Equity Release

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What is an Equity release mortgage?

Equity release unlocks the value built up in your home as a tax free lump sum. There’s no need to move out and you’ll still own your home. With equity release you don’t have to make monthly payments, unless you choose to. It’s usually repaid when the last borrower moves into long term care or dies.

Lifetime mortgages are the most popular type of equity release product and are available to homeowners who are 55 or over.

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Why choose equity release?

Some of the most popular reasons our clients give for wanting to release equity include:

Taking out an equity release mortgage means being able to do this without having to dip into a pension or move home, and without using your other finances.

Is borrowing in later life right for you?

Borrowing in later life can impact on the inheritance you leave and any state benefits or local authority grants you receive. It’s also worth considering other options such as:

Before deciding whether to borrow, it’s a good idea to speak with family members or trusted friends. They could give you support or suggest other ways to raise the money you need.

Things to consider before equity release

It’s worth considering these factors before deciding if it’s right for you.

Equity release can reduce the inheritance you leave. This could be due to the fact that you have spent the money, and also due to the interest on the amount you borrowed. That means there could be less for your beneficiaries when it’s time to sell the property.

If you are considering taking out a lifetime mortgage, it’s important you know that this could affect your ability to claim means tested benefits, including support for long term care. Your later life mortgage consultant will discuss this with you.

Make sure any equity release mortgage you opt for has a ‘no negative equity’ guarantee. This means that when your property is sold, if there isn’t enough left to repay what's owed, your estate won't have to pay the extra.

Our Lifetime mortgage has a ‘no negative equity’ guarantee.

ANY FEES WILL BE ADVISED AT THE START OF YOUR ENQUIRY, ANY FEES WILL BE FIXED

Your home may be repossessed if you do not keep up repayments on your mortgage.

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