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Published on : December 18, 2019 09:06

Ask the experts | Q&A with Equity Release Mortgage Expert, Chris Grindey

A bit about me!

Hi! My name is Chris Grindey and I am one of the Financial Advisers here at Edward Mellor.

I am fully qualified to give advice in the areas of Investments, Pensions, Mortgages, Protection and also Lifetime/Equity Release Mortgages. I am currently in my seventh year at Edward Mellor and have a vast knowledge of financial services having worked in the industry for the past fifteen years.

My role is to really get to know you and your needs so that I can find the best route forward to match your circumstances. To help us do this we work through one of the largest financial advice networks, Openwork, which allows us to have one of the best propositions when trying to meet clients’ objectives.

I want to take a holistic view of financial advice so that I can help you out through all stages of your life, from taking out your first mortgage, all the way through to retirement.

When I’m not helping my clients out, I love spending time with my partner and three children, and on the odd occasion try and fit in a cricket game if possible.

What exactly is an equity release mortgage?

Put simply, equity release lets you receive some of the funds you have built up in your property.

The loan will then be repaid from the sale of your home, either when you pass away or move into long-term care.

What are the different types of equity release?

The most popular way to release equity is with a lifetime mortgage.

This allows you to borrow money secured against your home, while still owning it. There are currently a number of different types available to you –

Is everyone eligible for an equity release mortgage?

­­­­­­­­­­­­­­­­­­­­­­­­­­­No, you have to be aged 55 or above, live in your property for at least six months at a time, and your property typically needs to be valued above £70,000.

How much can you release from your property?

­­­­­­­­­­­­­­The amount you can release is dependent on factors such as your age, health and how much of your mortgage has already been paid off.

Does an equity release mortgage work the same as a normal mortgage?

A residential mortgage is based around affordability which means your income is assessed in order to lend you the funds and it will also have an end date.

However, an equity release mortgage is based on certain eligibility criteria and there isn’t an end date as it’s for the duration of your lifetime.

Will I have to pay it off for the rest of my life?

There’s no need to pay monthly installments. The mortgage will usually be repaid from the sale of your home, either when you pass away or move into long-term care.

However, there is the option to make ad-hoc payments or service the interest, which means it won’t be added to the loan.

Could this mean I owe more than the property is worth?

No, absolutely not! All our expert partners are members of the Equity Release Council which have a ‘no negative equity’ guarantee.

This means you’ll never owe more than your home is worth.

Am I still able to leave something for my family/beneficiaries?

Yes, of course. With the Inheritance Guarantee, you can choose to protect a certain percentage of the property value to leave to your loved ones.

However, this will reduce the total amount that you can borrow.

What are the pros and cons?

Are there certain things that you can use the money for once it has been released?

You can use the money on whatever you want! Here are a few ideas to get you started:

  • Add that extension you’ve always wanted
  • Book a holiday of a lifetime
  • Pay off any remaining debts
  • Help a family member get on the property market with a gifted deposit
  • Buy your dream car
  • Pass your inheritance on to family earlier
  • Increase your monthly retirement income

I’m still not sure. Can I come and speak to you about it?

I’d love you to! You can call me on 0161 443 4830 or pop me an email at [email protected] and we can discuss your next steps.



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