Equity Release In Yorkshire: Discover Your True Wealth Potential in 2023

First class expertise on flexible lifetime Mortgages, lump sum and drawdown options with equity release advice you can rely on in Yorkshire


We provide a whole of market comparison service for homeowners in Yorkshire.

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We provide a whole of market comparison service for homeowners in Yorkshire.

FCA Authorised Reference 959556

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Table of Contents

Very good
Michael Dilucia
Michael Dilucia
08/07/2023
My equity release application had been rejected 3 times when I was referred to Peter at Later Life. He was extremely thorough, patient, friendly, and knowledgeable. He helped us with every step of the application and explained everything clearly and patiently. We finally succeeded in getting the equity release we wanted. I cannot recommend them highly enough. Their service goes above and beyond. Very happy customers!
Sherry Izadi
Sherry Izadi
08/07/2023
Paul has been a rock throughout the most traumatic time of my life. His patience has been endless as I was clueless about my financial complications after the death of my husband. I recommend his services to anyone out there needing his advice and guidance.
Hazel Franklin
Hazel Franklin
20/10/2022
Paul Murphy was superb in sourcing and arranging my lifetime mortgage and his professionalism was second to none. I would recommend him without reservation.
Tony Holloway
Tony Holloway
31/03/2022
Paul did a first class job helping me secure a great rate for my equity release proposition. I like the idea of equity release but at the right rate Paul was competitive and at the expense of his own commission made it happen. I really felt I was the focus not him. The big firms with the fancy marketing were almost twice as much in terms of all- important compound interest. I highly recommend Paul, he works for you, not 'them'. I also felt safe with the solicitors he recommended, they too sent a first class guy who was a pleasure to work with. Equity release is not cheap, it's vital that people like Paul work for your best interest (pun intended). What price can you place on the latter peace of mind having financial security brings. Highly delighted.
Mike Murray
Mike Murray
31/03/2022
We have used Paul's services twice in just over a year. Initially it was to change provider as better interes rates were available. On the annual review it transpired that no early repayment charges would be levied. Being a Yorkshire man l searched for best rates, providers and advisors and it was back to Paul. I have no loyalty where money is concerned but transparency, knowledge and reliability are paramount. That's exactly what we got. Good service, excellent communication, expedience and saved money. Second time around not even a direct fee to pay for the service. Another provider did come up with an option however their fees were somewhat prohibitive, when l brought this to their attention they offered to slash the fee. Not good practice. So after all the waffle. I have no reservations in recommending Paul's services.
Anthony Grey
Anthony Grey
08/09/2021
We had reservations about Equity Release plans and approached a number of leading companies. Glad we settled with Paul Murphy and Responsible Life. He was patient and personable and guided us through the process. We received a most professional service, never felt under pressure. The plan is now in place. Excellent communications throughout. No hesitation, would highly recommend Paul. Jw.
Jeffrey Wade
Jeffrey Wade
07/01/2021
A truely excellent service from Paul. From the moment we made contact with Paul he provided clear balanced advice supported by any documentation we asked for. We researched the market at the same time, independently, and it was evident Paul was offering a very competitive product that met our needs exactly. Paul’s speed of communication was outstanding, by e mail or phone, and we literally had replies within minutes. An extremely professional and friendly service and we were delighted Paul secured the deal we wanted. We wouldn’t hesitate to recommend Paul’s expertise, advice and resultant product suggestions to anyone considering these financial products. Thank you!!
Priors Bob
Priors Bob
26/12/2020
Brilliant service from this company! Paul was so helpful all through the process and made everything so simple to understand! Thank you Paul, you are a star! Would definitely recommend!
Alice Froggatt
Alice Froggatt
08/11/2019
equity release broker review image
A couple discussing lifetime mortgage examples

Author Paul Murphy-Updated September 2023

If you’re a homeowner over 55, you could enjoy the benefits of equity release in Yorkshire and join 1000’s homeowners who have safely raised tax free wealth to enhance your best years in later life. 

Whether you need a remortgage solution, you’re considering inheritance tax planning, gifting an early inheritance, or simply enjoying the retirement you truly deserve,  your home is also an asset which can be used to transform your retirement.

