Equity Release in York

Information Regarding Equity Release & Lifetime Mortgages

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How does equity release in York work?

If you are a homeowner who is over the age of 55, either with or without a mortgage to your name, you may qualify for taking out an equity release plan. Equity release plans will give you the option of release a particular amount of your homes value, into a tax-free lump sum or even as smaller sums that you can take out over a duration of time.


Yorkmoneyman specialises in providing a complete service with mortgage advice in York brought to you by qualified and experienced later life mortgage advisors in York. This is backed up by an hard working and dedicated team of case managers, who will make sure that your plan is put in place as quick as we are able to do so, ensuring you are kept up-to-date all throughout your process.


Your trusted, open & honest later life mortgage advisor in York will take an in depth look at your current circumstances, your past experiences and what it is you are hoping and looking to do in the future. This allows them to identify whether equity release in York, or perhaps a more suitable alternative, is the right option for you.


If this option is appropriate for you to continue with, it also allows your later life mortgage advisor in York to find the best product that matches up with both your current and future situation, from the whole of the market.


There are two main types of equity release in York that customers may be able to utilise – the lifetime mortgage which is available from the age of 55+ and the home reversion plan* (which involves selling all or a portion of your home).


Get a Quote01904 405975


*Both types of equity release plans, lifetime mortgages and home reversion plans, are regulated by the Financial Conduct Authority.

Lifetime Mortgages in York

Whether you are hoping to help out your children or grandchildren by raising money, to repay existing mortgages or other debts you have, carry out home improvements or boost your retirement income to help with things like the increased costs of living, our experienced, friendly advisors will work hard to help you accomplish your plans.


A lifetime mortgage in York gives a homeowner the ability to release tax-free money from the value of their home. You will still retain 100% ownership and you can stay in your home for the remainder of your life.


Typically speaking, a lifetime mortgage in York will be repaid to the provider from the sale of your home after your death or have permanently into care (if there are two borrowers, this will apply to the last survivor).


In recent times, lifetime mortgages in York have become a lot more flexible in how they function, including options for homeowners to make voluntary payments, monthly interest payments and even move their mortgage to another property.


For any additional mortgage advice in York when thinking about equity release in York, it is always worth your time seeking out the advice and support of a trusted specialist in the field, who has experience in helping homeowners like you to release equity.


Book a free later life mortgage appointment with a mortgage broker in York and benefit from speaking with one of our later life mortgage advisors, who will go over all of your options for releasing equity in York.


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 100s of lifetime deals across the whole of the market.

The Process of Equity Release in York

If you believe that an equity release plan might be the right option for you to take, it is important that you make sure you are aware of all the options, alternatives, advantages and disadvantages.


Book a free appointment with Yorkmoneyman today, and one of our trusted later life mortgage advisors will be happy to run through the ins and outs of equity release with you. They will keep jargon at a minimum, helping you to understand equity release in York, what your options are and the effect taking a lifetime mortgage in York may potentially have on state benefits, tax and the remaining equity in your home over a length of time.


We always actively encourage that our clients try to involve family members or other trusted individuals as often as possible, to support you throughout the process of releasing equity and to be present at the meetings we have with you.


Further to this element of our service, we are also more than happy to work alongside any financial advisors when we need to, as well as any accountants or solicitors involved in the financial planning decisions you make.


If it is done the right way, equity release in York should have no impact on your tax position or benefits, though of course everyone’s circumstances are different and a later life mortgage advisor in York will need a complete view of your situation in order for them to provide the best advice.


It is important that you are able to find a later life mortgage advisor in York that you are able to trust and feel comfortable sharing details with. As a company, we strongly believe that we excel at this element of customer service, ensuring our customers feel welcome and comfortable with us. Our genuine reviews are a true reflection of this.


Once we have found the right plan for you, your later life mortgage advisor in York will provide you with a lifetime mortgage illustration and a written recommendation, outlining everything that you have told us, and why that plan has specifically been recommended for you.


You later life mortgage advisor in York will then go through this recommendation with you prior to making a submission of your application to the mortgage lender.


We have a truly brilliant team of experienced case managers who, along with your later life advisor in York, will help to manage your entire lifetime mortgage process up until completion. They will always keep you informed, with dedicated points of contact, should you ever need to speak with us.


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 York

If you do decide to take out a lifetime mortgage in York, any existing mortgages or loans that are secured on your property must be repaid.


Any interest that has accrued must be paid, and the amount released must be repaid upon either death or moving into long term care.


Taking out a lifetime mortgage in York will reduce the amount of equity that is available within your property, should you wish to leave any as an inheritance or for the payment of care fees in later life, should this be something you need to rely on.

