Update on equity release for Newcastle homeowners
Written in line with our editorial policy.
Average property values in Newcastle upon Tyne are well above the minimum for equity release eligibility. This opens up the availability of this form of lending to thousands of Newcastle 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 Newcastle property values have soared in recent decades. For example, the average home in the city is now worth over £50,000 more than it was ten years ago.
This rise in property values has been partly responsible for the growing popularity of equity release in Newcastle in recent times. Data from the Equity Release Council reveals that equity release sales rose by 26% in the North East between 2017-2022.
The figures indicate that Newcastle 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 Newcastle, 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 Newcastle?
- Am I eligible for equity release in Newcastle?
- What can you use the money you release for?
- What are the disadvantages of equity release?
- How can I arrange equity release in Newcastle?
- Exploring alternatives to equity release
We hope this article will give you a good introduction into arranging equity release in Newcastle. 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.