What is Equity Release?
If you’re a homeowner over the age of 55 (both partners if a couple), you could unlock tax-free cash from your property and use it how you wish in order to enjoy your retirement. It’s tax-free, the money’s yours to use however you wish.
Benefits of Equity Release
Depending on the plan, you can choose to receive a lump sum or a series of payments
There are no monthly repayments to worry about
Stay In Your Home
You can stay in your home for life, or for as long as you choose to
You can spend the money however you wish on whatever you want
The money is tax-free as it is yours in the first place
Plans To Suit You
There are a wide range of equity release plans available, which can be personalised to your individual needs
Start your Equity Release enquiry
Speak to an adviser on which equity release plan is right for you.
Request a callback to get started on your enquiry.
Types of Equity Release Plans
Choosing the Right Equity Release
There will be NO pressure and NO obligation to proceed. The decision to take up our recommendation is entirely yours and after your initial consultation with our advisers, you will be given plenty of time to decide.
1. Get Expert Advice
We can put you in touch with an equity release adviser who’ll review your needs and future plans. Your equity release adviser can arrange a convenient time to visit you in the comfort of your own home.
2. Think It Over
Discuss your options and the plans available with your family and decide if equity release is right for you.
If you decide to go ahead, your equity release adviser will manage your application for you.
Frequently asked questions
With Equity Release, you have two options. The first is taking out a Lifetime Mortgage. The exact amount you can borrow is based on your age at the start of the plan and the value of your home. You may also be able to release more equity later on down the line, depending on your circumstances.
The second option is a Home Reversion Plan, where you can choose to sell up to 100% of your home. You will still get to live in your home, rent-free, until you go into care or pass away, but because of this, you’ll receive less than the full market value of the share of your property that you sell.
Your equity release adviser will help you decide the option that’s right for you.
Most equity release plans offered allow you to continue living in your home until you die or need to go into long–term care. The lifetime mortgage allows you to keep ownership of your home. With the home reversion plan, the ownership of your home is transferred to the reversion provider.
Home Reversion plans are more flexible, in that if you sell less than 100% of your home to the reversion provider, you can sell more shares I the future, providing you meet the terms and conditions of the plan.
When a valuation fee is incurred, the size of the fee will depend on your property value. For example, with a property value of £100,000 you would expect to pay between £100 and £170.
Lender Fees – includes application fees, arrangement fees and completion fees and all the administration charges that are incurred at each stage in the process. Typically Lender Fees range between £300 and £700. It is possible to add this fee to the value of your loan.
As you would expect, the fees will differ slightly depending on which Solicitor is employed, although ones that specialize in Equity Release can be slightly cheaper. You can expect to pay somewhere between £350 and £500 for this service. Is this correct across the board?
Lifetime Mortgages – because the property remains in your possession, it falls to your representatives to arrange the sale of the property (if appropriate) upon your passing, and to pay the loan and interest back to the lender. It is in their best interests to obtain the best price as quickly as possible.
Home Reversion plans – If you choose to sell 100% of the ownership of your property to a company, the provider will arrange the sale of the property. If you choose to sell less than 100%, the majority of companies will arrange the sale. You or your estate will still receive the proportion of the property’s value (minus costs) you originally chose to retain.