At Bower Home Finance, we believe there’s nothing better than having a dedicated, local adviser to provide you with expert advice and help you through your equity release journey. With over 18 years’ experience in helping our customers achieve their financial goals, we’re here to help you take the next step.
Having operated in and around Teesside for several years, our team of equity release advisers can help you with your equity release journey. Offering whole of market, independent advice, your local adviser, Matthew Woodgate is on hand to help you release equity in Stockton and guide you through the whole process.
Matthew Woodgate
CeMAP, CeRER
0808 175 0392
Stockton-on-Tees, County Durham, TS17 6DA
Your local Stockton equity release adviser
At Bower Home Finance, we have a dedicated team of independent financial specialists based in Stockton on Tees on hand to help you navigate releasing equity from your home.
We understand equity release is a big decision, and it can be difficult when you first start looking at equity release plans to understand what might suit your circumstances best. By working with our team, we’ll use our expertise and knowledge to provide a transparent and supportive service; so, you can move forward with confidence and understand the process from start to finish.
We have equity release advisers right here in Stockton, and because of this, we can meet you in person or speak to you on the phone.
If you’re interested in releasing tax-free cash from your home, your local adviser, Matthew Woodgate, can help discuss your equity release options. Learn more about how much equity you could release from your home with our free equity release calculator or request a callback.
What is equity release?
Equity release is a financial option that allows homeowners to unlock the value tied up in their property, typically in the form of a tax-free lump sum or regular income. This can be achieved through a range of equity release plans, including lifetime mortgages and home reversion plans.
Whether you’re looking to pay off existing mortgages, fund home improvements, or provide financial support for family members, equity release offers a flexible solution to meet your financial needs.
Why release equity from your Stockton-on-Tees property?
Equity release allows clients to access or ‘release’ more money from their property typically through a lifetime mortgage or by selling part or all of our home through a home reversion plan. These long-term loans usually come in the form of a mortgage with the benefit of homeowners receiving a tax-free lump sum to do with as they wish, but without having to move home.
Equity release allows you to unlock the value of your home, converting it into a lump sum or regular income while continuing to live there. This can be particularly advantageous for retirees seeking to supplement their pension or for individuals wanting to fund home improvements, support family members, or consolidate debts.
Equity release offers a flexible solution to access the wealth built up in your property, providing financial freedom without the need to downsize or move out. Whether you live in Stockton, Middlesbrough or further afield across Teesside and County Durham, our team of equity release experts can help you.
Who is eligible for an equity release plan?
An equity release can look different depending on your circumstances; every homeowner is unique, and so are their homes, lives and financial circumstances; this means that equity release can work for one person but may not work for another.
To be eligible, you will need to be:
- Over the age of 55 (this applies to the youngest applicant if you are a couple)
- Living in the UK
- Own your property valued at over £70,000
- The home in question is your main residence
Learn more about the eligibility criteria of equity release.
Later life lending can provide specialized financial solutions for individuals over 55, such as equity release mortgages and home reversion plans, however it’s important to research and carefully consider your options before making big decisions regarding your home.
For unbiased and impartial help, it is always recommended that you seek independent financial advice from a company such as Bower Home Finance, a reputable equity release provider in Stockton on Tees and across County Durham.
It is also important to seek qualified and regulated legal advice from a solicitor during the equity release process to ensure everything is handled correctly and meets specific standards.
Lifetime mortgages in Stockton explained
Lifetime mortgages are available in Stockton when you work with Bower Home Finance, offering homeowners aged 55 and over a way to access the equity tied up in their property without the need to sell or move out.
This type of equity release scheme allows you to borrow a portion of your home’s value, with the loan plus interest typically repaid from the sale of your property when you pass away or move into long-term care. It is important to understand the implications and risks associated with an equity release loan, as well as the various types of equity release products available to homeowners.
It provides a flexible financial solution for those looking to enhance their retirement income, fund home improvements, or provide financial support to family members, all while retaining home ownership.
With a lifetime mortgage, the interest can roll up over time, or you can choose a plan that allows for interest payments to manage the loan’s growth, ensuring you can pass on an inheritance to your loved ones.
