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A Lifetime Mortgage is a form of equity release which allows you to release some of the value tied up in your home as a tax-free cash lump sum which can be used for most purposes from repaying an interest-only mortgage, helping with your daily cost of living to home improvements, buying a new car, or funding a holiday.

As property wealth becomes an integral part of later life financial planning, innovation is at the forefront of the lifetime mortgage sector with lenders constantly striving to give customers access to a broad range of products that better suit their specific needs and ideally bridge the gap between a lifetime mortgage and a standard mortgage.

And now … a revolutionary new mandatory payment lifetime mortgage has just been launched by Legal and General which they have named their “Payment Term Lifetime Mortgage”.
In essence, the Payment Term Lifetime Mortgage essentially fills the gap for a smaller, although still significant number of homeowners who are looking at lifetime mortgages but were either under 55 years old or needed a higher level of borrowing than available.

The basic concept is that mandatory payments are required for a set number of years before the mortgage reverts to a rolled-up basis, which differs significantly from other forms of lifetime mortgage by being available to customers from age 50 and allowing an increased level of borrowing if required.

For Equity Release Mortgage advice in Newcastle and the surrounding areas, we can help guide you through the process.

Interest Serviced Equity Release Explained

Equity release takes several forms, with lifetime mortgages being one of the most popular. If you own your home and are aged 55 or over, you can use a lifetime mortgage to release some equity from your home.
With a lifetime mortgage, you have the option to not pay back any of the interest accrued until you move into long-term care or pass away, although many people do choose to pay some or all of the interest each month to mitigate the effect of compounded interest on the equity in their home.

To recognise, reward and encourage customers to service some of their interest, another recent product innovation introduced by Standard Life and More 2 Life and other lenders already committing to following suit… is the option to secure a lower fixed interest rate for customers who are willing and able to commit to making voluntary payments towards the monthly interest for an agreed period of time.

Get in Touch

At North East Equity Release, we offer friendly, expert advice on all aspects of lifetime mortgages from standard roll up, to voluntary serviced interest and now mandatory payment lifetime mortgages in Newcastle and the surrounding areas.

With so many different products to consider, it is natural to have many questions about which equity release mortgage is right for you.

We are here to answer all of your questions to help you make an informed decision and provide you with expert advice and guidance as to which product is best for your needs.

For all later-life mortgage advice, we can hold appointments over the phone or in the comfort of your home.

Buying the Retirement Home of Your Dreams: Equity Release in Newcastle

Retirement can present a lot of questions when it comes to finances. Downsizing is the natural choice for many of us as we think about where we might want to spend our retirement; however, while downsizing may result in a smaller, more manageable property, it doesn’t always result in a lower-priced property. In such cases, exploring options like buying a new home with equity release can offer a solution, allowing retirees to access the value tied up in their current property to fund the purchase of a more suitable home for their retirement years.


Later Life Mortgages to Move Home

We specialise in all types of mortgages, however, if you are 55 and over, a Lifetime Mortgage may help you buy a new home. As equity release providers in Newcastle, we can advise you on the process and answer any questions you may have. Using a lifetime mortgage can help you gain the extra buying power you may need to find the ideal retirement home.


Downsizing: Space Not Costs

Downsizing to a more suitable home may not, unfortunately, always translate to a downsized cost. Bungalows can frequently cost more than houses depending on the circumstances. There are, naturally, reasons beyond cost that you might want to downsize. Whether you want to downsize in physical space or just in cost, we can help you find the right property and advise you on the equity release process.


Expert Mortgage Advice

Even if you have had multiple mortgages in the past, navigating the difficulties and complexities of later-life mortgages, with all of the lenders and products available, can be tricky. At North East Equity Release, we have been providing expert mortgage advice for more than a decade. If you are looking at the move to your retirement home, get in touch with us today to discuss your options.


Contact Us

For advice on equity release to buy a new home, get in touch today for expert advice. We can offer guidance and support on equity release in Newcastle and securing a lifetime mortgage to assist you in buying a new home, so get in touch today–appointments can be held over the phone, via video, or in the comfort of your home.