Increasing numbers of homeowners in Yorkshire are releasing equity to boost their finances with modern, flexible lifetime mortgages which can offer a realistic solution for homeowners in Yorkshire.

If you are also considering how equity release affects inheritance tax, this is an area worth investigating further with our experts at Later Life Finance, as many of our clients have tapped into their wealth as part of a wealth planning strategy. 

According to Zoopla, Yorkshire has some of the highest housing value increases in the six months to May 2023

1. Halifax, Yorkshire and the Humber, 67%

=2. Derby, East Midlands, 65%

=2. Wakefield, Yorkshire and the Humber, 65%

4. Huddersfield, Yorkshire and the Humber, 59%

 
equity release in yorkshire Atlas Fountain at Castle Howard near York

Compare your equity release options with an expert

The next step is speaking with our qualified experts to understand which equity release interest rate, plan and lender suit your specific requirements, such as current and longer-term plans with your home in Yorkshire, which will ensure a suitable solution is found. We have access to the best equity release companies in the UK available to homeowners in Yorkshire. 

In this comprehensive guide, we’ll explore various types of equity release in Yorkshire, the factors that affect how much equity you can release, and the importance of seeking independent advice when navigating the world of equity release. 

Our experts provide equity release across Yorkshire to ensure you find the best solution for your plans, and have access to the best equity release companies, with the lenders offering plans in the top 10 equity release companies in Yorkshire. 

We explain how to settle your existing mortgage with a flexible lifetime mortgage,  and how to manage accrued interest to reduce the impact on the equity in your home. 

So let’s dive in and discover how equity release in Yorkshire could benefit you!

Equity Release in Yorkshire Overview

  • Equity release in Yorkshire provides access to tax free cash from your home, factors such as age, property value, health and lifestyle are taken into account for remortgaging to release equity

  • When sourcing the best later life mortgages in Yorkshire, our equity release mortgage calculators provide lifetime mortgage figures to help you establish the percentages of lending available on these later life mortgages.

  • Compound interest and lifetime mortgage calculators are useful tools for financial planning decisions with releasing equity in Yorkshire. 

  • Lump sum and drawdown solutions compared side by side to find the most cost effective solution. 

  • It is important to understand fees associated with equity release products before committing to one. Independent advice should be sought through qualified advisers. 

  • Later Life Finance provide a lifetime mortgage broker service to ensure you secure the best terms for your requirements if you choose to release equity from your home in Yorkshire. 

Yorkshire Equity Release: How it Works

Equity release plans serve as valuable solutions for raising money from your property in Yorkshire, based on factors including your age and property value. 

There are several types of options available to suit different requirements, each designed to meet specific needs, from lump sum lifetime mortgages to drawdown plans, we compare the whole market. 

Finding the best equity release interest rates, plans and deals is crucial to getting the best outcome for your requirements. 

With Later Life Finance, you can gain a better understanding of your options, ensuring that you make the most informed choice possible.

Types of Equity Release Products in Yorkshire

When considering equity release, it’s important to understand the two main types of products available: lifetime mortgages and home reversion plans. 

Each type of product has its own set of advantages and disadvantages, and understanding these differences can help you make the most informed decision about which product is best suited for your individual circumstances.

It is important to research the different products available and to speak to a qualified financial advisor.

Lifetime Mortgages in Yorkshire

A lifetime mortgage is a loan secured against your property, with the amount borrowed and interest repaid when you die or move into long-term care. This type of equity release product allows you to:

  • Access the value in your home without having to sell it

  • Provide you with additional funds to meet your financial needs

  • Retain ownership of your property

It is important to consider the implications of taking out a lifetime mortgage, as it is a long term mortgage.

Yorkshire equity release view of whitby sunset

Home Reversion Plans in Yorkshire

Home reversion plans, on the other hand, involve:

  • Selling a portion of your property to a provider in exchange for a lump sum or regular income

  • Retaining the right to live in your property

  • No longer owning the portion of the property that has been sold

This can be a suitable option for some homeowners, depending on their individual needs and circumstances.

