John Lawson
Norwich Equity Release
I think you’ll agree with me when I say:
It’s REALLY hard to choose the best equity release in Norwich with all the choices available.
Or is it?
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About the Providers in Norwich We Compare​
- Helped more than 1 million people with equity release.
- Organised over 1 in 3 plans approved by the Equity Release Council.
Norwich Equity Release
Norwich is a city in England’s Norfolk County. Northeast of the centre, medieval Norwich Cathedral is a Romanesque building with ornate cloisters. Two imposing gates, St. Ethelbert’s and Erpingham, lead to the Tombland area, once a Saxon marketplace. Nearby, the Museum of Norwich at the Bridewell traces local history, including a re-created old pharmacy and exhibits on the textile industry.
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It is vital to notice that this is a way of releasing the wealth tied up in your property without the need to relocate. With this, if you are over of 55 years old, you can either borrow against the value of your resources or a fraction of it for a routine income every month, the whole value or the facility to get at equity as and when you like or a combination of these alternatives.
Things you need to know about What Is Equity Release?
Bristol Equity Release – get a free Equity Release Quote and contact with an adviser to find the best deal.
Use the UK’s Best Equity Release Calculator to see how cash you could release from your home.
Although there are many different scheme available, they can all be split into four major categories.
Lifetime Mortgages
You unbind a lump-sum from the value of your funds, by taking out a mortgage secured on your house (provided it is your primary residence) whilst retaining 100% possession of your home. This total, plus any interest accrued, (you can opt to make repayments) is paid back from the sale of your resources when you pass away or move into long-term care.
Read Our In-Depth Article » What is a Lifetime Mortgage?
Drawdown Lifetime Mortgage
This works similar to Lifetime Mortgages but with a regular cash reserve/draw down alternative, allows you to withdraw at a frequency you like up to a specified number of years, or until the fund has been used up.
Check our cheapest Drawdown Lifetime Mortgage Scheme complete guide for more information..
Interest-Only Lifetime Mortgage
You get a lump sum and clear off a scheduled interest on the loan, which can be fixed or variable, rather than allowing the interests to roll up. The money you originally borrowed is normally repaid when your home is eventually taken.
How does an Interest-Only Lifetime Mortgage work?
Home Reversion Plan
Here, you sell some or all of your resources to a home reversion provider in exchange for a lump sum of money whilst keeping the right to keep on residing in your home, rent without charge, for as far as you live, but you have to agree to preserve and insure it. At the end of the plan your asset is sold and the proceeds are shared according to the proportions of ownership.
Find the best Home Reversion Plan.
Learn more about the top and cheapest Equity Release Schemes Types.
With this scheme, you are exempted to use the money on almost anything you like. There are many reasons for unleashing equity from your home and here are just a few of them:
- To supplement your pension income to cover expenses
- To settle a repayment mortgage or clear the balance on an interest only mortgage
- To improve your lifestyle
- To see your family enjoy their inheritance while you’re still here
- To carry out some home improvements
- To take that holiday of a lifetime
- To help your children onto the property ladder
- To pay off other outstanding debt and lower your monthly outgoings.
Bristol – get a quotation and discuss with an adviser to learn more.
Or review the Best UK Equity Release Companies in 2019.
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Find the best deal with our useful equity release location directory.
Note that these plans are not right for everyone and it is vital that you fully consider your options and receive independent financial advice before making a decision. It is also essential that, if you do decide to use a equity release service, you pick one that meets your needs.
Remember that taking a plan is generally a long term option. However, there are flexible plans available that may fit your varying needs and some will allow you to repay in the future without any penalties. A financial adviser can help you to pick the plans that is right for you.
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PS – If you’re anything like us, you just skipped to the end anyway.
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John Lawson
John advises business, individuals, and organisations on pension planning. As you’ve probably realised by now, we’re invested in helping people like yourself understand a little bit more about how equity release options work.