We cover all areas of the North East, including, Morpeth, Cramlington, Gosforth, Newcastle, Gateshead, Washington, Whickham, Low Fell, Bedlington, Blyth, Ashington, Prudhoe, Corbridge, Hexham, Rothbury, Alnwick, Amble, Ponteland, Whitley Bay, Tynemouth, Durham.

Get a head-start by trying our free equity release calculator tool to see how much you could release from your home.

Repaying Your Interest Only Mortgage: Equity Release 

Interest Only Mortgages come with a range of advantages that are attractive to homebuyers, such as lower monthly payments and potential investment opportunities. However, many people who have taken Interest Only mortgages out previously often find themselves coming to the end of their mortgage term without any clear way of paying off the remaining capital on the loan. This is where finding alternative means to repay an interest-only mortgage becomes crucial, ensuring homeowners have strategies in place to settle the outstanding balance when the term ends.

With a Lifetime Mortgage, you may be able to repay your Interest Only Mortgage so you can continue to live in your home. 

You can then continue to pay the interest each month on your Lifetime Mortgage to avoid the effect of compounded interest and the subsequent erosion of equity in your home,  however, you also have the option to make no monthly repayments at all, which can often help if you are nearing, or are already in retirement and therefore may have less disposable income. 

As a qualified and highly experienced mortgage adviser in Newcastle, covering Northumberland, Gateshead and Tyne and Wear, Joanne can guide you through this process. 

Equity Release Explained 

Equity Release is the “umbrella “word used to describe financial products that can enable you to release the “equity” held in your home. 

“Equity” is the value of your home less any mortgage / secured against it.

The only type of “Equity Release” product we provide advice on and recommend is a Lifetime Mortgage as this allows you to retain 100% ownership of your home. This is often referred to as an Equity Release Mortgage. Among equity release companies, we offer comprehensive advice on all questions you might have. 

Interest Only Mortgages: Equity Release via Lifetime Mortgages

With a Lifetime Mortgage, you can unlock a lump sum from your property which can be used to repay the outstanding balance on your mortgage. These funds are completely tax free as the money is already yours in the first place. 

For many people, this can be the only option for paying off the remaining balance at the end of the term of an interest only or a repayment mortgage. 

It’s natural to have questions and concerns about whether this is the right decision for you, and we will help you understand everything you need to know give you the best advice tailored to your circumstances in Newcastle. 

We will always look at all of the options available to you based on your individual circumstances and where possible recommend alternative solutions also.

Get in Touch 

For friendly advice and more information, give us a call today for best advice on repaying an interest only mortgage and equity release in Newcastle. 

Appointments can be held by telephone, video call or  in the comfort of your own home.

Get a head-start by seeing how much equity you could release from your home using our free calculator tool.

If you are considering a lifetime mortgage, you are probably looking for a skilled Equity Release Adviser that you can rely on to help you navigate the process.

Well, with that in mind… you should look no further than North East Equity Release. releasing equity 

As a highly-experienced local mortgage brokerage that specialises in equity release loans for homeowners over the age of 50, we have whole-of-market access to lenders and products to provide you with totally independent and professional bespoke advice on financial products that are best suited to your circumstances.

Having worked in the financial sector for over 30 years with a lifelong passion for helping individuals manage their finances, our qualified Equity Release Adviser Joanne is always happy to help her customers find the best loans available to them from a position of genuine care, honesty, and expertise.

Our Process

If you do decide to seek advice from North East Equity Release, the first step will be an informal chat usually by telephone with Joanne to allow her to learn more about your situation and your personal circumstances and provide you with an overview of how equity release works.

Once Joanne has a clear understanding of what you are looking for, she will begin to look for loans that are specifically suited to your individual circumstances

Joanne will then arrange a meeting to guide you through all the options that are available to you in a clear and concise manner, taking as much time as is needed to help you have a clear understanding of the equity release product you are applying for.   

Depending on your preferences, this meeting can be held by either phone call, zoom, or in person. Family members are always welcome to be present at any appointment, which can be held at our office in Cramlington or in the comfort of your own home if that is what you would prefer. 

Joanne will provide expert guidance and always a first-rate service as she searches for the best financial product tailored just for you. Once options have been explored and you feel ready to proceed, Joanne will complete your paperwork to enable you to release equity in your home. 

