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What is Equity Release?

Equity Release allows individuals aged 55 years and over to release money from their property they live in without having to make monthly payments.

Why Consider Equity Release?

  • You continue to live in your home and still maintain 100% legal ownership
  • It can provide a tax free lump sum to support you through retirement
  • Make no monthly repayments – lenders require no monthly payments towards the interest charged
  • No negative equity – you can never end up owing more than the value of the property

We compare Equity Release plans from all the UK’s top providers

Equity Release allows you to unlock the equity in your home without having to sell up and move out of your house so that you can have money to spend on whatever you want or need. An equity release plan is a potential retirement planning option for homeowners. Equity release may involve a lifetime mortgage or a home reversion plan. To understand the features and risks, please ask for a personalised illustration.

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We provide you with helpful explantory information about your Equity Release options written in plain English in advance of your convenient phone instruction.

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Our Regulated Advisers are ready and waiting to answer any of your questions and advise on the best product for you.

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Your Equity Release Questions Answered

What is an Equity Release

Equity release is a way of releasing the wealth tied up in your property without having to sell it and move to another home. It is designed to help homeowners aged 55years or over who either own their property outright, or have relatively small mortgages left to pay.

Different Types of Equity Release Schemes

Lifetime Mortgage

A lifetime mortgage allows you to release a lump sum of cash or extra income from the value of your property. There are no regular repayments to make as the amount is repaid from the money made when the property is sold. Generally this is when you pass away, move into long-term care or permanently leave the property.

Drawdown lifetime mortgage

This is similar to the standard lifetime mortgage. However, with the drawdown lifetime mortgage, you can access your money with more flexibility. Rather than just receiving a one-off lump sum, you have the option to release your cash over time, as and when you need it. Because you only pay interest on the cash that you have taken, these plans can often prove to be more cost-effective and at the same time provide peace of mind that there are funds for future needs should they arise.

Interest-only lifetime mortgage

This is similar to a standard lifetime mortgage, however, you can choose to make repayments in full or on as and when you like to reduce the overall cost and impact on the value of your estate.

Some plans allow you to make repayments that are equal to or less than the amount of interest that is charged. The balance is paid off from the value of your estate once you have died or have moved into long-term care.

What Can Equity Release Be Used For?

  • To supplement your pension income and cover living expenses
  • To maintain your standard of living
  • To carry out some home improvements
  • Help family members, such as children or grandchildren get on the property ladder
  • To settle a repayment mortgage or clear the balance on an interest-only mortgage
  • Consolidating loans and credit cards
  • To take that holiday of a lifetime

Is An Equity Release Right For Me?

Equity release plans are not right for everyone and it is important that you fully consider your options and receive independent financial advice before making a decision. It is also important that, if you do decide to use an equity release product, we need to be sure its one that meets your needs.

Remember that taking an equity release plan is generally a long term option. However, there are flexible plans available that may fit your varying needs and some will allow you to repay in the future without any penalties. A professional adviser can help you to choose the plan that is right for you.

Need help with your options?
Talk to our experts on 0800 680 0356

My Equity Release Expert Limited is a trading style of My Pension Expert Limited, which is authorised and regulated by the Financial Conduct Authority. My Pension Expert Limited is entered on the FCA Register No 579999. Registered address: Unit 1, Hayfield Business Park, Field Lane, Auckley, Doncaster, South Yorkshire, DN9 3FL.