Stockton-on-Tees home reversion plans
In Stockton-on-Tees, home reversion plans present an alternative route for homeowners over 65 to access the equity tied up in their property.
Unlike a lifetime mortgage, a home reversion plan involves selling a portion or all of your home to an equity release company in exchange for a lump sum or regular payments while retaining the right to live in your home rent-free for the rest of your life.
This can be a viable option for those looking to supplement their retirement income, fund long-term care, or financially assist family members without worrying about monthly repayments or accumulating interest.
It’s crucial, however, to consider the implications of relinquishing full ownership of your property and to seek independent advice to ensure this aligns with your long-term financial planning.
Proud members of the Equity Release Council
At Bower Home Finance, we’re proud members of the Equity Release Council (ERC). This means we adhere to the high standards and principals set out by the council and all products we recommend will meet the Equity Release Council’s guarantees. One of the ERC’s guarantees include a no negative equity guarantee, which ensures that you will never owe more than the value of your property.
Members of the Equity Release Council are committed to providing high-quality equity release advice and products to homeowners. This commitment ensures that you receive reliable and trustworthy guidance throughout your equity release journey.
Rated exceptional on Feefo
We’re proud of the service we provide to each and every one of our customers, and we believe their reviews speak for themselves.
We pride ourselves in the friendly approach our equity release specialists offer, offering advice and guidance throughout the equity release process, helping our clients navigate the equity release process with confidence.
Read more about how we’ve helped homeowners in Stockton achieve their financial goals on Feefo.
Speak to our equity release experts in Stockton-on-Tees
If you’re contemplating equity release in Stockton, our team of experts are here to guide you through every step of the process.
From helping you understand the range equity release options available, such as lifetime mortgages and home reversion plans, to advising if equity release is the right option for you and your circumstances, we provide personalised advice to ensure your choice aligns with your financial goals and circumstances.
Located across the UK, our seasoned professionals are well-versed in the local property market in Stockton and the surrounding areas, as well as the various equity release schemes available to you.
Get started today and find out how much equity you could release from your home or request a callback from a member of our team.
Learn more about your local Stockton equity release adviser, Matthew Woodgate
As a whole of market equity release adviser based in Stockton-on-Tees, Matthew has been providing equity release advice to clients since 2019, following his successful career in mortgages and life insurance for over 20 years.
Living locally in Thornaby, Matthew leverages his local knowledge with his experience and expertise to assist his clients in finding the best equity release option for their circumstances. Passionate about helping over 55’s walk into retirement with confidence, Matthew believes in setting his clients up for success to help them meet their later life financial goals.
FAQ’s
How does a lifetime mortgage work?
With a lifetime mortgage, homeowners can borrow money secured against their property, whilst retaining ownership and continuing to live there. With this type of mortgage there is no obligation to make any monthly repayments but if you wish to do so then there are options available.
Because of the way it is structured, the full amount borrowed plus the interest accrued is not due to be repaid until after the last borrower moves into long-term care or passes away. When this happens the property is sold and the money from the sale is used to clear the loan.
Can you pay off a lifetime mortgage?
As the name ‘lifetime mortgage’ might suggest, this type of plan is designed to last the lifespan of the homeowners. It is not required to be repaid until one or both of the borrowers (in the case of joint mortgages) have moved into long term care or passed away.
However, for those who are looking to sell the property and re-mortgage elsewhere or experience a change in circumstances and wish to repay the loan in full, there are options to do so, but these can come with large early repayment charges so it is always advisable to look into these beforehand.
Can you transfer a lifetime mortgage if you move?
With a lifetime mortgage the lender does not own the property – you do. This means that if you wish to move and sell your home then you decide to do so and nobody else’s.
Those with a lifetime mortgage can transfer it to a new home as long as it is accepted by their lending criteria, this is referred to as ‘porting’. You should seek advice from a professional equity release advisor before you commit to a new property so that they can provide expert support on how to proceed and what is the best way to proceed.
At Bower Home Finance, 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.
Bower Home Finance provides independent, impartial whole of market equity release 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.
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. 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 use our live chat 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.