Explore financial freedom with an equity release mortgage plan
Discover the freedom to enjoy your retirement with our flexible equity release mortgages. Access the value of your home to obtain tax-free cash, allowing you to live comfortably and achieve your financial goals.
Experts Richard and Tom are here to guide you every step of the way. Call below for a friendly, no-obligation chat.
Meet our equity release advisers
Richard Wylder
Equity Release Adviser
Richard has been voted ‘mortgage adviser of the year’ and won numerous industry awards.
Tom Evans
Equity Release Adviser
Tom is an accredited later life Lending professional with The London Institute of Banking & Finance.
This is a long-term loan secured against your home, where you borrow a percentage of its value.
The loan and interest are repaid when you move into long-term care or pass away, with the property being sold to redeem the mortgage.
You don’t have to make monthly repayments, and the interest is rolled up, meaning it compounds over time, or you can choose to pay interest. You can make voluntary payments typically up to 10% of the loan advance.
The amount you can borrow depends on your age, the value of your home, and your health.
Equity release is a later life mortgage. If are aged 55 or older, you are eligible. Ther amount you can borrow is based on your age and the value of the property. You can borrow a cash lump sum or have a drawdown mortgage or a combination of both.
There is no requirement to pay monthly interest payments, but you can if you these payments are affordable and typically, you can overpay the mortgage balance by 10% per annum.
You only have to repay the mortgage when you and your partner if it’s a joint mortgage pass away or go into long term care. Your family or executors then have 12 months to sell the property or redeem the mortgage.
To be 100% certain, it’s best to speak an equity release mortgage consultant, but here are the basic requirements:
Each homeowner needs to aged 55 or older
Your property must be in the UK, not including the Isle of Man or the Channel Islands
Your home must be worth £75,000 or more
You need borrow at least £10,000
Your property must meet the lender’s criteria, read more here
Can I release tax-free cash for any purpose?
Yes, you can release equity from your home for any purpose you choose. The cash you unlock through a lifetime mortgage is tax-free, and it’s completely up to you how you use it.
Some common reasons people use equity release include:
Home improvements
Many people use the money to renovate or repair their homes, such as upgrading the kitchen, adding a new bathroom, or even adding an extension to increase the value of the property.
Boosting retirement income
If you're retired and need to supplement your income, equity release can provide a tax-free cash lump sum or a regular income to cover living costs and expenses.
Paying off debts
If you have existing debts or outstanding loans, releasing equity could help you pay them off and ease financial pressure.
Helping family members
Many people choose to use equity release to help family members, such as giving money to children or grandchildren for things like deposits on homes, education, or starting a business.
Covering care costs
Some homeowners release equity to fund long-term care costs, especially if the cost of care is not covered by other means. This can be particularly helpful if you need to move into a care facility or require home care services.
Going on holiday
If you're looking to treat yourself or your family to a holiday or special event, releasing equity could give you the funds you need for a dream vacation.
Investing in financial goals
You might also choose to invest the equity release cash in things like stocks, bonds, or other financial opportunities, though this would come with its own risks.
Paying for medical or health costs
If you're facing unexpected medical bills or want to pay for healthcare treatments not covered by insurance, equity release can help cover these costs.
Discover equity release in 2 minutes!
Key safety features of equity release
No Monthly Repayments
One of the main selling points of lifetime mortgages (the most common form of equity release) is that you don’t have to make monthly repayments. This makes it a viable option for those who want to access funds without the pressure of monthly bills. The loan is repaid from the sale of your property when you pass away or move into long-term care.
No Negative Equity Guarantee
All equity release plans include a no-negative-equity guarantee. This means that even if the loan and interest outstrip the value of your property when it’s sold, you won’t owe more than your home is worth. The provider absorbs the loss, so your family won’t be left with the debt.
Right to Stay in Your Home
With a lifetime mortgage, you maintain ownership of your home and have the right to live there for as long as you like, as long as you adhere to the terms (e.g., continuing to live in the property). You’re not forced to move out unless you decide to or need long-term care.
Regulated by the Financial Conduct Authority (FCA)
Equity release products are regulated by the FCA in the UK, ensuring that providers must meet strict rules to ensure transparency, fair treatment, and protection for consumers. All lenders must give you all the necessary information and offer you advice to help you make an informed decision.
Free, Independent Advice
Most lenders will require you to seek independent financial advice before you proceed with an equity release plan. This ensures that you fully understand the implications, costs, and suitability of the product for your needs. Some lenders may even offer this advice free of charge when you apply directly to them.
Flexible Options
Some plans allow you to access the equity in stages, rather than as a lump sum, which can help avoid borrowing more than you need and reduce the interest that accrues.
