Popular Options For Equity Release in Doncaster
As earlier on, there are a various reasons why somebody may prefer the option of a Lifetime Mortgage for Equity Release in Doncaster. We hear of these options regularly. Constant occurrences tend to be:
- To Repay a Mortgage
- For paying off Unsecured Debts
- To pay for any Home Improvements, Modifications or Alterations
- Any Additional Purchases
Equity Release to Pay Off an Existing Mortgage
You may still have the option of taking out a lifetime mortgage and using the equity from your property to pay off the remaining balance of a mortgage, even if your mortgage term is still ongoing. Please remember though, that your affordability may be affected by the fact that on a technicality, you still already have a large financial commitment to pay for. This could limit the amount a lender will let you borrow.
Equity Release to Pay Off Unsecured Debts
As a homeowner, an example of a secured debt would be your mortgage repayment, with the asset it’s secured against is your home. Unsecured debts include personal loans, and they don’t have the luxury of being secured against any assets. For any credit problems like this, people often choose Equity Release to cover the costs of these unsecured debts they’ve built up over time.
Equity Release for Home Improvements, Modifications or Alterations
Some homeowners prefer the route of an Equity Release as a means of funding any potential Home Improvements, Modifications or Alterations. On the surface this functions as Remortgaging for the same purpose would, with the one major difference being that a Remortgage to Release Equity will most likely place you on a Repayment Mortgage, whereas regular Equity Release means you will be taking out a Lifetime Mortgage. We typically see that options for this include to fund the costs of creating home offices, conservatories, garden improvements, extensions, new living rooms and kitchens, and a new or extra garage.
Equity Release for Additional Purchases
Once you have released a portion of equity from your property, you are free to spend this money however you want. Whilst some do use it for serious, financial means, others may simply opt to fund some later in life fun. These options usually include things like a new car, a holiday or two abroad, a wedding for yourself or relatives, and literally anything else you could think of spending your money on. With pretty much unlimited potential, the equity in your property is yours to spend however you want to.
If you would like to get started with releasing some equity from your home, Get in Touch and speak to a trusted Mortgage Advisor in Doncaster today.
Speak to a Mortgage Broker in Doncaster Today
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