0191 695 9493


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.

Joanne, equity release adviser, offering later life mortgage advice to a client

While entering the golden years of life, many individuals are often confronted with the realisation that their pension provisions are not enough to allow them to enjoy their retirement to the full. In recent cases, as a result of the current cost of living crisis, many are even struggling just to make ends meet.

As such, many homeowners are turning to later life retirement mortgages to release some of their wealth tied up in their homes as a solution to this problem.

What are later life mortgages?

Later life mortgages, also known as equity release or lifetime mortgages, are financial products designed to allow homeowners aged 55 and above to access the wealth that is tied up in their home which is referred to as their “equity”.

Unlike standard income-assessed mortgages, later life mortgages do not require regular monthly repayments. Instead, the borrowed amount, plus interest, can be repaid when the homeowner passes away or moves into long-term care. This makes the product highly desirable for those entering later life with reduced income although it will reduce the value of your estate for your beneficiaries.

The benefits of later life mortgages

For those entering their twilight years, financial stability and peace of mind become paramount concerns for many. Later life mortgages can help homeowners maintain their independence, realise long-considered dreams, and ensure a dignified and comfortable retirement by offering:

Access to funds: One of the most significant advantages of later-life mortgages is that they provide homeowners with an initial tax-free cash lump sum and can also offer a drawdown facility which means they also have access to further funds which can be drawdown at a later date if and when needed which can be used to cover various expenses, including home improvements, medical bills, debt consolidation, or simply enhancing their quality of life as they enter the retirement phase.

Flexible or no monthly repayments: As mentioned earlier, these mortgages have no contractual monthly repayments, however, the customer has the choice to pay some, all or none of the mortgage interest and in some cases repay capital without incurring charges in order to mitigate the effect of rolled up interest and preserve the equity in the home.

Home certainty: A lifetime mortgage is no different to a standard mortgage in that it is a loan secured against your home of which you retain 100% ownership and therefore can continue to live in your home for as long as you desire and without interference. 

Later life mortgages are designed to enable homeowners to age in the comfort of their own homes as well as having the freedom to move.

Elderly woman holding a small house in her hands

Meet Joanne: Your trusted later life mortgage expert

Navigating the world of later life mortgages can be overwhelming, with various options and considerations to explore. This is where Joanne, our retirement mortgage expert with over 30 years of experience in the business can help!

As a member of the Equity Release Council, Joanne provides clear and transparent advice taking as much time as is needed to ensure you have a full understanding of the benefits of a later life mortgage as well as any potential risks. She can offer alternative financial solutions, including checking whether you may be entitled to any unclaimed benefits whilst also ensuring that you won’t affect any current entitlement to any benefits you may already receive.

Joanne spends time to understand your personal financial situation and works closely with her clients from the very first call, throughout the whole application process and beyond. Trusted friends and family are also welcome to be included throughout the entire process.

Embrace the opportunities that later life mortgages provide and take a step closer to financial security by getting in touch today! 

older couple walking through a field with their arms around each other

Equity Release is a big financial decision and can have a financial impact on the consumer and their family so it’s important once you’ve acquired a Lifetime Mortgage that you continue to be supported by experienced Equity Release Advisers.

At North East Equity Release, we are committed to providing you with the best service and support before, during and after your application process.

After using our services to arrange your mortgage, we will always be on hand to answer any future questions you may have. We ensure our customers are given all the support and assistance they may need, whenever they need it.

We also ensure all our communications with you are delivered in a clear and concise manner and are never misleading. We spend as much time as needed to ensure you have a full understanding of the products and their potential impact on your estate.

Although it’s called a Lifetime Mortgage and interest rates are currently fixed for the lifetime of the mortgage, you don’t have to keep the same mortgage for life….

As interest rates are subject to fluctuation, lower fixed interest rates than you currently have may become available and because early repayment charges on most plans no longer run for the lifetime of the plan, in some cases it may be cost-effective to remortgage your lifetime mortgage to a new lender with a lower interest rate.

We can carry out a review of your mortgage at no cost at any time in the future to see if this is an option for you.

We will also always be on hand to help you access your drawdown facility if you have one and assist with any further borrowing if required.

If you’re considering a lifetime mortgage and would like advice from an experienced, qualified. industry professional, get in touch with our Equity Release Adviser Joanne today.

Older couple sitting at a table discussing equity options

Do you dream of spending your golden years travelling the world and engaging in all your favourite activities, but are unsure how you would be able to pay for it? If so, a Lifetime Mortgage could be your best chance of making your dreams a reality.

If you wish to improve your retirement options but are unsure if equity release is the best option, we may have the solution for you. We can assist you in determining whether later-life lending is the best course of action for your future with the help of our equity release quiz.