Yorkshire Equity Release Mortgage calculator

Equity release mortgage calculators provide homeowners with the facility to calculate how much equity you can release via lifetime mortgages in Yorkshire. 

These later life mortgages are more flexible and provide the over 55’s with the facilities to raise tax free cash from the home without any mandatory monthly repayments, but still providing the option of voluntary repayments which can help reduce the effect of compound interest.

Later Life Finance have access to market leading equity release mortgage calculators and research tools which provide figures based on age, health and property value.

How much equity can I release in Yorkshire & what percentage?

If you’re a homeowner aged 55 or over, you may be able to release between 23% and 50% of the value of your home using an equity release plan, such as a lifetime mortgage. We explore the points to consider below.

how long does the equity release process take image

Which equity release solicitors should I use for my lifetime mortgage application?

The best equity release solicitor to select will ideally be a member of the equity release council and experienced in dealing with lifetime mortgage plans. 

Later Life Finance have access to reputable solicitors you can rely on for expert legal services in arranging your lifetime mortgage. 

Book a free discovery call with our Yorkshire equity release experts and compare the whole market

Factors affecting calculations In Yorkshire

When using an equity release calculator, it’s important to consider factors that can affect the amount of money you can release from your home in Yorkshire. These factors include:

  • Your age

  • Property value

  • Health

  • Lifestyle

Equity release lenders offer various different rates and terms, which is why it’s critical to compare your options and understand how these factors can influence the final amount you receive from equity release.

It’s important to take the time to research and compare different equity release lenders to ensure you’re getting the best possible deal.

Accessing a reliable equity release experts in Yorkshire

To find a suitable equity release plan, we work with reputable providers to source the most suitable plan for your requirements. 

By using our calculator, you can get immediate quotes for the cash lump sum you may receive without having to divulge any personal information.

Yorkshire Compound interest calculators

A compound interest calculator is another useful tool when considering equity release, as it helps you estimate the growth of your savings and investments over time. By understanding how compound interest works, you can gain insights into how your savings or investments might perform in the future and make more informed decisions about your financial planning.

Interest compounding calculators, which use the compound interest formula, can help you understand the potential growth of your savings account and investments over time by considering the compounding period when releasing equity from your home in Yorkshire. 

Lifetime mortgage calculator in Yorkshire

A lifetime mortgage calculator is designed to estimate the amount you can borrow through a lifetime mortgage based on your age and property value. By using this type of calculator, you can get an idea of how much money you can potentially release from your home and compare different loan options to see which one best suits your needs.

With a lifetime mortgage calculator, you can easily compare different loan options and determine which one is right for you.

man looking at view considering equity release in yorkshire

Interest only lifetime mortgage calculator

An interest-only lifetime mortgage calculator is another valuable tool that helps estimate the amount you can borrow and the interest payments required. This type of calculator can provide you with an accurate estimation of the amount you can borrow and the monthly payments you’ll need to make, helping you decide if an interest-only lifetime mortgage is the right option for you.

It can also help you understand the potential risks associated with this type of mortgage, such as the risk of foreclosure.

Interest Rates and Equity Release in Yorkshire

Interest rates play a crucial role in the equity release process, as they impact the overall cost of the product and the amount of inheritance left for beneficiaries. Understanding the different rates and how they can affect your equity release product, is essential when making an informed decision about whether to proceed with this type of financial arrangement.

Fixed vs. variable rates

Fixed interest rates remain constant throughout the duration of your loan, providing a predictable repayment plan, whereas variable rates can fluctuate over time based on market conditions. While fixed rates offer more stability and certainty, variable rates can result in either higher or lower payments, depending on the market. Lifetime mortgages offer lifetime fixed rates of interest for long-term stability.

It’s essential to weigh the potential benefits and drawbacks of each type of interest rate when considering an equity release product in Yorkshire.

Looking For An Equity Release Calculator in Yorkshire Without Providing All Your Personal Details?

Later Life Finance Yorkshire equity release logo

Are you looking for equity release figures without providing all your personal information? 

Later Life Finance provide access to a full range of equity release calculators without providing your personal details for releasing cash from your home in Yorkshire

Simply speak to our experts for advice and calculations without having to divulge all your personal information.

