At Bower Home Finance, we believe there’s nothing better than having a dedicated, local adviser to guide you through your equity release journey with expert advice. With over a decade of experience in helping customers achieve their financial goals, we’re here to support you every step of the way.
Having worked in Sheffield and the surrounding areas for several years, including Fulwood, Walkley and Rotherham, your local equity release adviser understands the local market and is here to help. Offering whole-of-market, independent advice, your local adviser, Neil Wallace, is on hand to assist you in unlocking the value in your home and making the process smooth and stress-free.
Neil Wallace
CeMAP, CeRER
0808 175 0392
Sheffield, South Yorkshire
What is Equity Release?
Equity release is a financial solution that allows homeowners aged 55 or over to unlock a tax-free lump sum from the value of their property. This lump sum can be used to supplement retirement income, pay off an existing mortgage, or fund home improvements. Equity release plans are designed to provide a flexible and stress-free way to access the wealth tied up in your home, without having to move.
What equity release options are available in Sheffield?
There are two main types of equity release plans available in Sheffield, equity release mortgage options such as lifetime mortgages and home reversion plans.
Home Reversion Plans in Sheffield
Home reversion plans involve selling part or all of your home to an equity release provider, in exchange for a lump sum or the funds available in a drawdown facility to access at a later date. You will be able to remain rent-free in your home until the last applicant passes away or moves into long-term care. When the plan ends, the provider will then reclaim the percentage sold at market value through the sale of your home, and any remaining funds will be given to your estate to distribute as directed by your will.
Sheffield Lifetime Mortgages
A lifetime mortgage is a type of equity release that allows you to borrow money in the form of a secured loan. Available as a tax-free lump sum or in a drawdown facility to access later,
However, unlike a traditional mortgage, you aren’t obliged to make monthly payments if you don’t want to. You will have the option to make voluntary payments towards the interest, however, you can change your mind at any time and the interest will revert to rolling up and will be repaid the rest of the loan when the last applicant passes away or moves into long term care.
Should I release equity from my home in Sheffield?
Releasing equity from your home in Sheffield can be a useful way to raise money, especially if you find yourself asset rich and cash poor.
For many homeowners in Sheffield, unlocking the value tied up in their property can provide financial flexibility, whether it be for debt consolidation, home improvements, or supplementing retirement income. However, it’s essential to consider how this decision will impact your financial future, as equity release can reduce the value of your estate and affect any inheritance plans.
Before proceeding, it is important to seek advice from a specialist equity release adviser to ensure it aligns with your long-term financial goals and it is suitable for your personal circumstances. Understanding the advantages and disadvantages of an equity release plan is crucial for making an informed decision.
Choosing a local equity release adviser in Sheffield
When choosing a local equity release adviser in Sheffield, it is important to start by ensuring the adviser is a member of the Equity Release Council. This means the plans they recommend will adhere to the Equity Release Councils standards.
A good adviser should offer a free initial consultation with no-obligation advice, allowing you to explore your options without pressure. It’s also beneficial to choose someone with local knowledge of the Sheffield property market.
Finally, consider the type of advice they provide. Whether they offer whole-of-market guidance, are tied to a single provider, or work from a panel of lenders, so you can make an informed decision that best suits your financial needs.
Your local Sheffield equity release adviser
At Bower, we believe in our people first approach, which is why your local financial adviser and equity release expert in Sheffield, Neil Wallace, is on hand to help you every step of the way. Offering a wealth of expertise and knowledge, your local adviser will work closely with you throughout the equity release process to help you understand the options available to you and move forward with confidence and the
Your local Sheffield equity release adviser, Neil Wallace, is on hand to discuss your equity release options and support you through the equity release process if you wish to proceed. Our advisers are local to you, which means we can meet you in person or offer advice over the phone, whichever is more convenient for you.
Get started today and find out how much tax-free cash you could release from your home in or around Sheffield with our free online equity release calculator or request a callback.
Equity release advice in South Yorkshire
As a local equity release adviser, Neil Wallace has knowledge of the Sheffield area and can provide personalised advice about equity release schemes and your suitability.
At Bower, our equity release advisers will discuss the implications of equity release and discuss alternatives to equity release in South Yorkshire if we believe it’s right for you.
Get started today with our free online equity release calculator or request a callback today.
Equity Release FAQ’s
Is equity release regulated?
Yes, equity release is regulated to protect homeowners and ensure they receive fair and transparent advice.
While the Equity Release Council is a voluntary body that promotes high standards of conduct and customer safeguards, the industry itself is regulated by the Financial Conduct Authority (FCA). This means that equity release advisers and providers must adhere to strict rules designed to protect consumers.
As proud members of the Equity Release Council, we are committed to upholding the highest standards of professionalism and integrity, ensuring that homeowners receive clear guidance and fully understand their options before making any decisions.
Learn more about the safeguards of equity release.
Will equity release affect the inheritance I leave?
Yes, equity release can impact the amount of inheritance you leave for your loved ones. Whilst all plans recommended by members of the Equity Release Council will come with a no negative equity guarantee, the accrued interest may leave little to no inheritance for your loved ones.
If you wish to leave some inheritance for your family, some plans allow for inheritance protection. For more information, please contact your equity release 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 0800 411 8668, 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.
