We are a Leeds firm. Our number is a Leeds number, and Craig has spent his whole career advising on later life lending in this part of Yorkshire.
If you are a homeowner over 55 in Leeds and wondering what your property could do for you, this is the page to start on.
Why local matters more here than you would think
Leeds has an unusually wide spread of housing, and the type of property you own has a direct effect on what a lender will offer.
The back-to-backs and through terraces across Harehills, Beeston and parts of Armley are ordinary residential property and generally fine, but some are non-standard in ways that need checking with a lender rather than assumed.
The Victorian and Edwardian semis through Headingley, Chapel Allerton, Meanwood and Kirkstall are exactly the housing stock equity release was built around: solid, standard construction, held a long time, with substantial equity built up.
The larger detached properties in Roundhay, Alwoodley, Adel and Bramhope tend to open up the fuller range of options, simply because there is more value to work with.
Flats and apartments, including the city centre conversions, are eligible, but lease length matters. A lease generally needs more than 75 years left on it, and that is worth checking early rather than late.
None of that is a reason to worry about your own house. It is a reason to have someone look at it properly rather than relying on an online calculator that knows nothing about Leeds.
What we can look at
Craig advises across the whole later life lending market, not just equity release:
- Lifetime mortgages, whole of market
- Retirement interest only (RIO) and term interest only (TIO) mortgages, independent whole of market advice
- Interest only mortgages for ages 50 and over, independent whole of market advice
- Home reversion, referred to sector specialists
Which of those suits you depends on your income, your age and what the money is for. That is the conversation.
The basics
- You need to be 55 or over for a lifetime mortgage, 50 or over for a RIO
- Your home needs to be worth at least £70,000
- The minimum release is £10,000
- There is no upper age limit
- If there are two of you, it is assessed on the younger of you
- Any existing mortgage is repaid out of the money released
How much you could release depends on your age and your property value: roughly up to 28% at 55, around 37% at 65, around 44% at 70, and up to 60% from 80 onwards.
Not sure how any of this applies to your own circumstances? Craig is happy to talk it through, free and with no obligation.
Talking to us
Advice can be over the phone, by video call, or face to face, whichever suits you.
There is no charge for the first conversation. Our advice fee is a maximum of £1,495 and is only payable if your case completes, so if you decide against it, or Craig tells you it is not right for you, it has cost you nothing.
That second one happens regularly. Craig will tell you when equity release is not the answer, and point you at what is.
Book a call with Craig or call 0113 403 5584.