Why should I use Yorkmoneyman for my Lifetime Mortgage?

A fast and friendly, open and honest mortgage broker in York, we have been helping a wide variety of customers in achieving their mortgage and home owning dreams for over two decades and counting.


We believe that we are able to bring the same passion and dedication that we have for standard residential mortgages, to providing our older and valued customers with whole of market lifetime mortgage advice in York.


We always work hard so that we can overcome all of the mortgage hurdles that come our way, no matter how complex the situation may be; we love taking on a good challenge! We work for you (the customer), and no matter what, our dedicated team will always have your best interests at heart.


Your family is always encouraged to be part of the lifetime mortgage advice process and we will always accommodate customers different needs and situations is we are able to do so.


Following on from your free equity release and lifetime mortgage advice appointment, we will go on to search the market for the perfect lifetime mortgage deal in York, one that matches your personal and financial situation for this current moment in time, as well as how you expect this to change in the future.


Our team will be on hand to support you throughout the whole process. With our continuous guidance and support, we will work through your mortgage journey together, aiming to reduce as much stress as we are able to for you and your family.

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Common mortgage

As your Mortgage Broker in York, we will start with a Fact Find. During this stage of the process, we will get a better view of your personal and financial situation which will help us when selecting a mortgage deal.

You will then have a credit check performed on you, this step is essential in order to obtain an Agreement in Principle. Once you’ve handed us all of the relevent documentation and a valutation of the property has been completed, a formal mortgage offer can be offered.

Your initial mortgage consultation will take around 30 mins, afterwards, we will try and arrange an Agreement in Principle for you within 24-hours of your consultation. The final step is submitting your application and waiting for a formal mortgage – this can take about three weeks.

As a Mortgage Broker in York, we always recommend trying to have an Agreement in Principle in place prior to viewing properties. An Agreement in Principle could put you in a position that would let you negotiate prices.

Your free initial mortgage consultation will approximately last 30 mins. During the consultation, we will ask you some questions and get a bigger picture of your personal and financial mortgage situation.

After the consultation, your dedicated Mortgage Advisor in York will begin searching for mortgage products, trying to secure you one that’s more competitive than your current rate. Once we find a product for you, it’s up to you whether you want to take the offer or not. If so, we can get the ball rolling and start the mortgage application submission process.

Yes, you can obtain a second mortgage in some cases. Whether it’s for home improvements, debt consolidation, for a Buy to Let or a holiday home, you should know that our Mortgage Advisors in York can help you with this.

When making a deposit on a property, High Street lenders will usually ask for a minimum of a 5% deposit. If you’ve had previous credit problems you may be asked to provide a higher deposit.

You may find it slighter harder to get accepted for a mortgage with previous credit problems, however, it’s not impossible! The difference is that you may be asked to put down a higher deposit than usual, perhaps 10-15% of the property purchase price.

If you manage to submit at least one year’s accounts, you are able to get a mortgage. As a Mortgage Broker in York, we see that a lot of lenders use your salary plus dividend to work out the maximum mortgage amount that you would be able to borrow. We’ve also seen some lenders go off your net profit.

Here are all of the documents that you’ll need to support your mortgage application in York

  • Photographic ID (Driving license, Passport, etc.).
  • Proof of Address (Utility bills, tax bills, credit card statements, etc.).
  • Latest 3 months’ payslips & Latest P60 (employed applicants)
  • Latest 2 years’ tax calculations and corresponding overviews (self-employed applicants)
  • 3 months’ bank statement proving the deposit being built-up with an explanation for any large credits.

Once you obtain an Agreement in Principle, it should last around 30-90 days. This will depend on the lender that you’ve used.

If your Agreement in Principle expires, you can easily renew it by contacting your Mortgage Broker in York or your lender.

We make it so easy!
Our 4 step process

Step 1

A telephone test call where we can take some initial details and find out about your plan of action.

Step 2

Enjoy finding a property!

Step 3

Make an offer on the property you set your heart on – we’ll finalise your figures and help you to get a good deal.

Step 4

Our mortgage recommendation. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.

A telephone call where we can take some initial details and find out about your plan of action.

Enjoy finding a property!

Make an offer on the property you set your heart on – we’ll finalise your figures and help you to get a good deal.

Our mortgage recommendation. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.

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Yorkmoneyman.com & Yorkmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk

The information contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.
Should you have cause to complain and you are not satisfied with our response to your complaint, you may be able to refer it
to the Financial Ombudsman Service, which can be contacted as follows

The Financial Ombudsman Service, Exchange Tower, London, E14 9SR

© 2023 Yorkmoneyman

Yorkmoneyman, York Hub, Popeshead Court Offices, Peter Lane, York, YO1 8SU.

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