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Coronation Street's Ken to cash in his bricks?

Coronation Street's longest-serving resident, Ken Barlow, is considering releasing equity from his home to fund his daughter's legal bills. But despite more and more people choosing to free up funds from the value of their properties these days, many remain in the dark about equity release.

So, with the nation's favourite silver-haired soap character poised to generate some tax-free income from his house at Number 1, Coronation Street, why don't you join us to take a closer look at the facts in this fast-growing world of equity release.

The value of your home minus any outstanding mortgage can be described as your 'equity'. Equity release is the process whereby this is turned into cash, which you can then spend on whatever you like. Because the equity is yours in the first place, there is no tax to pay on the funds you receive, and there are no regular repayments to make. With a lifetime mortgage, which is the most popular form of equity release, you continue to own 100% of your home throughout. The amount that you have released, plus any interest accrued, is simply deducted from your estate once you pass away.

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Common Questions

• How will equity release benefit me?
• What types of equity release are available?