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Equity Release in York

Information Regarding Equity Release & Lifetime Mortgages

How does Equity Release in York work?

The longer that you’ve had a mortgage, the more equity you are likely to have in your home. Did you know that it’s possible to release a percentage of this equity and turn it into a lump sum of cash?


This lump sum can be used for various things. You could use it to pay off an existing mortgage payment, pay off unsecured debts, improve your home or even go on holiday or pay off a car loan. The possibilities are endless; you can spend the money however you want to.

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Lifetime Mortgages

Later life applicants usually choose to Release Equity through a Lifetime Mortgage.


You will have the opportunity to Release Equity through a Lifetime Mortgage, generally when you are coming to the end of your mortgage term. If you choose to take the Lifetime Mortgage route, you’ll get the choice of whether or not you want to dedicate a percentage of your equity for future family inheritance.


After you’ve taken out a Lifetime Mortgage, you will get the choice to pay back the interest on the mortgage or simply let the interest roll up. Paying back the interest on the Lifetime Mortgage will mean that you owe the same amount that you borrowed when you die, meaning that your family will inherit more of the property than if you were to let the interest roll up.


When you choose to leave the interest to roll up, there will be less equity left in the property; should you die or move into long term care the lender will own the house. This may sound like the worse option of the two, however, letting your interest roll up will not cost you anything, you’ll receive your lump sum at the point that you took out the Lifetime Mortgage and will have no more payments to meet.


Whichever option is most beneficial for your personal and financial situation you should choose.

Things to Remember with Equity Release in York

There are various criteria to meet before qualifying for a Lifetime Mortgage. For example, you will have to be living in the property that you are releasing equity from (your main residence) and you will also have to be at least 55 years of age. The amount of equity that you can release on your home will depend on the property’s value and your age.


To gain a further understanding of Equity Release Mortgage Advice in York and to get the process started on your own Lifetime Mortgage, please feel free to contact us.


A trusted member of our Mortgage Broker in York will be able to book you in with a specialist Equity Release Mortgage Advisor in York.


To understand the features and risks, ask for a personalised illustration. Our typical advice fee is up to £1,495 only payable on completion. 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.

We search 1000s of mortgage deals across a large number of lenders, including:

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Popular Options For Equity Release in York

As a Mortgage Broker in York, we’ve seen lots of different reasons why people do Equity Release in York. Here is a list of the most popular reasons that we come across:

  • Paying capital off an interest-only mortgage
  • Paying off unsecured debts
  • To fund home improvements, modifications or alterations
  • Additional purchases

Equity Release in York to Pay Off an Interest-Only Mortgage

Despite not having finished your fixed-mortgage term, you still may be able to take out a Lifetime Mortgage and use the equity that’s been released to pay off the rest of your mortgage.

Equity Release to Pay Off Unsecured Debts

An example of a secured debt would be a mortgage, as the loan is being secured against an asset (your home). An example of unsecured debt would be a personal loan or a credit card, as the debt is not secured against any assets.

Equity Release in York for Home Improvements, Modifications or Alterations

If your house is looking like it needs a bit of work doing on it/needs more space, did you know that you can Release Equity to fund Home Improvements?


People choose to Release Equity for Home Improvements for lots of different reasons, it could be for a home office, conversion, garden improvement, extension, new room or kitchen.

Equity Release for Additional Purchases

Releasing Equity for additional purchases is perfectly fine too. You maybe want the money for purchases such as a new car, a holiday, a wedding, just to mention a couple. You can spend the cash on whatever you want as you are the owner of the property and the equity is yours.


If you have any enquiries regarding Equity Release in York, feel free to get in touch with our team. We have external specialist contacts in the field of Equity Release in York who we will be able to put you in contact with.

I have an Equity Release enquiry, can you help?

We have  an expert Equity Release specialist in our mortgage advice team who will be able to help. They are fully qualified specialist on Equity Release in York and will be able to answer all of your questions.

Can you help me Remortgage to Release Equity?

This is something we will be able to look at for you, yes! We are able to help you with a standard Remortgage enquiry if you have any questions, or are near the end of your fixed period.

Why Should I Use Yorkmoneyman for my Remortgage?

We have been in the industry for over 20 years! We apply a combination of our knowledge and experience to everything we do. From your initial point of contact, we will hold your hand through the whole mortgage process.


We give 110% to the customer. It isn’t just about finding you the most competitive and cheapest mortgage deal, we will try and find you a deal that is perfect for your personal and financial situation. We only want the best for you!


We offer a free no-obligation mortgage consultation in York to every customer, so make sure to take advantage of it!


If you are in the market for fast and friendly Mortgage Advice in York, then you’ve landed at the right place. Yorkmoneyman has helped thousands of customers just like you before, you could be next!


Make sure to have a look at our reviews to see how others have valued their experience with Yorkmoneyman.

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