Why You Should Consider an Equity Release Deal This Year

The number of equity release mortgage deals available in the UK has hugely increased in the past 5 years, with now over 200 options for consumers to choose from. According to The Equity Release Council, those approaching the retirement age released almost £4 billion worth equity in 2018.

This year is going to see the popularity of equity release mortgage deals continue to grow as it meets the demand of more and more consumers. The flexibility of this type of mortgage deal will be a key driver for market growth.

Equity Release

What Are The Benefits of Choosing This Type of Mortgage?

Many homeowners don’t want the inconvenience of moving home to free up their financial assets when they retire. By choosing an equity release deal means you can stay in your property and access the money that you have built over the years of your mortgage term. However, this isn’t the only reason to choose this kind of mortgage deal.

You Want to Give Your Property a Makeover

An equity release deal means you could use the money to make some home improvements to enjoy later in life. A conservatory, kitchen makeover, new bathroom or even a home extension, all of these different home improvements can be made possible by choosing an equity release deal.

Access to Extra Finances When You Retire

Choosing an equity release deal means that when you retire, you can access extra money and can significantly complement your pension income. This means that you can enjoy later life without living on a restricting budget.

You Would Like to Gift Some Money to Your Family

Accessing extra income during your retirement means that you could gift some of the money to your family. An equity release deal means you could pay for your grandchild’s first car or help them pay the deposit on their first home. Additionally, you might want to make a donation to the charity that you are truly fond of.

Different Ways Of Finding The Best Deal

Regularly Look at Interest Rates

Interest rates have a huge influence over how much interest you payback over the term of your mortgage deal. It’s important to always keep a close eye on interest rates when thinking about applying for a mortgage because they can fluctuate at a fast pace. Having an understanding of interest rates can help homeowners decide on what type of mortgage deal to go for.

Do Your Research By Reading

A very simple way of finding out what going on with the mortgage and financial markets is to simply read magazines and newspapers on a daily basis. If you have a commute to work that takes longer than an hour then, why not grab a newspaper to read instead of watching your favourite Netflix series on the train or bus. We recommend The Financial Times and The Independent as they regularly report on mortgage and financial matters.

Look For a Transparent Mortgage Broker

You might find a mortgage broker that you get along with straight away, but it is crucial to speak to a few before making the decision to go with one. A mortgage broker needs to be transparent and somebody who you can trust to get you a mortgage with your best interests at heart. Before you start looking for a mortgage broker make sure that you evaluate your circumstances, your future plans, financial situation and credit report.

At Zing Mortgages we are all about helping our clients find the right mortgage. Our expert team of mortgage brokers in Essex can assist in finding the right mortgage for you. We work all across various locations in Essex; including Benfleet, Canvey, Chelmsford and more.

As an independent mortgage broker who work with HL Partnership, we can offer you impartial and professional advice about your mortgage – so get in touch with us today!

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1st time buyers and they made the whole process really easy from start to finish. Kept us up to date throughout and answered any questions we had strait away. Thank you Zing
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Gary was patient & understanding when dealing with our mortgage. Ellie was brilliant with weekly updates that increased to daily as we neared completion. Can't thank the team at Zing enough, would recommend to anyone.
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Great service from start to finish. Lee was very knowledgable and got us the deal we where looking for. Was kept informed and he was always available, or called us back. Would highly recommend.
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Very nice service I will recommend it to my friends and if I need will use again. Very big thanks for Ian.
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We have used zings services for a number of years now and have always been very happy with there services, although we had a bit of a slow start this time everything was completed well and would recommend them again for the future.
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They chased the solicitors continuously for what was a long tome! They kept me up to date throughout which I really appreciated
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