Debt Consolidation &
Remortgages


Testimonials

“We are extremely satisfied with the level of service and professionalism combined with a friendly attitude of all the staff we spoke to, and would like to thank everyone at Harrington Brooks very much.”

Mr and Mrs B, Liverpool

“We were really pleased with the efficient way that Harrington Brooks handled our enquiry and by the speed in which our mortgage was finalised.”

Mr and Mrs S, Birmingham

“I found the staff at Harrington Brooks were all very polite, helpful and understanding. I couldn’t fault the level of service we received from start to finish.”

Mr J, Warrington

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Equity Release

Harrington Brooks Debt Consolidation Loans, Re-mortgages and Equity ReleaseEquity Release is a way of using the value in your home to release extra cash as a capital boost of income. Equity is the excess of a home's value over any loans or mortgage secured on it, so for a home without any mortgage the equity will be the total value of the property.

The two most common types of equity release are lifetime mortgages and home reversions plans, both of which allow you to safely release the equity from your home which you can use for any purpose. Although there are many different types of schemes they all offer you the chance to release equity, remain in your home and you won't have to pay it back in your lifetime.

Should I Release the Equity from my Home?

Equity release is perfect for someone who can release a higher percentage value of their home; this may be someone of retirement age who is considering releasing the equity in their property because they need cash for a particular purpose.

With Equity Release you can do just that, and you can use the extra income as you wish, such as making home improvements, buying a new car or improving your general standard of living.

Am I Eligible for Equity Release?

If you think that equity release is something that would suit your needs it is important to find out if you are eligible. The best way to do this is to get in touch with our expert advisors, they will be able to go through the options and find a scheme suitable for you.

Criteria used for equity release includes:

Equity Release Mortgages

An Equity Release Mortgage is otherwise known as a 'Home Equity Plan' or 'Lifetime Mortgage', and allows homeowners to release equity from their home without having to make any extra repayments.

The loan is secured against the property and provides the client with a tax free lump sum of cash or regular monthly instalments. The interest is added throughout the term of the loan, you will not have to pay anything back in your lifetime, and you can also move house if you wish.

Typically between 18-50% of your home's value can be released with an Equity Release Mortgage, but this is dependant on various factors such as your age.

Drawdown Plans

A Drawdown Plan works in a similar way to a lifetime mortgage but offers added flexibility. You decide how much money you want to release and then you can 'drawdown' the cash when you want it.

The interest will only be added when the funds have been withdrawn, meaning that if you release the cash more slowly then the interest will have less time to build up.

This is perfect if you are looking to have more control over your money, as you choose to make withdrawals when you need them, you also only pay interest on the amount of equity that you release and when.

Home Reversion

A Home Reversion Plan allows you to sell all or part of your home to release a lump sum of cash or monthly instalments, with a guaranteed lifetime lease of your home. You will often have to make no monthly payments or very low amounts of no more than £10 a year on average.

However, it is unlikely that you will get the full market price of your home, and the price will be based on factors such as your personal health. You will be able to stay in your home for as long as you wish, which may be until you die or leave the property due to ill health. If your partner is still living in the home, then your right to live in there is passed onto them.

Home Reversion plans are most suited to those clients who are 65 years or over. However younger ages can be considered for health reasons. The amount that you receive for the property will be dependant on various factors, including your age, property value and location.


Individual Voluntary Arrangement (IVA):

  • Unsecured debts only
  • Initial debt advice is free but fees are payable if a debt solution is agreed.
  • An IVA should only be considered in extreme circumstances as failure to adhere could result in bankruptcy. Debt write off applies only where the IVA is accepted by at least 75% of your creditors (in terms of debt value) of those creditors who vote at the creditors' meeting convened to consider your IVA proposal and you have completed the, typically, 60 month term. Some homeowners may be required to release equity.
  • Fees and Costs: An estimate of the costs involved in the arrangement will be included within your proposal; however these fees are subject to change at the creditors meeting. Once the creditors have approved your IVA the basis of our fees will be set and an up to date schedule of fees will be issued to you. Chargeable fees are made up of Nominee's fees which relate to the assistance given to prepare your proposal and will be taken from the first payments made into your arrangement, and Supervisor's fees which relate to the ongoing monitoring, supervision and administration of your IVA and which will be charged on a monthly basis and deducted from the contributions you pay into the arrangement. No further fees are payable by you.
  • Credit Rating: A record of your IVA will be retained by credit reference agencies for a period of six years. Your credit rating will be impaired and it may be harder to obtain credit in the medium to long term.
  • Cooling Off Period/Right to Withdraw: You can withdraw your proposal for a voluntary arrangement at any point up and including the day of your creditor's meeting. Once the arrangement has been approved at the creditors' meeting and you have agreed to be bound by its terms, you have entered formal insolvency proceedings and no cooling off period applies.
  • Terms & Conditions apply.

The Insolvency Service have produced an 'In Debt? Dealing With Your Creditors' guide which summarises key features of each of the main ways of dealing with debt.

Financial Management Plans:

  • Unsecured debts only.
    Initial debt advice is free but fees are payable if a debt solution is agreed.
  • A key benefit of the Plan is the ability to only repay what you can afford each month. Clearly the consequence of this is that it will take longer to repay your debts, and creditors do not have to agree to freeze interest and charges. You will receive allowances to pay Secured and Priority debts.
  • Fees and Costs: An 'Initial Fee' is the set up cost of your Plan and is equal to two months disposable income, subject to a minimum of £295 and will be retained from your initial payment(s). Whilst you pay our initial fee, monies are not distributed to your creditors and this retained payment may place you in arrears.
    A 'Monthly Fee' payable for our services will be charged thereafter, equal to 17.625% of your monthly agreed disposable income, subject to a min of £35 and a max of £100.
  • Credit Rating: Entering into a Plan means contractual payments will be missed and your debt and repayment term could increase. Your credit rating will be impaired and it may be harder to obtain credit in the medium to long term as records will be retained by credit reference agencies for six years.
  • Cooling Off Period/Right to Withdraw: On receipt of your first payment we will issue to you a key features document and estimated fees schedule. If for any reason you wish to cancel we offer a seven-day cooling-off period from the date of said letter in which we offer a full refund of any fees which we have taken.
  • Terms & Conditions apply.

One Advice Group . Jackson House . Sibson Road . Sale . Manchester . M33 7RR . United Kingdom