Equity release and other mortgages
We will help you explore the different ways you could access money from your home, whether that's equity release or another later life mortgage, and find the option that best fits your circumstances
Am I eligible?
To take out equity release you must own your own home and the youngest homeowner must be aged 55 or older. If you have an existing mortgage, you can still go ahead, but you'll have to pay this off as part of the equity release process. And your house will need to be worth a minimum of £70,000.
For other types of mortgage, it depends upon the type of mortgage and the lenders’ criteria. Whether you’re looking for a repayment mortgage, an interest-only mortgage or a retirement interest-only mortgage (RIO), our specialist team will let you know your options.
Quick links
What can the money I release from my home be used for?
The money that you release from your home can be used for lots of different things. You may want to:
- Pay off your current mortgage, reducing your committed monthly costs.
- Get the house shipshape, maybe it’s time for that new kitchen or bathroom.
- Go on your dream holiday, or plan a few smaller getaways.
- Provide a gift to a child or loved one, perhaps to help them onto the property ladder.
Equity Calculator
Use our free calculator to understand your equity release and mortgage options.
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A few things to think about
Equity release may involve a home reversion plan or a lifetime mortgage, which is secured against your property and will reduce the value of your estate and impact funding long-term care. You can read more about the different types of equity release plans here and if you want more detail we can provide you with a personalised illustration to explain exactly what equity release could mean for you and will outline the features and risks.
You must take financial advice before proceeding with equity release or with any type of mortgage and there may be other options which better suit your circumstances.
You will need to pay off any existing mortgage or secured loan that you have. You can use some of the money raised through equity release to do this.
Another consideration is that equity release interest is compounded, so you pay interest on interest. The money you release, plus the accrued interest is then repaid when you die or move into long-term care.
Equity release may have an impact on your entitlement to means-tested benefits now and in the future.
Whether you proceed with equity release or another type of mortgage, initial advice is free and without obligation. Only if your case completes would our advice fee of £1,995 be payable. Other lender and solicitor fees may apply.
Other mortgages
Think carefully before securing debts against your property. your property may be repossessed if you do not keep up repayments on your mortgage and any debt secured on it.
Age restrictions may apply, depending upon the lender chosen
Should I remortgage?
Our service has access to a range of mortgages to suit your individual circumstances from a range of both leading and specialist lenders and we could even help you if you have been refused a mortgage elsewhere.
We could help you if you:
- Want to see whether you can re-mortgage and save money or unlock cash from your home.
- Need to review your interest-only mortgage.
- Wish to borrow in retirement.
- Have been refused elsewhere.
How our customers use the money they released.
The money released from your home can be used for lots of different things. You might want to pay off a standard mortgage, help family out or make home improvements.
We asked our customers why they decided to take out equity release, and here is what they told us.
“We had a comprehensive review with realistic assessments and action plan supported by unrushed and uncomplicated discussions and suggestions. All very straight forward and customer focussed. ”
Ms Teale
Why choose Age Partnership?
At Age Partnership, everything we do is focused on giving you honest advice, recommending the most suitable option for you and the friendliest service.
We put enormous effort into working with lenders on product developments that will meet the needs of our customers. We will research the plans available from our carefully selected panel of both leading and specialist lenders to ensure we get you the best deal to suit your circumstances. Plus, our customers benefit from exclusive equity release plans that aren’t available through other lenders or brokers.
- Age Partnership provide access to a market-leading, multi-award winning service. We were named Equity Release Broker of the year at the Money Age Mortgage Awards, amongst others.
- Our commitment to delivering outstanding service has been nationally recognised by Investor in Customers (IIC), who have awarded us the prestigious Gold accreditation for 11 consecutive years.
- In 2024, we helped over 490,000 people explore their later life lending options.
You're talking to the people who know.
We have been providing advice to our customers for over 20 years and will talk you through all your options and explain the pros and cons of each so that you're fully informed.
Our service is about finding out whether any of the solutions we offer are a good fit for you, and only then will we find the best plan for your individual needs.
Our promise to you...
- You will be assigned a dedicated advisor who will guide you through the process from start to finish.
- We will only recommend a solution if it's suitable for you.
- We will search a range of plans from multiple lenders to find the best solution for you.
- If we recommend equity release, the plans meet the standards of the Equity Release Council.
- You will receive a bespoke recommendation document to read at your leisure.
