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Benefits of an equity release plan

Most plans now feature much more flexibility than in the past.

  • Lump sum of tax-free money.
  • Continue to live in your own home.
  • Protect a percentage of your property value for your loved ones.
  • No monthly repayment option.
  • Make repayments if you want to.
  • Add a cash reserve facility.
  • Maintain 100% home ownership.¹
  • Spend the cash as you wish.
  • Ability to move home in the future.
  • No-negative-equity guarantee.
  • Low rates available to fix for life.
  • High cash release available.
  • Repay your standard mortgage.

¹You only continue to own your own home with a lifetime mortgage.

Benefit from future property price increase

If you take out a lifetime mortgage, the most popular type of equity release, you could benefit from any future increase on your property. This is good news because you may be able to release more money in the future if you wish to.

Never pass debt on to your loved ones

There are guarantees with some plans to make sure you can never pass on debt, or ‘negative equity’, in your estate.

Move home in the future

If you wish to move home in the future, this is possible. It’s a rule of the Equity Release Council that a lifetime mortgage can be transferred or ‘ported’ to another property. Naturally the new property must be acceptable to the lender at the time of looking to transfer the lifetime mortgage, and they may expect that part of the loan is repaid if downsizing to a property of lower value - without any early repayment charges.

There are no requirements to make monthly repayments

Lifetime mortgages don’t require any regular repayments. Instead, a fixed or variable rate of interest is rolled-up against the loan so that you have nothing to pay during your lifetime. Then when you pass away, or move into long-term care, the house is sold and the loan, including the interest, is paid off with the remaining money passing to your estate.

To find out more about the different plan types available to you and what other things need to be considered, please follow this link »

Who could release equity?

In general you may be eligible to release funds from the value of your property if:

It is also a condition that you use some of the money you receive to pay off any mortgage you may have against the property or secured loan you may have against the property. Of course, this can be of great benefit to many, as one of your regular outgoings becomes a thing of the past.

However, equity release is not suitable for everybody which is why it is so important to speak to an independent specialist before you make a decision.

Our phone lines are open 24 hours a day, 7 days a week, and there are no automated systems, please call us on Freephone 08080 555 222 to get all your questions answered.

Why has it become so popular?

There has been significant growth in the equity release market and current equity release market conditions are favourable. It is no wonder that some lenders have developed their plans to suit the current market demands.

With new product features emerging which allow more freedom and for customers to release even more tax-free cash, giving homeowners aged 55 plus the opportunity to go on a once a lifetime holiday, supplement their retirement income, make home improvements and more. Lenders have also continued to keep their lifetime mortgage interest rates low and are still contributing to plan set-up costs.

The increase of UK house prices over the last four years have also contributed to the growth of equity release because they impact the amount of money you can release from your home.

Equity release may involve a home reversion plan or lifetime mortgage which is secured against your property. To understand the features and risks ask for a personalised illustration.

Equity release requires paying off any existing mortgage. Any money released, plus accrued interest would be repaid upon death, or moving into long-term care.

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Things to consider

As multi-award-winning equity release specialists we provide informative impartial advice covering your options as well as explaining how equity release will affect potential inheritance and how your entitlement to means-tested benefits could be affected now or in the future.

We provide initial advice for free and without obligation. Only if you choose to proceed and your case completes would a typical fee of 1.95% of the amount released be payable (minimum £1,495).

Equity release requires paying off any existing mortgage. Any money released, plus accrued interest to be repaid upon death, or moving into long-term care.