Ready to make sense of equity release mortgages in Bayswater, W2?
Are you over the age of 55 and looking for a way to fund a more comfortable and enjoyable retirement in Bayswater, Marylebone, or Paddington? Your home is likely to be your biggest financial asset and equity release products allow you to access some of the value tied up in it, to be used exactly as you wish.
What exactly is equity release? This is the value of your home, minus any outstanding mortgage. Equity release plans, sometimes called over 55 home loans, are a way of accessing this money without having to move from the home that you know and love. The money you release can be used however you want, such as helping friends and family members, for day to day costs, making home improvements, or clearing existing debts.
To qualify for equity release, you must be over the age of 55 and this includes both parties if your property is jointly owned. It is always a huge decision and we are independent, professional, and helpful equity release advisors. There are many different factors to consider and analyse and we can help give you all the information that you may need. We will make sure that you understand all the options available to you, so you can make the right choice.
Our leading equity release advisers have access to the whole of the equity release market, so can research all the available products. We also can offer alternatives to equity release mortgages, such as retirement interest-only mortgages and residential mortgages.
We can book a free consultation to start the process but there is never any obligation to proceed. We welcome involvement from family members and friends. We are FCA-regulated.
Chat to our local equity release company now by calling 020 3840 5011.
Over 55 home loans and why people release equity from their Bayswater properties
More older people are cashing in on rising house prices in Bayswater. Bayswater is considered one of the best places in London to live. Home to many stucco-fronted homes on squares and terraces, with the green spaces of Hyde Park nearby, it is generally more affordable than its nearest neighbours Marylebone and Notting Hill.
For homeowners in Bayswater who wish to learn how much money they could release from their homes, please see our equity release calculator.
According to the property site Rightmove, in 2021 the majority of property sales were flats and made an average of just over £1m. Terraced houses sold for an average of £2.6m with semi-detached properties fetching £3.9m. The average price in the area was £1.2m. Overall prices had grown by 10 per cent from 2020 and were down 2 per cent on the 2019 peak.
To book a consultation with our independent equity release brokers, please call now on 0203 840 5011.
Independent advice about Lifetime Mortgages in Bayswater
Lifetime Mortgages are by far the most common kind of equity release product in Bayswater. The other type of equity release product is known as a Home Reversion Scheme, where you sell all or part of your property at less than its market value in return for a tax-free lump sum or a regular income. You will stay in your home as a tenant, rent-free until you move into care or pass away.
With a Lifetime Mortgage, you will retain full ownership of your home and the fixed interest payments on the loan can be repaid or rolled up. Unlike residential mortgages, therefore, you do not need to regularly make repayments and can allow the interest to accrue until the mortgage and interest are repaid in full. This is normally when the property is sold when you move into long term residential care or die.
There are different types of lifetime mortgages:
- Lump-Sum Lifetime Mortgage: This is a basic form of Lifetime Mortgage where the interest payable is rolled up over the full term. There is nothing to pay for the rest of your life but interest is compounded each year.
- Drawdown Lifetime Mortgage: There is an increasing number of Lifetime Mortgages available where you can take smaller amounts as required. You will only pay interest on the money you have received, so the overall cost can be lower.
- Interest Repayment Lifetime Mortgage: These Lifetime Mortgages allow you to pay off some or all of the interest during the life of the loan.
Read our blog: Is it better to downsize or drawdown?
W2 whole-of-market advice about retirement mortgages
If you are keen to know more about later life mortgages in Bayswater, please talk to our team. Our team is fully qualified to offer advice about all forms of equity release.
The interest of our clients is always at the heart of our work and we will never suggest equity release unless we believe that it is the right thing for you.
For more information on equity release, please see our FAQs.
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Appointments can be arranged in the comfort of your own home with Martin in Bayswater and the surrounding local areas including:-
