Equity Release

Expert advice on equity release schemes…

Expert advice and support for all your Equity Release needs

Equity Release schemes allow you to release money from the equity you have built up in your home. The equity you have is how much your property is worth on the open market, less any mortgage or debt secured against it.

  • To qualify for an equity release scheme, you have to be over the age of 55, and own your own home.
  • Depending on your age, providers will release a percentage of the value of your home. The older you are at the time of application the larger the percentage available.
  • You retain ownership of the property.
  • You will still be responsible for paying the utility bills and Council Tax.

Equity release schemes vary and can offer you the choice of:

  • A cash lump sum
  • The opportunity to take money when you need it, or on a regular basis, often called a drawdown or flexible facility
  • A combination of these two options, for example, you could take a cash lump sum at the start and then draw additional funds later.
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Lifetime Mortgages

There are two types of Lifetime Mortgages schemes:

The first is an Interest Only roll up scheme. On this scheme you do not have to make the monthly interest payments each month, the interest is added to the outstanding loan. The amount you owe increases because the interest due is being added to the outstanding balance, each month. Eventually this may mean that you owe more than the value of your home. However, most lifetime mortgages offer a no negative equity guarantee giving you the reassurance that what you repay doesn’t exceed the value of your property.

The debt and the rolled-up interest are repaid, when your home is sold after your death, or if you have moved permanently into long term care.

Secondly are Interest only mortgages, where you do make a monthly payment that could cover the full amount of interest due on the amount you have taken. Most schemes will offer a fixed rate of interest for this to give you the stability of known payments each month. The amount borrowed therefore does not increase or erode any equity within your home. The amount borrowed is then repaid once your home is sold.

A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage. Check that this mortgage will meet your needs if you want to move or sell your home or you want your family to inherit it.
This is a lifetime mortgage. To understand the features and risks, ask for a personalised illustration.
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Other Options

Home Reversion Plans

With a home reversion plan you sell all or part of your home in return for a cash lump sum, a regular income or both.

Usually you do not pay rent and are granted a “lifetime tenancy” allowing you to remain in the property for as long as you wish.

When your home is sold the reversion company gets its share of the proceeds. If you sold the entire property to them they will receive all of the proceeds. If you only sold half, they will receive that share with the remainder going towards your estate.

A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.  Check that this mortgage will meet your needs if you want to move or sell your home or you want your family to inherit it.
This is a home reversion plan. To understand the features and risks, ask for a personalised illustration.
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Retirement Interest Only Mortgages

Retirement Interest Only Mortgages have recently been reclassified by the Financial Conduct Authority (FCA) as a standard mortgage allowing more lenders to release a range of options for these.

Unlike Lifetime Mortgages and Home Reversion Plans, a Retirement Interest Only Mortgage may not be available for everyone. The lenders will assess your ability to maintain the monthly payments, meaning that you will require a certain level of income that will be guaranteed throughout your retirement. In addition, if you were making an application in joint names, they may also look to ensure that the payments and mortgage remains affordable should one party die, leaving a reduced household income.

In the same way as the Lifetime Mortgages and Home Reversion Plans, a Retirement Interest Only Mortgage would be repaid from the sale of your property upon death, or moving permanently in to care.

A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
I Need Advice
Other Options

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