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Equity Release Brokers in Loughborough

Equity release will reduce the value of your estate and can affect your eligibility for means tested benefits.
Retired Couple

What Is Equity Release?

An equity release scheme allows those who are aged 55 and over to withdraw some of the equity in their home without having to sell and move house—something which can be a significant upheaval, especially in later life.

With this scheme, there are no rules about how any money released from your property should be spent. This means that the lump sum can be used for anything from helping a child buy their first home and home improvements to consolidating debts or taking that dream cruise you’ve been planning.

As experienced equity release brokers in Loughborough, Derngate Wealth are here to answer all your questions and help match you with a plan that works for you. Give us a call or fill out your details in our contact form to arrange your free initial consultation.

How Does an Equity Release Scheme Work?

A Lifetime Mortgage allows you to unlock the money tied up in your home and can help make your retirement more comfortable and enjoyable. There are several Lifetime Mortgage products on the market, including fixed rate for life, tracker rate for life and protected equity schemes available from a range of lenders.

Plans Include Four Guarantees:

  • The right to continue living in the mortgaged property.
  • Avoiding the risk of negative equity.
  • With a no negative equity guarantee, the amount to be repaid upon your death will never be greater than the value of your property.
  • There will never be a debt left to the beneficiaries of the estate.

If you (and your partner) are aged 55 or over, and you own your own home, you could be eligible for this scheme. The lump sum you can release will depend on your age and the value of your property. Age limits and minimum property values will vary between lenders.

Taking one out will have a major impact on the value of your estate, so you may want to discuss the matter with your family before going ahead, but it is ultimately your decision.

This type of mortgage is a lifetime commitment and needs to be carefully considered. It should not be used to get cash in the short term, and it’s worth noting that, should you repay the loan early, you may have to pay a large early repayment charge. It might also affect your tax benefits.

That’s why it’s essential and a legal requirement to take financial advice before proceeding with an equity release plan.

Contact us our exert equity release brokers in Loughborough to discuss the considerations and implications of this type of mortgage.

Why Choose Us?

Finding the right mortgage can be like finding a needle in a haystack. This is not like regular residential mortgages – they come with their own set of terms and conditions. We can talk you through how the scheme works and help you decide whether it’s right for you. Always taking your personal best interests into account, we’ll make sure you fully understand what’s involved and find a loan that works for you and your financial interests.

Our service goes further than simply offering jargon-free mortgage advice. We also find the right product for you, calculate your affordability and help you fill out the application.

In essence, our equity release brokers can save you time and hassle. Contact us today to get started.

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Mortgage Advice

Your mortgage is probably the largest financial transaction you are likely to make. As mortgage brokers Loughborough, we will guide you and ensure you select the product suited perfectly to your circumstances.
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12 Years of

Gary Fowkes comes with over 12 years of mortgage advice and protection experience, meaning you will be in good hands throughout the entire process and get the tailored advice you need, when you need it, from an expert.

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Free No
Obligation Quotes

We offer no obligation mortgage quotes. Give us a call or complete the call back form and one of our team will call back shortly. For the most suitable mortgage quote, we would need discuss your circumstances in more detail.

What Our Customers Think

  • Can’t thank you enough Gary for all of your hard work with the remortgage, I always knew you would pull it out of the bag

    Rachel Shiel
  • I would like to take this opportunity to thank you for everything especially the mortgage application process and the time you spent explaining things to me well from day one of the process. My wife and I would like to thanks you once again for your good work..

    Michael Abankwah
  • I was extremely happy with the service provided by Gary Fowkes. Thank You very much.

    Lavinia Pinto Banerji
  • Gary is a great mortgage adviser, he is very efficient with his work and showed a great understanding with me and my requirements I would highly recommend Gary to friends and family as I believe Gary is great at what he does. I am looking to use Gary’s services once again in the future and believe Gary is a definitely a credit to Derngate Wealth.

    Omar Sattar

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Frequently Asked Questions

Do I need a mortgage advisor for equity release?

Yes – it’s imperative that you get financial advice from a qualified mortgage expert.

Will equity release affect my benefits?

Money received from this scheme can affect your entitlement to means-tested benefits. We can advise on whether you would be affected.

Can equity release be paid back?

Yes – all plans need to be paid back upon the death of the borrower or when you enter into long-term care. You can also pay back your loan early, but this will often require you to pay an early repayment fee.

Can equity release pay off a mortgage?

Yes – it can be used to pay off an existing mortgage. Our expert mortgage brokers can help you budget accordingly.

We do not charge for the initial consultation, but there may be an administration fee payable when an application is submitted, this fee is usually £1000, and we are also paid commission from the lender.