How does equity release in Manchester work?
If you are aged 55 or over, happen to be a homeowner (with or without a mortgage) and your property is worth at least £70,000, you may be eligible for taking out an equity release plan.
Having an equity release plan in place will grant you the chance to release a selected amount of the value of your home, either as a lump sum that is tax-free, or via a series of much smaller sums, that you can take out during a specified period of time.
As a company, Manchestermoneyman specialise in providing a complete service with mortgage advice in Manchester, brought to you by open & honest, professional later life mortgage advisors in Manchester.
This service is backed up by a hard working team of dedicated case managers, ensuring that your equity release plan is effectively and accurately put in place, keeping you informed all throughout.
Your trusted and experienced later life mortgage advisor in Manchester will review your current circumstances in-depth, as well as your past experiences and what it is you would like to achieve as time progresses. This gives your advisor an indicator as to whether equity release in Manchester, or an perhaps something else, is the appropriate next step for you to take.
If an equity release plan is indeed the best route for you to take, it also allows your later life mortgage advisor in Manchester to find the most suitable product that benefits you now and also further down the line, in the future, from the whole of the market.
You will find that there are two main types of equity release available in Manchester – the lifetime mortgage, available to homeowners who are aged 55 and over, as well as the home reversion plan* (which will involve selling all or a portion of your home).
*Both types of equity release plans, lifetime mortgages and home reversion plans, are regulated by the Financial Conduct Authority.
Lifetime Mortgages in Manchester
Whether you are looking to raise the funds to help out any of your kids or grandchildren, pay off an existing mortgage that you have or any other debts you have in your name, make much needed home improvements or alterations, or make a boost to your income to cope with the increased cost of living, our team of fast and friendly later life mortgage advisors are here to help you reach success in your aims.
A lifetime mortgage in Manchester will allow eligible homeowners the choice to release tax-free money from the value of their own home. You get to retain complete ownership of your home and you will be able to stay there for the rest of your life.
As a general rule of thumb, the loan amount of a lifetime mortgage in Manchester will be repaid from the sale of your home either once you are dead or have moved into long-term, permanent care (with two borrowers this will apply to the surviving borrower).
In more recent memory, lifetime mortgages in Manchester are much more flexible than they were, with customers now having the options to make voluntary payments, monthly interest payments and the ability to port your mortgage to another property, should you decide to move home at any point in the future.
For any further mortgage advice in Manchester regarding lifetime mortgages, later life lending or equity release in Manchester, it is worth seeking expert mortgage advice from someone who is a specialist in this mortgage field, such as Manchestermoneyman.
Book your free mortgage appointment and speak with a mortgage broker in Manchester, where you will benefit from an in-depth discussion with one of our later life mortgage advisors. They will happily take a look at your options for releasing equity in Manchester and advise on the most suitable route for you to take.
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.
We search 1000s of mortgage deals across a large number of lenders, including:
- Popular Options
- How We Can Help?
The Process of Equity Release in Manchester
If you are looking at the different options for taking out an equity release plan and are looking to see if it’s the appropriate next path for you to take, then it is imperative to be aware of all of the different alternatives you could have available to you, the positives and the negatives.
Book your free later life mortgage appointment using our handy online booking form and a trusted later life mortgage advisor in Manchester will take a look at the options that may be available to you.
They will help you to better understand the necessary steps that are ahead of you, what options you have and the impact that a lifetime mortgage might have on state benefits, tax and the equity that is left in your home, over a length of time.
We like to actively encourage our customers to keep their family members involved in their process, or another trusted individual if they can, so that you have someone there to support you and be there with you at all your appointments with a later life mortgage advisor.
In addition to your later life mortgage advice service, our dedicated and hard working team are also more than happy to work with any financial advisors, accountants or solicitors that are going to be involved in the process of your financial planning decisions.
If it is done correctly, equity release in Manchester should hopefully have zero effect on your tax position or any benefits that you have. That being said, everyone’s situation is different and a later life mortgage advisor in Manchester will need to have a more complete overview of your situation in order to accurately provide you with open & honest later life mortgage advice.
It is important that you take on the services of a later life mortgage advisor you are able to trust and share your details with. As a company, we wholeheartedly believe that we excel in this field, something which is reflected in our amazing genuine customer reviews.
Once you and your designated later life mortgage advisor have identified the appropriate plan to take out, they will present you with a mortgage illustration and a written recommendation, detailing the information you have provided us with and why that particular plan has been recommended to you by us.
You fast & friendly later life mortgage advisor in Manchester will then review their mortgage recommendation with you, before they go on to submit an application to the mortgage lender.
We have an incredible team of experienced case managers who, working alongside your later life advisor in Manchester, will manage your entire equity release process all the way through until it completes. They will ensure you are kept informed across every stage of your mortgage journey, as well as being readily available to speak with if you need someone.
We provide all initial advice for free and with absolutely no obligation or pressure to go ahead. Only if you go ahead and your case completed, do we charge you an advice fee.
Things to Consider with Equity Release in Manchester
If you end up with a lifetime mortgage in Manchester, in your name, you must repay any existing mortgages or loans that you already have secured against your home.