As a proud member of the Equity Release Council, which sets high standards and safeguards to protect homeowners, we ensure our services comply with their rules and regulations and offer high standards of conduct and practice in the equity release process. 

All products we recommend have  ‘no negative equity’ guarantee, meaning that your estate will never owe more than the true market value of the property when it is sold. 


– Cramlington

– Morpeth

– Whickham

– Gateshead

– Newcastle

– Low Fell

– Durham

If you would like help from a professional, qualified Equity Release Adviser, you can book a meeting with Joanne here. releasing equity

Face-to-face solicitor conversation with elderly couple

Equity release is a complex financial decision that requires a comprehensive understanding of an individual’s circumstances and future aspirations. Today we explore the value of engaging in personal, face-to-face meetings with industry professionals during the equity release process. 

Protecting potentially vulnerable individuals

Equity release is beneficial for many people, however as this product is only available to people aged 55 and over, a lot of potential candidates for equity release are elderly and they may lack family support. Some may be particularly vulnerable and/or have limited financial literacy.

Equity Release professionals, such as solicitors, play a crucial role in safeguarding the interests of these individuals. Meeting in person allows equity release solicitors to ensure that individuals are fully capable of making informed decisions and can identify signs of vulnerability or undue influence.

De-mystifying equity release products

As there are legal and financial aspects to be considered when choosing an equity release product, after the help of a qualified advisor to make an application for the right product, the guidance of a face-to-face solicitor is imperative to further ensure comprehension of the mortgage contract and the implications and potential risks associated before legally proceeding.

At North East Equity Release we use trusted, specialist equity release solicitors to ensure complex legal jargon is explained to our clients in a face-to-face meeting and in a way that they understand, helping them to navigate the fine print and minimising potential misunderstandings.

Using Equity Release Council members

As members of the Equity Release Council, we are committed to recommending qualified equity release solicitors who are also part of this industry-renowned trade body. We want to ensure that our clients are receiving the best, independent legal advice and are fully aware of the legal obligations and financial implications associated with an equity release plan.

Customer protection is a priority at North East Equity Release and we ensure every client receives impartial and independent legal advice and are aware of all of their options before proceeding. Get in touch with Joanne today to learn more.

your personal equity release adviser Joanne

When it comes to Equity Release, it is essential that you find an experienced and knowledgeable professional that you can trust, someone who can help you make the right choices in line with your circumstances. Someone like Joanne. 

We know just how important it is to be able to place your trust and confidence in the hands of a professional that can provide you with the assurance they have the necessary knowledge and experience to know exactly what they’re doing when it comes to equity release in order to lead you in the right direction. That is why today we are delighted to introduce Joanne, the experienced financial adviser behind North East Equity Release.

Introducing your personal equity release adviser

When you are needing the advice of a professional in the finance industry, you need to know that they have the background and experience required in order to be able to provide quality, independent advice that is genuinely in line with your best interests.

“Can’t rate Jo highly enough. I don’t think my Equity Release would have gone through without her intervention. Thanks again Jo!”Jacki

Luckily for our clients, Joanne is a highly experienced equity release adviser with a genuine commitment to providing honest, insightful advice to everyone that she works with.

A wealth of knowledge and experience

Joanne has worked within financial services for over three decades, securing her first role in the industry as a cashier at Barclays Bank. So began a lifelong passion for helping individuals to best manage their finances from a position of genuine care, honesty and expertise.

“Joanne, you’re worth your weight in gold. Thank you for sorting this out for us.”Costas and Gemma

In 1997, Joanne secured her professional qualifications, enabling her to become a qualified Mortgage Consultant. From this point onwards, Joanne began to assist clients in the process of securing competitive mortgages, helping countless customers buy their very first home, remortgage their property and navigate and resolve tricky circumstances that require shrewd, professional advice.

A changing financial landscape

It is no secret that we live in a very different world today than the one that many of us grew up within.

The ever-changing economic and political landscape of the U.K. means that it is becoming harder for many individuals to ensure a comfortable retirement for themselves; one where they are able to spend time doing the things that they love, whether that be travelling, relaxing, learning new skills and picking up old hobbies, or spending time with loved ones.

