Equity release refers to a number of products and schemes that allow homeowners over 55 to extract a tax-free lump sum amount by releasing equity tied up in their property. This can free up money to make renovations, travel, or help family members financially.
With an equity release mortgage, you would not normally be required to make any repayments and, provided you comply with the mortgage conditions, you will be allowed to live in the property for life.
Until the equity release mortgage is repaid, interest will be accruing. This means that the amount that eventually needs to be repaid could be far in excess of the sum originally borrowed. It is therefore important to discuss the equity release with your beneficiaries.
If you are considering an equity release mortgage, you will need to take specialist advice from a mortgage broker who deals with these products.
Whatever you are considering equity for, once you have chosen the best product for you, our expert solicitors will ensure that you are fully informed and that the process goes smoothly.
Meet the residential conveyancing team, headed by Emma Liddle, who will be acting on your behalf here or call 0191 281 6151 to speak to a member of the team.
For trusted advice on any residential property matter, contact:
We would like to thank you for the hard work, attention to detail and professionalism in all our dealings during the sale and on the back of that I will be very happy to continue to recommend Mincoffs so please accept this big pat on the back from us!
We have only recently completed the sale and purchase of our properties and I have to say Emma Liddle was outstanding. She is efficient, polite and professional with the added quality of having empathy with her customers. Emma always go that extra mile. I cannot praise her and Mincoffs enough for their customer service and expertise. A service I doubt you will get anywhere else.
