Popular Options For Equity Release in Manchester
As mentioned above, there are a many different reasons why somebody may look to proceed with a Lifetime Mortgage for Equity Release in Manchester. Popular options include, but are not limited to:
- 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
You may still be able to take out a lifetime mortgage and use the equity to pay off the remaining balance of a mortgage, even if you have not finished your mortgage term. Bear in mind though, that your affordability may be affected by the fact you still technically already have a large financial commitment to pay for, thus limiting the amount a lender may allow you to borrow.
Equity Release to Pay Off Unsecured Debts
An example of a secured debt would be your mortgage repayment, with it being secured against your an asset (your home in this case). Unsecured debts include personal loans, which works the opposite to the secured debt, as it is not secured against any assets. For issues like this, people often choose Equity Release to cover the costs of any unsecured debts they’ve built up over time.
Equity Release for Home Improvements, Modifications or Alterations
Some homeowners will go with Equity Release for the purpose of Home Improvements, Modifications or Alterations. On the surface this functions the same as Remortgaging for the same purpose, with the only difference being that a Remortgage to Release Equity will most likely place you on a Repayment Mortgage, whereas regular Equity Release means you will be put on a Lifetime Mortgage. Standard paths taken with this include 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 for Additional Purchases
There are many different purchases you may wish to make once you have released a portion of equity from your property. These can typically include things like a new car, a holiday or two abroad, a wedding for yourself or relatives, and literally anything else you could think of spending your money on. With basically unlimited potential, the equity in your property is yours to spend however you see fit.
If you would like to release some equity from your current home, Get in Touch and speak to a trusted Mortgage Advisor in Manchester today.
Speak to a Mortgage Broker in Manchester Today
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