Setting aside a percentage of your home value in Yorkshire

One option for safeguarding your inheritance is to ring-fence a percentage of your property’s value, ensuring that your beneficiaries will receive a portion of your estate upon your death. This strategy allows you to access the funds you need through equity release while still providing for your loved ones in the future.

Equity release can be a great way to access the funds you need while still providing for your financial future by partnering with a reputable equity release lender.

Preserving equity for an inheritance is an important consideration when taking out an equity release product. There are several strategies you can employ to ensure that your loved ones receive a portion of your estate, even if you decide to release equity from your property.

In this section, we’ll explore two such strategies: setting aside a percentage of your home’s value and opting for joint lifetime mortgages.

Making voluntary repayments

One option for safeguarding your inheritance is to ring-fence a percentage of your property’s value, ensuring that your beneficiaries will receive a portion of your estate upon your death. This strategy allows you to access the funds you need through equity release while still providing for your loved ones in the future.

Equity release can be a great way to access the funds you need while still providing for your financial future by partnering with a reputable equity release lender in Yorkshire. 

Couple hiking discussing Later Life Finance Yorkshire equity release

The Importance of Independent Advice in Yorkshire

Seeking independent advice is crucial when considering equity release, as it helps you weigh the risks and benefits associated with this type of financial arrangement. In this section, we’ll discuss the importance of finding a qualified adviser and understanding the role of the Equity Release Council, a trade body that promotes high standards and consumer protection in the equity release industry.

The Equity Release Council is a not-for-profit organisation that sets out a code of ethics for equity release in Yorkshire. 

Finding a qualified adviser in Yorkshire

To find a qualified and experienced adviser, our qualified advisers can help you navigate the equity release process and ensure you make the most informed decision possible.

Book a free call back today for up to date market information with expert guidance on all your options. 

Understanding the benefits of the Equity Release Council

The Equity Release Council is a UK-based trade body that represents over 700 companies involved in equity release mortgages. Their primary aim is to uphold high standards and provide consumer protection within the equity release industry.

By following their guidelines and working with a financial adviser who is a member of the Council, you can ensure that you receive the highest level of service and support throughout the equity release process in Yorkshire. 

Additional Costs to Consider

logo for later life finance limited lifetime mortgages wealth and retirement yorkshire and london

In addition to the amount released, it’s important to consider other costs associated with equity release products. These may include adviser fees, solicitor fees, and provider fees.

Understanding these additional expenses can help you make a more informed decision about whether equity release is the right financial solution for you when releasing cash from your home in Yorkshire. 

Yorkshire Equity Release Adviser fees

Financial advisers may charge fees for providing equity release advice, which can vary significantly between lenders. These fees may be charged as a flat fee or a percentage of the equity released.

Be sure to discuss any fees upfront with your adviser so you can budget accordingly and make the most informed decision possible.

Yorkshire Equity Release Solicitor fees

Solicitor fees are charged for providing independent legal advice and ensuring that homeowners understand the equity release contract. These fees can vary depending on the complexity of the case and the amount of work involved.

It’s important to factor in these fees when considering equity release to ensure you have a complete understanding of the associated costs.

Yorkshire Equity Release Provider fees

Provider fees may include valuation fees and fixed fees, which may be added to the sum released with interest charged. These fees can differ between providers and may also include charges for advice, solicitors, surveyors, and lenders.

Be sure to consider these additional costs when evaluating your equity release options in Yorkshire. 

Summary

how much equity can i release from my home

In conclusion, equity release in Yorkshire can be valuable solution in helping you estimate the amount of money you can release from your property, as well as understanding the various factors that can affect calculations. 

By exploring different types of calculators, seeking independent advice, and considering additional costs, you can make a more informed decision about whether equity release is the right financial solution for you. 

Remember, the key to a successful equity release experience is understanding your options and making the best choice for your individual circumstances for releasing equity from your home in Yorkshire. 

