What is Equity Release
What is Equity Release
Equity Release unlocks the cash tied up in your property; cash which you can take tax free and spend in any way you choose.
How Can It Help
Equity release can unlock cash, change your life and provide multiple benefits. Everyone has different needs and wants so the Equity Release plan can be tailored to match.
You may want to enjoy your life while you still can with luxuries such as home improvements, holidays or a new car.
You may want to help your family by providing a deposit to help them on to the property ladder or pay for your grandchildren’s education; giving them their inheritance early and peace of mind when they need it most.
You may have more critical needs as you find that your money, whether income, pensions or savings, just won’t stretch far enough. This could mean losing your home and having to downsize or rent. Equity Release is a way of allowing you to live where you want for the rest of your life.
Equity Release Products
There is large variety of different Equity Release plans available which can be tailored to your exact requirements but which is the right one for you? It’s a big decision that can affect the rest of your life and that of your beneficiaries so it’s vital that you take professional advice to make sure all aspects are covered and nothing is left to chance.
There are two main types of Equity Release plans. Lifetime Mortgages
which has several variants for example drawdown, repayment, interest only, interest roll-up and Home Reversion Plans. Professional advice will identify the type best suited to your specific needs.
Home Reversion Plans represent less than 1% of the equity release market so we do not offer advice on Home Reversion Plans but if required we will refer you to an adviser with the appropriate FCA permissions.
How Much Can I Borrow
How much you can borrow will depend upon the value of your property and your age and health. The minimum age for the youngest applicant is 55 years old.
Learn More
Most Equity Release lenders are not interested in your income or credit history as the loan is secured against your property and the interest can be 'rolled up' until the property is sold. This means there is no threat of arrears or repossession like an ordinary mortgage.
Many people who would be declined for a normal mortgage will be accepted for an Equity Release mortgage.
