Update on equity release for Lancashire homeowners
Written in line with our editorial policy.
Average property values in the county of Lancashire are well above the minimum for equity release eligibility. This opens up the availability of this form of lending to thousands of Lancashire homeowners aged 55+.
That will be good news if you are looking for a way to unlock tax-free cash from your home – without having to make monthly repayments on a loan. Thousands of people each year are turning to equity release as it provides an alternative route to traditional lending.
How much you can release is linked to the value of your property, so it’s good news that Lancashire property values have shot up in recent decades. For example, the average home in the county is now worth over £61k more than it was ten years ago.
This rise in property values has no doubt been partly responsible for the growing popularity of equity release in Lancashire in recent times. Data from the Equity Release Council reveals that equity release sales soared by 38% in the North West between 2017-2022.
The figures indicate that Lancashire homeowners have certainly been making the most of their booming property wealth to boost their day-to-day finances through equity release.
If you are 55+ and would benefit from a cash boost to achieve your financial goals, you might be wondering if you could be eligible for a plan too. To find out, and to see how you might go about arranging equity release in Lancashire, make sure you read this guide.
We’ll be discussing:
- What is equity release?
- How much could I release?
- Why are house prices important with equity release?
- What are the main types of equity release in Lancashire?
- Am I eligible for equity release in Lancashire?
- What can you use the money you release for?
- What are the disadvantages of equity release?
- How can I arrange equity release in Lancashire?
- Exploring alternatives to equity release
We hope this article will give you a good introduction into arranging equity release in Lancashire. Nothing beats specialist advice though, so for further information and guidance, please do get in touch with our friendly selected equity release advisers.
Simply call us on 0800 096 2215 or request a call back and we’ll arrange a no-obligation appointment with an adviser for you. Or click here to find out how much you could unlock from your home with our free online tool.