At Bower Home Finance, we have over 18 years of experience helping our customers navigate equity release. We want what’s best for you, which is why our specialist equity release advisers will work with you to help you understand equity release and the implications this may have on your circumstances including eligibility for means tested state benefits.
Lisa Hirst
Adv CeMap, CeRER
0808 175 0392
Colton, East Leeds
Offering whole of market advice, our equity release adviser in Leeds will work with you to find the best product for your circumstances. Whether you’re looking to gift to family or renovate your home, Sheila is ready to help you take the first step in your equity release journey.
Your equity release expert in Leeds
When considering equity release in Leeds, it’s important to consider your options and the impact each product may have on your current circumstances. Whether you’re are looking to raise some funds for a much-needed holiday, or would like to make some home renovations, our specialist advisers will explain your options and answer any questions you or your family might have.
The amount of equity you have in your home is equal to the value of your home minus any debts and mortgages secured against the property. Each equity release product will come with its own lending criteria, including your age, health and property value.
Learn more about how much equity you might be able to release with our free equity release calculator.
What are the types of equity release in Leeds?
There are a few different ways you can release equity from your property including lifetime mortgages, home reversion plans, and retirement interest only mortgages.
When considering equity release, our equity release adviser in Leeds will work closely with you outline the pros and cons of equity release whilst explaining the effect this may have on your circumstances and means-tested state benefits.
Lifetime mortgages
A lifetime mortgage is secured against your home and there are two main types, lump sum lifetime mortgage and a drawdown lifetime mortgage.
Lump sum lifetime mortgage will allow you to release equity in a single lump sum and the interest you will be charged will accrue until the loan is paid off. Your loan will be paid when you pass away or move into long term care.
Alternatively, a drawdown lifetime mortgage will allow you to release your equity in an initial lump sum and release further funds in the future from a cash reserve facility as and when you need it. You will only be charged interest on the tax-free cash you release.
Home reversion plan
A home reversion plan is an alternative way to release equity from you home by selling a percentage or all of your home. You will be able to remain in the property rent-free until you pass away or move into long term care.
If you choose to move, when your home is sold, the provider will reclaim the percentage they own of the sale price.
Retirement Interest Only Mortgages
Another form of equity release can be using a retirement interest only mortgage (RIOs). This allows you to secure a loan against your home based on your income and affordability. This can be used as a form of equity release, however there is a risk of repossession if you do not keep up with payments.
Equity Release advice in Leeds
Our specialist equity release adviser in Leeds will work with you and your family to explain the options available. Offering whole of market advice, our equity release adviser will explain the impacts of equity release and answer any questions you may have along the way.
Whether you’re looking to go on the holiday of a lifetime, add to your rainy-day fund, or simply gift to family, our equity release advisers are here to help you weigh up your options and understand equity release.
The property market in Leeds
Thriving with a range of industries deciding to set up in the city, Leeds provides the convenience of large cities with the added bonus of beautiful views in urban parks and the river Aire. Located in West Yorkshire, the average house price in Leeds in 2023 was £270.404. coming in just lower than the UK average of £285,000 in 2023.
Equity release in Bradford
Rich in heritage and culture, the city of Bradford is one of ten local authorities that makes up the Leeds region. If you’re looking to release equity in Bradford, our equity release specialist is on hand to help. Request a callback from our specialist equity release adviser to get started today.
Equity release in Otley
Located in the north west of Leeds, Otley is a market town popular for its rich history and picturesque views. If you’re looking to explore options of equity release in Otley, our specialist adviser is ready to help you explore your options. Speak to an adviser today to learn more.
Equity release in Wetherby
Just a short drive from Leeds centre, York and Harrogate, Wetherby is not only full of things to do but is also perfectly located between key tourist spots across the north of England. Whether you’re looking for a face-to-face appointment or a consultation over the phone, our advisers will work closely with you to help you begin your equity release journey with confidence. Request a callback to learn more about equity release in Wetherby.
Am I eligible for equity release in Leeds?
If you are aged 55 or over and own your own home worth £70,000 or more, you could be eligible for equity release in Leeds.
Try our free equity release calculator today to learn more about how much equity you could release. Alternatively, contact us today to speak to your local adviser.
At Bower, we will understand your unique circumstances and advise you to ensure you are receiving the best plan to meet your objectives. There are plans that allow you to make voluntary repayments and move home, subject to lender criteria. However, early repayment charges may apply in certain circumstances.
Equity release requires paying off any existing mortgage. Any money released, plus accrued interest to be repaid upon death, or moving into long-term care. Equity release will reduce the value of your estate and your entitlement to means-tested benefits now or in the future, and impact long-term care funding.
Bower Home Finance provides independent, impartial whole of market advice with an award-winning customer service experience. Initial advice is provided at no cost to you and without obligation. Only if you choose to proceed and your plan completes, would a typical advice and administration fee of £1,695 be payable.
If you are considering equity release, we strongly recommend that you read our equity release page carefully and talk to one of our specialists before deciding if you wish to proceed.
To find out more about any of the products and the service we provide, please call us on freephone 0808 175 0392, request a call back, email us, or join our live chat you’ll find on our website.
Please be aware that equity release may involve a home reversion plan or lifetime mortgage which is secured against your property. All features and risks are thoroughly explained in your free personalised illustration.