Equity release FAQs

The main downside to equity release is the effect of compound interest on the most common type-the lifetime mortgage. However, this interest effect can be avoided or reduced with voluntary repayments. The equity release council included voluntary repayments as a requirement for lenders to meet their strict codes of conduct. The ability to make voluntary, penalty-free partial repayments was made a compulsory feature for all products to meet Equity Release Council standards from March 2022.
Prior to finalising your decision on equity release, it is crucial to seek financial guidance with a qualified equity release adviser. Discussing your plans with an independent equity release adviser will enable you to compare the whole market, and your adviser will identify the most suitable solution to match your specific circumstances. Additionally, should you opt to proceed with equity release, it is essential to obtain legal advice. Your adviser will be able to suggest an independent solicitor who specialises in equity release.
While Martin Lewis does not provide a direct endorsement for equity release, he acknowledges that under specific circumstances, it can be a viable solution to access funds tied up in your home to meet living costs and provide financial security. Where downsizing has been ruled out, for example, Martin Lewis has a balanced view on the concept of equity release and it's benefits to homeowners seeking extra funds in later life, and advises independent advice on equity release is obtained.
Equity release provides you with a cash lump sum or a drawdown facility to take the cash over a longer timeframe. The "catch" with equity release is that the money released from your home, plus interest will need to be repaid when the property is eventually sold. With a Lifetime Mortgage, you will owe the money borrowed plus the loan interest accrued. If you make voluntary repayments to the mortgage this will help reduce the amount of interest repayable on the mortgage, and will help maximise any inheritance your beneficiaries may receive.
It takes between six and eight weeks for an equity release application to complete and to receive your funds. The timescale depends on whether you have a mortgage to repay from the money taken, and whether there are any legal processes which may delay the process, such as moving home or changing the title.
A lasting power of attorney, or LPA is not required to setup an equity release plan. However, having an LPA in place is important to ensure access to further funds from a drawdown plan if you ever lose capacity to make your own decisions, or cannot sign your wishes for physical reasons, such as a stroke. If you have not set up an LPA and it is required, the Court will need to appoint a deputy for you. Planning ahead is prudent to ensure you have arranged such measures in case an LPA is required in the future, and this can save a great deal of stress if and when the time comes to use the LPA.
Equity release funds are tax-free and can be used for anything you wish (providing any existing mortgage is repaid from the funds). Popular uses of equity release funds include repaying mortgages and unsecured debt, home improvements, a cash boost, purchasing second homes, and helping family with a financial gift.
Lifetime mortgages are the most popular form of equity release and provide the flexibility to move home and make voluntary payments, if preferable. Equity release customers unlocked £1.6 billion in property wealth in Q2 of 2022. (Equity release council)
An equity release application should take around eight weeks until you receive your equity release funds. This depends on whether you have an existing mortgage to repay and if any changes to the title are required, which can increase the timescale to arrange.
In July 2023 the lowest Equity Release rate is currently 6.03% (Monthly Equivalent Rate) fixed for life. The highest interest rate in the market is currently 8.64% (Monthly Equivalent Rate).

Equity release calculator FAQS

In 2023 Equity release is based on the value of your home and your age. It's usually between 20% and 60% of your property's value. The maximum equity you can borrow depends on different factors, such as the value of your home, your age and your health. Your adviser will provide detailed figures on this https://later-life-finance.co.uk/uk-equity-release-calculator/how-much-equity-can-i-release
The money you can get is usually between 20% and 60% of your property's value. The maximum equity you can borrow depends on different factors, such as the value of your home, your age and your health. Your adviser will provide detailed figures on this https://later-life-finance.co.uk/uk-equity-release-calculator/how-much-equity-can-i-release
The most common form of equity release is a lifetime mortgage that isn't paid off until the last surviving homeowner has passed away or gone into long term care. You can still move home and pay voluntary payments off the mortgage with most lenders in 2023.
At the end of the first month or year (depending on your plan), the amount of interest charged is added to the original loan. The following month/year, the interest will be 'compounded', which means it's calculated based on the sum of the original loan, plus the interest charged during the first month/year. Your adviser will provide detailed calculations, including any planned repayments you intend to make. https://later-life-finance.co.uk/uk-equity-release-calculator/how-much-equity-can-i-release