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.
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.
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.
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.
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.
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.
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.
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!