The best equity release rates available on Saturday 22 June

EQUITY RELEASE AGE 55
Lender: More2Life 
Mortgage Type: Lifetime Fixed
Interest rate: 6.99% (MER)
Free Valuation: Yes
Product Fee: £0
Legal Fee: £1095
Voluntary Payments: Yes
Overpayments: 10% per annum
Optional Monthly Interest Payment* £541.41
MORE INFO
 
EQUITY RELEASE AGE 65
Lender: Standard Life  
Mortgage Type: Lifetime Fixed
Interest rate: 6.05% (MER)
Free Valuation: Yes
Product Fee: £995
Legal Fee: £1095
Voluntary Payments: Yes
Overpayments: 10% per annum
Optional Monthly Interest Payment* £465.58
MORE INFO
 
EQUITY RELEASE AGE 75
Lender: More2Life 
Mortgage Type: Lifetime Fixed
Interest rate: 5.6% (MER)
Free Valuation: Yes
Product Fee: £0
Legal Fee: £1095
Voluntary Payments: Yes
Overpayments: 10% per annum
Optional Monthly Interest Payment* £430.91
MORE INFO
 
EQUITY RELEASE AGE 85
Lender: More2Life
Mortgage Type: Lifetime Fixed
Interest rate: 5.6%
Free Valuation: Yes
Product Fee: £0
Legal Fee: £1095
Voluntary Payments: Yes
Overpayments: 10% per annum
Optional Monthly Interest Payment* £430.91
MORE INFO
Based on a loan of £90,000 for a property valued at £400,000, higher loan to value products are available, please asked for a personalised illustration. * Monthly Interest Payments are optional and can be amended or cancelled at any time.


Most of the best equity release mortgages can only be arranged through a mortgage broker.

What is equity release? 

Equity Release was launched in the UK in 1965, but the products available now bare no resemblance to the equity release plans offered in the sixties.  

Aimed at homeowners aged over 55 and over, it allows you to replace your existing mortgage and to take out some of the value of your home as cash. There is a lot of misinformation out there about equity release mortgages, so let’s dispel some of those myths: 

  • The amount you can release is based on your age and the value of your home. 
    The cash you release is tax free. 
  • Unlike standard mortgages, there is no minimum income requirement. 
  • You can pay the monthly interest if payments are affordable.  
  • You can make optional additional payments of up to 10% per annum. 
  • Early repayment charges can be no longer than 5 years. 
  • You will always own your home with a no negative equity guarantee.  
  • Equity release mortgages are portable, so you can downsize.  

 

How equity release works

We will help you choose the right product and provider, we will explain your options, in jargon free plain English, so you can make an informed decision. Here is the process, from getting advice to receiving the money:

Step 1: Get advice 

Speak to one of our Partners who is qualified to offer advice on equity release and later life mortgage products. 

We will take time to understand your mortgage need and aspirations and to make sure equity release is right for you, we may be able to recommend another type of mortgage that works better for you. 

We will then email you a personalised mortgage illustration and send you an information pack in the post. We’ll spend all the time it takes, so you fully understand the product, so it works for you now and in the future, should your circumstances change. 
 

Step 2: Valuation & Offer 

Once you give us the green light, we will submit your application online to the lender. 

At this point, you need to instruct a solicitor to act on your behalf. We work closely with Equilaw and can instruct this firm on your behalf if required. 

The lender will arrange a FREE valuation of your home. Once this has been completed and your application approved, the lender will send the offer to you and your solicitor. 

We have arranged that Equilaw will send a locum solicitor to your home to sign the mortgage documents at no additional cost, a date for completing the mortgage can be scheduled. 
 

Step 3:  Receiving money 

We’ll make sure the mortgage offer is exactly as we described and then work with your solicitor through to completion. 

Your solicitor will repay any existing mortgage on your property and then send the balance of the funds to you. 

If you have decided to make monthly interest payments on you mortgage, we’ll explain the options available to you. 

You can choose the have a lump sum on completion or a drawdown facility or a combination of both.  

We will always be available to advise you in the months and years to come, should your circumstance change. 


How long does equity release take?

The length of time it takes to complete an equity release mortgage will depend on the provider we have recommended. Here is a simple guide to the timescales involved: 

  • Same day decision in principle. 
  • Valuation instructed within 24 hours.
  • Mortgage offer issued within 48 hours of the lender receiving the valuation. 
  • Legal completion usually within 4 to 6 weeks from instruction.  
 

Get independent equity release advice now

Our equity release specialists are available now to explain your options.

To request a call-back, get in touch via our contact us page.

0800 999 3339

Monday to Saturday
9:00am – 8:00pm

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