As such, the need for and interest in later-life borrowing has increased in recent years. For Joanne, it soon became clear that it was important for her to be able to assist her clients in this new and growing need, and in 2017 she became a qualified Equity Release Adviser.

Registered with the Equity Release Council, Joanne now specialises in helping individuals and couples to navigate lifetime mortgage plans, leading with a genuine sense of consideration and care and a commitment to acting in the very best interests of her clients.

Looking for professional help with equity release? Look no further than North East Equity Release, and get in touch with Joanne today.

Equity release and state pension

One of the major concerns people often have when considering equity release is how it might impact their state pension.

As equity release becomes an increasingly popular choice for over 55’s looking to unlock the value tied up in their homes, understanding the potential effect on your state pension is crucial if you are thinking about taking this step.
So, in today’s blog post, we would like to explore the relationship between equity release and state pensions, in order to create a clearer picture around this matter.

What is equity release?

Equity release is the term used that allows homeowners aged 55 or above to access the equity built up in their properties.

This type of loan has become increasingly popular over the years and in essence involves taking out a lifetime mortgage.

Borrowers can release anywhere from £10 000 up to over 50% of their property’s value which provides an option that can be particularly attractive for retirees looking to supplement their retirement income or meet unforeseen expenses.

How does equity release impact state pension?

It is no secret that in the current economic climate, many individuals who are approaching retirement may be incredibly concerned that they will not be able to support and sustain themselves solely through their state pension.

For those in such a position, equity release provides an attractive alternative to financial insecurity and the chance to enjoy a richer, more relaxing retirement…

However, many individuals are rightly concerned that equity release may impact their state pension.

The good news is that equity release does not affect your state pension entitlement.

State pension is a separate benefit provided by the government based entirely on your national insurance contributions throughout your working life. Therefore, the amount you receive from your state pension remains unaffected by releasing equity from your home.

What about means-tested benefits?

While your state pension remains intact, it is important to consider the potential impact of equity release on means-tested benefits.

Means-tested benefits, such as pension credit or council tax support do take into consideration your income and capital. Releasing equity from your property could increase your capital and take your savings over a threshold which might affect your eligibility for certain means-tested benefits.

How can a professional adviser help?

Whilst equity release does not directly affect your state pension, it is important to be aware of the potential repercussions involved for means-tested benefits. Seeking professional, trustworthy advice will enable you to fully understand the specific implications equity release entails, based on your own unique circumstances.

Here at North East Equity Release, we have helped countless individuals and couples to make the right choice in line with their specific needs when it comes to equity release, offering impartial advice based on knowledge and experience when it is most needed.

Are you considering equity release but are in need of professional help and advice that you can trust? Get in touch today.

Elderly couple sitting on bench in park, contemplating equity release and early repayment charges

Are you interested in an equity release Lifetime Mortgage but concerned about potential penalties? It is important to consider that if you want to pay back your Lifetime Mortgage early, you may be subject to Early Repayment Charges (ERC).

What are Early Repayment Charges (ERC)?

For most borrowers, Lifetime Mortgages are for life and are repaid on either the sale of the property, entering long-term care or death (of the surviving partner for joint applications). However, if your circumstances change, you may find yourself wanting to repay your mortgage before any of the above scenarios occur.

In this case, depending on the type of Lifetime Mortgage you opt for, ERCs will apply. ERCs are calculated based on the initial loan amount, the length of time the Lifetime Mortgage has been in place and any changes in long-term interest rates. Both fixed early repayment and variable rate structures are available on the market.

Thankfully, many Lifetime Mortgage products on the market offer fixed ERC periods that are as short as eight years, meaning that you may be able to access a 0% charge if you pay your Lifetime Mortgage off at the end of that period.

Elderly hand signing equity release document which stipulates early repayment charges

What if I want to move home? Do charges apply?

You can move home with a Lifetime Mortgage at any time, however, the terms and conditions in relation to moving home vary between lenders. As part of our service at North East Equity Release, we can look for a Lifetime Mortgage product that has downsizing protection. A downsizing clause means that you can move to a less valuable home and pay off some of your loan without being subject to ERCs. 

Am I able to repay part of my Lifetime Mortgage early without a charge?

