What is Equity Release?

The value of your home, less any mortgage is known as ‘equity’. Equity Release is the name given to a range of financial products that convert a proportion of that equity into cash for your own use.

 

Equity Release Plans usually have the following common factors:

• Equity Release has a minimum age of 55.

• You receive a guaranteed tax-free cash sum or income for life.

• You continue to live in your home for as long as you wish.

• There are no repayments required until your home is sold. This is normally after your death or entering long term care.

• You have the freedom to move to a suitable property should you wish to do so in the future and transfer your equity release plan to your new home subject to the lenders property criteria.

• Your estate will not be liable for any debt beyond the property value

regardless of future house prices.

There is no upfront advice fee however, a fee may be chargeable on completion. The exact amount will depend on your circumstances but we estimate no more than £950 plus Solicitor and lender fees if applicable which can be taken from the loan amount so you don't have to pay this upfront and will be explained in full detail on the first appointment.