Popular Options For Equity Release in Liverpool
As mentioned in the above section, there are a all kinds of reasons why somebody may wish to take out a Lifetime Mortgage for Equity Release. We often find that customers use this for things like:
- Mortgage Repayments
- Paying off Unsecured Debts
- To fund Home Improvements, Modifications or Alterations
- Additional Purchases
Equity Release to Pay Off a Mortgage
You may still be able to take out a lifetime mortgage and use the equity to pay off the remaining balance of a mortgage, even if your term is still ongoing. Your affordability, however, may be affected by the fact you do technically still have a large outgoing to cover the costs of, which may end up limiting the amount a lender may give you.
Equity Release to Pay Off Unsecured Debts
Secured debts generally will include things like a mortgage repayment, with it being secured against a particular asset, which in this case would be your home. Unsecured debts will include things like personal loans, where a debt is not secured against any asset. In times like these, people will often choose Equity Release to cover the costs of any unsecured debts that have built-up.
Equity Release for Home Improvements, Modifications or Alterations
Some people may look at their options of taking out an Equity Release for the purpose of Home Improvements, Modifications or Alterations. This works the same as people who wish to use a Remortgage for also releasing their equity, with the only difference being that a Remortgage to Release Equity will almost certainly place you on a Repayment Mortgage, whereas regular Equity Release will place you on a Lifetime Mortgage. Popular choices for these types of projects include home offices, conservatories, garden improvements, extensions, new living rooms and kitchens, and a new or additional garage next to one you already have.
Equity Release for Additional Purchases
There are various other purchases you want to make once you have released some equity from your property. We regularly hear of these including things like a new car, a holiday or two away, a wedding and literally anything else you can think of. The point here is, the equity in your property is yours to spend on whatever you would like to spend it on.
If you would like to get started on an Equity Release in Liverpool, Get in Touch and speak to a Mortgage Advisor today.
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