The quiz challenges three separate personal qualities of an individual by asking a series of questions.

Knowledge is the first personal characteristic the quiz considers. The quiz asks questions to determine how familiar you are with the concept of lifetime mortgages and helps fill in any knowledge gaps toy may have by educating you on areas you may have previously been unaware of.

It next looks at personal qualities, and asks you a series of personal questions to figure out what plans you have already made for your retirement lifestyle. Once we are aware of your specific circumstances, we can assist you in determining whether a lifetime mortgage is the most beneficial method of financing your retirement.

Qualification is the last consideration of the quiz. The simple questions will help us determine if you would be eligible for later-life lending based on your specific circumstances.

After the quiz is completed, a report with an overall score will be produced. You will be given a score for each of the three considerations, a summary of all three sections, a total score that is the average of the three, and recommendations for your next course of action.

This quiz can be beneficial if you are considering equity release as it gives you an instant personalised report that is entirely unique to you. It can help you better understand your strengths and weaknesses and give you a better understanding of how an equity release adviser can assist you before you get in touch.

It is important to remember that navigating your finances through later life and into retirement can be tricky, especially as there are now so many options available to those aged 55+. Expert advice is crucial to ensure the best outcome based on your specific and individual needs.

If you are considering a Lifetime Mortgage after completing the quiz, our highly experienced Equity Release Adviser is here to take you through the next steps.

With a better understanding of your situation, Joanne will be able to offer you specialised guidance and assist you in exploring all of the options that are available to you in a clear and concise manner.

Get in touch with Joanne today for quality, professional advice on equity release.

Martin Lewis advice on equity release

When it comes to managing your finances, Martin Lewis is a bedrock of sound advice. But what does the Money Saving Expert founder say about equity release? 

Journalist, presenter, campaigner and founder of UK consumer website, Money Saving Expert, Martin Lewis has made an impressive career out of helping people to make smart choices when it comes to saving money. As a result, millions of Brits regularly look to him for trustworthy, unbiased advice when it comes to handling their finances. So, let’s take a look at Martin’s hot take on equity release!

What does Martin Lewis think of equity release? 

Martin Lewis does not explicitly recommend equity release, and he’s right not to do so. This type of mortgage product is not for everyone, and it would be wrong to suggest that equity release can serve as a cure-all to your financial woes! 

In a nutshell, Martin Lewis believes that over-50s who are considering equity release should arm themselves with all of the facts regarding lifetime mortgages and make sure that they have considered any alternatives – such as downsizing or selling assets – before they opt for a lifetime mortgage. Pretty good advice, if you ask us! 

Martin advises that borrowers need to be conscious of the fact that equity release products will impact the amount of inheritance they are able to leave loved ones. Ultimately, however, he stresses that it’s essential for you to prioritise your own standard of living first and foremost when making your decision. If equity release will help you to have a more comfortable, enriching retirement, it’s definitely worth considering. 

As such, if downsizing is not an option, you have no saleable assets, and poor cash flow is having a detrimental impact on your quality of life, Martin would advise you to seek out the help of a professional adviser and consider equity release as a viable solution to financial challenges you may be facing in later life. 

Decided to investigate equity release further? Here are Martin Lewis’ tips for smart borrowing

  • Make sure to only borrow what you need

Martin’s number one tip when it comes to equity release is to only borrow what you need. If you want to be super savvy, you might want to consider a drawdown lifetime mortgage, as this type of product gives you full flexibility to access your money as and when you need it. With this product, you’ll only pay interest on what you borrow, and not on the funds being held in reserve, thus shrinking the size of your loan.

  • Check your lender is a member of the Equity Release Council 

This is an important one. It’s essential that you check your lender is a member of the Equity Release Council (ERC). Lenders with membership to the ERC will provide you with a guarantee that you’ll never owe more than the value of your property, amongst other safeguards.

  • Seek independent financial advice 

Here at North East Equity Release, we are qualified advisers who specialise in arranging lifetime mortgage products for our clients. We have access to the whole of the market and can find you the most suitable lender and equity release plan for you.

  • Double-check your benefits 

Before opting for a Lifetime Mortgage, check that this type of loan will not impact any benefits that you are currently in receipt of, such as pension credits or universal credit. Here at North East Equity Release, we can help you to clarify this. 

Already an existing lifetime mortgage customer? 

If you have previously taken out an equity release loan some years ago, Martin Lewis recommends that you take a look at whether or not you can switch to a better deal. Over the last decade, interest rates have fallen, which means you might be able to save some money by switching. Chat with us to find out if this is an option for you.

*Sourced from Martin Lewis’ article Should You Equity-Release? 

