Equity release

• home improvements
• topping up retirement income

• buying a new car
• going on holiday

• paying for private healthcare
• helping children/grandchildren get onto the property ladder

If you take out equity release with someone else, such as a partner, the money is usually paid back, or your property sold, after the last remaining person dies or moves into care.

If you have a mortgage or secured loan on your property, you must pay it off on completion of the equity release (often using the money from the mortgage).

Lifetime mortgage

this is probably the most popular method. You borrow an amount of money against the value of your property, and it is paid back after you die or move into long-term care.

Home reversion scheme

you raise money by selling a share of or all of your home. You retain the right to live there, usually until you die or move into care.

Who can apply for equity release?

You normally need to satisfy the following conditions

• You must own your property in the UK.
• Your property must be of a certain value, depending on how much you wish to borrow.
• You (and anyone you are borrowing with) must be above a certain age, normally 55 for a lifetime mortgage and 60 for home reversion. The older you are the more you tend to be able to release.

Obtaining legal advice

The Equity Release Council require that anyone obtaining equity release receives independent legal advice from a solicitor. The mortgage company will have their own legal representation to ensure your interests are protected.

Equity release can be complicated, but we know every aspect of the process and will take you through it step by step for a fixed fee. We can arrange a home appointment and we’ll ensure it is completed as quickly and smoothly as possible.