a trading name of UKMM Limited, which is an appointed representative of Mortgage Advice Bureau (Derby) Limited, who are authorised and regulated by the Financial Conduct Authority.
UKMM Limited is Registered in England, No. 16541342 | Registered Address: Capital House, Pride Place, Pride Park, Derby, England, DE24 8QR.
© Derbymoneyman 2025.
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Derbymoneyman is a trading name of UKMM Limited, which is an appointed representative of Mortgage Advice Bureau (Derby) Limited, who are authorised and regulated by the Financial Conduct Authority.
UKMM Limited is Registered in England, No. 16541342 | Registered Address: Capital House, Pride Place, Pride Park, Derby, England, DE24 8QR.
© Derbymoneyman 2025.
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