North East Equity Release can help you to find the right Equity Release product for your needs. Get in touch today.

Family on an equity release phone call

Equity release is a huge decision that can directly affect your family. Therefore, involving your loved ones in the process from the get-go ensures that they understand the choice you’re making and why.

Inheritance protection for your loved ones

When you choose to release equity, this can result in your family being left with a smaller inheritance or no inheritance at all when you pass away.

However, there is the option of opting for a plan that has an Inheritance Protection Guarantee. This protects part of the value of your home and, as a result, leaves something behind for your loved ones.

For example, out of the funds available, you may choose to take out a smaller percentage in order to leave the rest behind for your family to receive after your passing or once the house has been sold.

Involving your family in the process, whether you have a protection guarantee or not, lets them know that you’re planning on releasing funds from your property and the reasons why.

How can North East Equity Release help?

Our advisors can help you to set up a meeting or call with your family to discuss your decision and reassure them by answering any questions they may have.

In this meeting, your family may wish to clarify aspects of the process or discuss things that you may not have considered.

Equally, this is a good opportunity for your loved ones to get to know us and understand that we are giving the best advice possible that’s suited to your situation.

A family meeting or call allows you to relay how inheritance will be affected, and you may wish to emphasise that the equity released is to support family members while you are alive, whether that be helping a grandchild step onto the property ladder or contributing to the costs of a loved one’s wedding.

We’re here to support you through the equity release process. Contact us or call us on 0191 695 9493 for FREE advice on how to get your family involved in your equity release plan.

smiling older woman holds key for new home

This is a very common question asked by homeowners who are considering a Lifetime Mortgage product, and it is an important one to ask.

Do I still own my home with Equity Release?

Yes. You are still the owner of your home, even if you have a Lifetime Mortgage secured against it.

The equity release lender does not own your property, they simply register their financial interest in your property by way of a charge which is registered with the Land Registry Office in the same way as a standard mortgage lender does.

This charge grants the lender the right to recover their money if you sell the property or the mortgage is not repaid within 12 months after the surviving applicant moves into long term care or passes.

Can I move house with Equity Release?

Yes. We only recommend mortgages from lenders who are members of the Equity Release Council and therefore their mortgage products must adhere to a set of minimum standards, one of which is:

The client must always have the right to move to another property subject to the new property being acceptable to the product provider as continuing security for the equity release loan.

By seeking guidance from a professional adviser who specialises in Equity Release, you can ensure you are getting the right product for your needs, from a reputable lender who holds membership with the ERC, covering you for all eventualities.

North East Equity Release can help you to find the right Equity Release product for your needs. Get in touch today.

letter blocks spelling 'equity'

If you are thinking about releasing equity from your home, you may be wondering just how much you can borrow exactly.

What is Equity Release?

Equity Release is the term used where homeowners over the age of 55 access their property wealth by releasing a tax-free cash lump sum, usually by way of a mortgage designed to assist later life borrowers called a Lifetime Mortgage which is not income assessed.

How much can I borrow?

The maximum amount you can borrow is mainly based on age and the property value.

However, there are several variables that may also impact on how much you can borrow, including your age, health, the value and condition of your residential property and whether or not it is a joint application that you are making.

Your age

Age is the primary determining factor when it comes to how much you can borrow.

Put simply, the older you are, the more you are to be able to borrow.

If you are closer in age to 55, you will not be able to borrow as much as someone who is 70+.

This is due to life expectancy, so if you choose not to service the interest and allow it to roll up over the lifetime of the mortgage, the lender needs to be assured that there will still be enough equity in the property at the point of sale to repay the loan including any interest accrued. As such, the potential term of the mortgage needs to be factored in, too.

The value and condition of your property

This is an important factor when determining how much you can borrow.

Your property will be subject to a professional valuation prior to your loan being approved, in order to ensure the lender can be confident that they are lending against a property that will maintain or increase in value over time.

As such, factors including the area, type of property, overall condition, the building’s materials, average house prices in the area and potential growth will be assessed.

If you are wondering how much you could borrow with Equity Release, we can help. Get in touch today.



If you have landed on this blog post, then we presume you are on the hunt for valuable information about equity release and are wondering if it is right for you.

As equity release specialists, you may be under the assumption that we have product bias towards equity release, however, that is not the case. Equity release is not always the answer, and as members of the Equity Release Council, we have a duty to walk every customer through alternatives before recommending an equity release product to them. For some customers, downsizing, applying for grants, or other later-life lending solutions may be more suitable for their circumstances.

At North East Equity Release, we have many consultations in which the individual may be set on equity release, however, after we have offered expert advice and alternatives, they have ended up with a completely different financial product or solution.

