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How Does Equity Release Work?

There are usually certain conditions that people taking out equity release plans must meet.

These will differ between schemes but may include:
  • A minimum age, usually 55, but some schemes may only be open to people over 60
  • A maximum amount you can borrow or sell, typically 18-50% of the property’s value
  • You must own your home and it must be typically of a value of at least £60,000
  • You will have to borrow a minimum amount of money, typically £10,000
  • You will be required to pay off any outstanding mortgage in full either from the equity that you release or from other funds
  • There may be restrictions on the type and condition of property acceptable to lenders – leasehold retirement housing may not be acceptable

How much can I release?

The amount you can raise will depend on your age and the value of your property. You can release a larger percentage of your home’s value the older you get and some lenders will also take into account your health and lifestyle to maximise the amount you can unlock.

Here are just a few that may allow you to release MORE cash from your home.

  • Smoking
  • Drinking
  • Diabetes
  • High Blood Pressure
  • Heart Conditions

If you drink, smoke, are overweight or take medication for a condition, you should speak to one of our equity release advisers as an enhanced plan takes into account these and other conditions which are surprisingly common.

Unlock Tax Free Cash from your Home Today

To speak to a qualified adviser about equity release simple enter your details in our Equity Release form.

Equity Release Calculator

Equity Release Calculator

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