Any interest that has built up over time, along with the amount released, must be repaid either once you die or move into long-term care.
Taking out a lifetime mortgage in Manchester will lower the amount of equity that is available inside your home. This means that if you have any plans to leave an inheritance or use some for the payment of care fees in later life, if that ever becomes necessary, there will be less for you to draw from.
Why should I use Manchestermoneyman for my Lifetime Mortgage?
As a reputable and trusted mortgage broker in Manchester, we have been helping our customers to achieve the mortgage goals they have their hearts set on for over two decades.
Our open & honest mortgage advisors in Manchester have the same level of passion and dedication that they have helping people with standard residential mortgages, in presenting whole of market lifetime mortgage advice in Manchester for our older and truly valued customers.
We always do everything that we can to help you clear every mortgage hurdle in your way, no matter the complexity of said hurdle! Here at Manchestermoneyman, we love to be challenged and will always put you first, with your best interests at heart.
Your family is always encouraged to be a part of the lifetime mortgage advice process and we will always accommodate the various needs and situations our customers are in, if we are able to do so.
Once you have spoken to someone in your free equity release and lifetime mortgage advice appointment, your dedicated and affable mortgage advisor will look for the perfect lifetime mortgage deal in Manchester, that applies to your current situation, as well as how you feel your future circumstances may change.
We will be there to support you from the beginning of your process, all the way until the end. With our ever present guidance and support, we will work through your mortgage experience together as a team, reducing your stress in any way we can.
4.97 Rating407 Reviews
Emma
A fantastic company and great staff, Leo is always only a phone call away and keeps me in the loop with everything. He really goes out of his way to get the best offers and talks me through all the processes clearly and kindly. As a first time buyer...
3 weeks ago
Louise
From start to finish the whole process went very smoothly and Chris who I dealt with was very helpful and explained things through really well! I would definitely recommend them to my friends and family
3 weeks ago
Lydia
I’m 💯 going to recommend these guys. Chris was extremely lovely to deal with. No stress. They had me prepare all my documents before it was sent over to the vendor, my mortgage offer was accepted in less than a week. Nice one guys
3 weeks ago
Louise
Leo and Lyndsey have been incredibly helpful and informative from the very first conversation with each of them. They are always on hand and readily available whenever needed. UK Moneyman made this process so quick and simple! Huge thank you to both...
1 month ago
Christopher
Friendly, professional & very easy to deal with. Definitely recommend
1 month ago
Anonymous
As first time buyers this was The first mortgage broker I came across online. I was intending on finding more brokers to see what information I could acquire when buying a home. After the first consultation with Chris, I decided to use UKMoneyMan as...
1 month ago
Matthew
Charlie has been a massive help with the process! We basically knew next to nothing about buying a house, but Charlie answered all of our questions & helped us out massively!
2 months ago
Tom
Had spoken with Wayne after he helped my brother through the house buying and mortgage process a year or two earlier. He couldn't have been more helpful over the year or so it took me to find a property as I fought to find something against rising...
3 months ago
Kristofer
The team have been very helpful and great with communication. Would highly recommend.
3 months ago
Joseph
Manchestermoneyman have been fantastic throughout my mortgage process, both Malcolm for calmly and professionally walking me through my options at a difficult time, and Paula for being warm and communicative during the process. I would definitely...
3 months ago
Krist
Perfect service and cannot fault anything, Chris and Meghan have been top class on my application and have recommended to my family & friends!
4 months ago
Anonymous
Money man was super helpful, always replies and keeps you in the loop of the process. The staff are really nice and genuine not overly business oriented and pushy to go through them for everything.
4 months ago
Carol
I was assisted by Chris Thompson and Lyndsey Smith with a buy to let mortgage and residential mortgage. Both Chris and Lyndsey were absolutely brilliant. They researched the market thoroughly to get the best deals, acted swiftly to beat interest...
4 months ago
Kiranjeet
Highly recommend using Manchester moneyman, we used them to broker our mortgage 2 years ago and they proactively made contact well in advance of the fixed term coming to an end and secured us a new rate that we’re really happy with.
4 months ago
Natasha
UK Moneyman has been fantastic from day one, always communicating updates on progress. They have made it less stressful.
5 months ago
Jack
Very helpful staff, nothings too much to ask, great for first time buyers as they explain everything and ensure you understand everything
5 months ago
Cameron
We had an amazing experience with UK Moneyman! Our mortgage advisor Matt was very helpful and did a great job advising and finding us the best products. Matt and Lyndsey are a good team, friendly and professional. We highly recommend them to...
5 months ago
Kirsty
Chris and Debbie have been great in helping us find three mortgage deals now after our first 2 attempts at house purchases fell through. Always sympathetic and informative. Talking us through multiple options available to us. Explaining the process...
6 months ago
Toby
Many Thanks to Jason and Debbie for securing my mortgage. Would definitely recommend!
6 months ago
Mark
Daniel has always been very helpful. Always nice to talk to and explains everything so we understood every part of the process.
6 months ago
Handy quick links
Handy quick links
Malcolm's
mortgage guides