Below is an example of one such client.

old man looking out of window

When Equity Release is not suitable:

Harry is an 89-year-old man who owned his home outright. He got in touch with North East Equity Release to arrange an appointment and discuss unlocking a large sum of money from his home. Upon meeting with our adviser, Harry disclosed that his wife had passed away the previous year.

Harry was now concerned that when he died, all of his estate would go to the Crown. Determined to not let that happen, Harry wanted to release as much money from his property as possible and put it in his bank account.

However, as Harry had no intentions of spending the money and did not have a Will, under the Rules of Intestate, this money would still go to the state.

The solution… A Will

During the consultation, our adviser recommended Harry arrange a Will and discussed potential beneficiaries to which Harry could leave his estate, such as his friends, the Church and charities close to his heart. The adviser also helped Harry to contact a trusted local solicitor so that a Will could be arranged and Harry’s money and possessions could be distributed exactly how he saw fit.

Will document representing when equity release is not the right solution for client

When equity release is a good idea

Maureen is a 61-year-old lady whose life drastically changed when her husband passed away suddenly. While there was no mortgage on the home, Maureen did not work and was not yet in receipt of her state pension, which left her living off savings.

With her savings running low and the cost-of-living pressures rising, Maureen was concerned that she was not going to be able to afford to stay in her home. While her husband was alive, the couple had planned on downsizing, however, due to the change of circumstances and Maureen’s strong emotional attachment to the property, she felt she now wanted to stay in her current property for another five years or so.

Mature lady in kitchen at home thinking about an equity release lifetime mortgage

The solution… A Lifetime Mortgage

Following the principles and standards defined by the Equity Release Council, we gained an in-depth understanding of Maureen’s circumstances and discussed all of her options. Maureen opted for a Lifetime Mortgage which we arranged on her behalf.

The Lifetime Mortgage provided Maureen with an initial lump sum which enabled her to carry out some essential repairs to the property she was living in. The product included a drawdown facility, which meant that Maureen had access to cash as and when required to assist her with the cost of living. With a Lifetime Mortgage, Maureen was not required to make any monthly repayments.

While Lifetime Mortgages can be transferred to a new home (subject to lender policy), in this case, Maureen planned on downsizing, repaying the mortgage and buying cash when she moved.

As such, the priority was to source a Lifetime Mortgage with the lowest Early Repayment Charging (ERC) structure. We sourced a product that had fixed Early Repayment Charges which were reduced over the years and were just 3% of any outstanding balance in the fifth year, when Maureen anticipated moving home and repaying the mortgage.

We were also able to calculate the potential early repayment charge based on the initial lump sum, her predicted drawdown and accrued interest, which were a very small price to pay in order to allow her to stay in a home that she loved.

Is equity release right for you?

Equity release can be a complicated and complex decision to make. It’s essential that you seek professional financial advice before making any commitments. As qualified equity release advisers and members of the Equity Release Council, we will always suggest alternatives and help clients find the right solution for their unique circumstances.

For a free, no-obligation chat with a professional, contact us here.

Equity release in return for a lifetime mortgage

If you’re in two minds about whether to free up some of the wealth attached to your home, it’s important that you are aware of up-to-date and accurate information on equity release in the UK.

What is equity release?

The term ‘equity release’ can sometimes be difficult to understand, but in simple terms, it refers to the process of letting homeowners aged 55 and over release tax-free cash from the value of their home.

The amount you can release is based on your age and how much your home is worth.

You can access the money as a cash lump sum at the outset or as a facility to access on an “as and when” basis at any time in the future.

The most popular type of equity release is a lifetime mortgage.

Lifetime mortgage

There are many positives to applying for a lifetime mortgage, such as:

●      You can take out a lump sum of tax-free cash in one go

●      You have the freedom to spend this money however you want

●      Releasing equity with a lifetime mortgage means you don’t need to move out of your home or downsize

●      There’ll be nothing to repay until you die or move into full-time care

Is now a good time?

If you are considering taking out a lifetime mortgage, now could be a good time to enquire, as mortgage lenders are slowly starting to reduce their interest rates following the spike in interest rates post the mini budget in September 2022.

The current average lifetime fixed mortgage interest rate as of December 2022 is between 6-7%, depending on the lender.

The highest rate seen in November 2022 was 8.95%, illustrating a significant drop in the space of just a month, with experts predicting the pricing of fixed mortgage interest rates to continue to stabilise throughout 2023

The interest rate you will be offered will depend on different factors, such as your age, the level of your requested loan in relation to the value of your home and other features included in your plan.

Considering a lifetime mortgage? Our qualified equity release advisor Joanne can help you find lenders with good interest rates.

Contact us to see how we can help.