Since March 2022, all Equity Release Council-approved providers must allow Lifetime Mortgage customers to make penalty-free partial repayments. This will reduce the amount you owe on both the loan and the interest. You can stop making payments at any time.  

Chat with Joanne, your local equity release adviser, today!

As the name suggests, Lifetime Mortgages are designed to last for the remainder of your lifetime and therefore paying off the debt early can incur charges. You should always discuss your circumstances with a professional before securing a loan against your home.

Joanne can talk you through all the options available to you and if a Lifetime Mortgage is suitable, she can help you find a product that has a short ERC period and clauses that suit you and your future plans. 

Can I arrange an equity release mortgage without an adviser?

So, you’ve conducted internet research, decided equity release is the right fit for you and discussed your plans with friends and family.

You are now ready to find an equity release provider and take the plunge, right?

Wrong. If you are considering freeing up the wealth attached to your property, it is important to know that you can only make an application to most equity release providers via a qualified equity release adviser. They will ensure your individual personal circumstances have been fully considered and you have been provided with advice and an appropriate recommendation.

In this blog post, we discuss the reasons why having an equity release adviser is so important:

Protect your beneficiaries

You may be concerned about how equity release will impact what you are able to leave behind for your loved ones. If leaving an inheritance is at the top of your priority list, you need to discuss this with a qualified equity release adviser who will be able to find a lender that gives you the option to add an inheritance protection guarantee to your equity release plan. It is important to note that inheritance protection will have an impact on the maximum loan amount that you are able to take out.

Avoid negative equity

It is essential that the lender you choose is approved by the Equity Release Council. Lenders that are approved are required to offer a no-negative-equity guarantee – this means that you will never pay back more than what your home is worth.

A qualified equity release adviser will be able to recommend responsible providers that are authorised by the financial regulator to provide equity release plans.

Get the right product for your circumstances

Another reason that you should get support from an equity release adviser is because of the extensive knowledge that they have of different equity release schemes available. As later-life lending is becoming increasingly popular, new products and features are appearing, making the market more difficult to navigate. An equity release adviser will be able to explain the differences between the main equity release schemes: lifetime mortgages and home reversion plans and offer advice on how these will affect your finances.

equity release adviser talking to elderly couple

Discuss alternatives

Equity release is not for everyone. A qualified equity release adviser will discuss alternatives with you, such as downsizing, using savings and retirement interest-only mortgages, to help you live a comfortable retirement.

At North East Equity Release, we are members of the Equity Release Council and are committed to offering personal and professional service to each and every client. We have your best interests at heart and there is never any obligation to go ahead with a plan.

For a free informal chat, contact us here.

“Are lifetime mortgages safe?” This is a common question among customers seeking advice on how to manage their later-life finances. Over the years, equity release misinformation and scare stories have circulated, resulting in 15% of UK homeowners claiming that they don’t understand equity release. While it is true that some borrowers in the 1980s were mis-sold home income plans and ended up owing more than their homes were worth, the equity release market has undergone significant changes and improvements over recent decades which has made it safer than ever.

As long as the equity release product and lender are regulated by the Financial Conduct Authority (FCA) and Equity Release Council (ERC), you can be confident that it is safe.

The most popular equity release product in 2022 is a lifetime mortgage, with most lifetime mortgage products offering features that safeguard you as a customer and provide greater flexibility.

These features include:

No Negative Equity Guarantee

As part of the Equity Release Council’s Product Standards, lifetime mortgage products come with a No Negative Equity Guarantee, which ensures that you and your beneficiaries will never owe more than your property is worth when sold.

Inheritance Protection Guarantee

Many lifetime mortgages on the market now offer an inheritance protection guarantee, which enables you to protect a portion of your property’s value that you can leave behind as an inheritance for your beneficiaries.

Senior woman sitting with granddaughter at table colouring in drawings

Partial Capital Repayments

Most lifetime mortgage plans have an optional partial repayment feature, which allows you to repay up to 10% of the total amount borrowed in any 12-month period without paying an Early Repayment Charge.

We understand that you likely have a lot of questions regarding lifetime mortgages and their features. We answer some of your frequently asked questions here.

You can find out if equity release is right for you and your personal circumstances without it costing you a penny by contacting our equity release advisers on 07809 715 243 for an informal chat.