Equity release brokers you can trust in Ely, East Cambridgeshire
Trusted Equity Release offers independent and impartial equity release advice in Ely, Littleport, Witchford and Soham, or other parts of Cambridgeshire. We can search from plans across the equity release market to ensure you are getting the right one for you.
Lifetime mortgages in Ely
Our equity release advisers are highly experienced and knowledgeable and are approved by the Equity Release Council (ERC). This means we follow the strict code of conduct set out by the ERC, including only recommended plans with the no-negative equity guarantee.
Equity release is a way for homeowners over the age of 55 to access money tied up in their homes. It may involve a lifetime mortgage or home reversion plan, and we can help you understand the full benefits and implications of both with a personalised plan. Equity release can even be used to pay off an existing mortgage, so you do not need to make monthly repayments. You can also move house as long as the new property meets certain criteria.
Whether you are looking for funds to boost your pension for everyday living costs or you wish to help a family member, all money released via equity release is tax-free. We will always work closely with you to find the right solutions to your needs. We also have access to other financial products, including retirement interest-only mortgages.
As experts in our field, we stay abreast of new products that are being released all the time. In any initial and free-of-charge consultation, we can find out more about your financial position, and what you are hoping to achieve so we can discuss whether equity release is the best way forwards.
We are happy to meet at your home or another convenient location or via video or phone. We are authorised and regulated by the Financial Conduct Authority (FCA), so you can rest assured that you are receiving the best possible service.
Would you like to speak to one of our equity release advisers? Please call now on 01354 688 018.
Releasing equity in Ely - our experts offer impartial advice
Ely is the second smallest city in England and is set on the bank of the River Ouse above the Fens. It is regularly praised for offering one of the best living standards in the UK, with great commuter links, excellent schools, and access to beautiful countryside. It also boasts a stunning gothic-style cathedral that dates back to 1083.
Property site Rightmove states that in 2021 the average property price was over £367,000. Most property sales during the previous year were terraced homes that fetched an average of £305,000, whilst semi-detached houses sold for an average of £363,000. Detached properties sold for an average of £524,000. Overall, prices were up 5 per cent on their 2019 peak.
Lifetime Mortgages: The most common type of equity release in Ely, CB6
Lifetime mortgages allow you to release money by securing a loan against the value of your Ely home. You will retain full ownership of your home, and there are typically no monthly repayments. The loan, plus any interest that rolls up over time is repaid when the plan ends. This will be when you die or move into long-term residential care.
A lifetime mortgage differs from a traditional mortgage in several ways:
- You are in control of repayments, so regular interest repayments are an option with some products rather than a requirement. There are no formal affordability checks as there are with residential mortgages.
- With a no-negative equity guarantee, the mortgage will never be more than your home is worth. You can also ringfence part of your property as an inheritance for your beneficiaries.
- Lifetime mortgage rates are fixed for life, no matter how long you live. This means that even if interest rates rise, your rate is fixed for your lifetime mortgage.
- Some lifetime mortgages have a £€˜drawdown' option, giving you increased flexibility by allowing you to release the money over time as and when you need it. You only start to pay interest on the money you have received.
According to research, lifetime mortgages account for 99 per cent of equity release plans in the UK.
The other type of equity release is a home reversion plan, where you sell part of your home at less than the market value. This can be paid in as a lump sum or regular smaller payments.
Do you have more questions? Please see our FAQs.
Book an equity release consultation with Jeremy. No obligation consultations can be held in the comfort of your own home in any of the following locations:-
- Barraway
- Barway
- Chetisham
- Chettisham
- Coveney
- Downham
- Ely
- Littleport
- Prickwillow
- Stretham
- Stuntney
- Witchford
Why should you speak to equity release advisors in Ely and area?
Equity release is a complex financial product. If you are considering releasing equity in Ely, Littleport, Witchford or Soham areas, you must understand all the features to make a decision that is right for you.
All that matters to our team is finding the right solutions for your needs. Our specialists are independent so we can access all plans across the market.
What can you equity release for?
- Repaying an existing mortgage and paying off existing debts
- Home or garden improvements
- Improving retirement income
- Holidays or holiday homes
- Helping a family member with education fees
To find out more about later-life mortgage lenders or retirement mortgages in Ely, call now
Our equity release brokers in Ely are here to help. Please call 01354 688 018 or 07768 972 861. You can also email us at jeremy@trustedequityrelease.co.uk
Our qualified equity release experts also provide advice about over 55 home loans in March.
