If you're over 55 and own a property with value in it, equity release could allow you to access some of that money without having to move home.
Whether you're looking to improve your home, help family, clear existing borrowing or make your retirement finances work harder, we'll help you understand what's possible — and whether equity release is right for you.
Tell us a little about your plans and we'll help you understand whether equity release could be suitable for you.
Equity release allows eligible homeowners to access some of the money tied up in their property while continuing to live there.
Rather than selling and moving elsewhere, you can usually remain living in your home while accessing an agreed amount of money from its value.
Equity release can affect your future finances, inheritance and entitlement to some means-tested benefits, so it is important to understand the implications before making a decision.
The amount you could release is based on a number of factors, including your age, the value of your property and the type of plan available to you.
There isn't a single percentage that applies to everyone. A qualified adviser can help you understand what you may be able to release and what that could mean for your finances.
This is an illustration only. The amount available to you could be higher or lower depending on your individual circumstances and the plan selected.
Age is one of the key factors used when assessing how much you may be able to release.
The value and type of your property can affect the options available to you.
Your financial position, existing mortgage and what you want to use the money for can all be relevant.
Everyone's circumstances are different. For some homeowners, releasing equity can provide access to money for a specific purpose or give them greater flexibility in later life.
Fund renovations, adaptations or improvements that could make your home more comfortable and suitable for the future.
Some homeowners use released equity to help children or grandchildren with a house deposit, education or another major expense.
Releasing equity may be considered as a way of dealing with certain existing debts or borrowing, depending on your circumstances.
Access funds to support your lifestyle in retirement, whether that's travelling, enjoying hobbies or simply having more financial flexibility.
Some people consider equity release when they need a larger amount of money for a significant purchase or personal project.
For some homeowners, accessing part of their property wealth can provide greater choice over how they manage their finances later in life.
Releasing money from your home is a long-term financial decision. Before going ahead, it's important to understand the costs and how a plan could affect your future circumstances.
With a Lifetime Mortgage, interest is normally added to the amount borrowed. If it is not paid as you go, the interest can compound over time and increase the total amount owed.
Releasing equity can reduce the value of your estate, meaning there may be less available to pass on to beneficiaries in the future.
Releasing money from your home could affect your entitlement to certain means-tested benefits. Your individual circumstances should be considered before making a decision.
If you decide to move in the future, your equity release plan may need to be repaid or transferred, depending on the terms of your plan and your new property.
Some plans may include early repayment charges if you repay the borrowing before a certain point. It's important to understand these charges before proceeding.
Equity release isn't necessarily the only way to raise money. Depending on your circumstances, other forms of borrowing, downsizing or using existing savings may be worth considering.
If equity release could be suitable for you, we'll guide you through the process and make sure you understand your options before you decide whether to proceed.
We'll talk through your circumstances, what you're hoping to achieve and why you're considering releasing equity from your home.
We'll look at your age, property and financial circumstances to establish what options may be available to you.
If equity release is appropriate, we'll explain the available plans, costs, features and potential implications so you can compare them properly.
You'll have the opportunity to consider the recommendation and ask questions before deciding whether you want to proceed.
Once you've decided to proceed, the application can move forward. Subject to the lender's requirements and legal process, the funds can then be released to you.
Taking the time to understand your options is an important part of the process. You don't have to make a decision simply because you've started a conversation.
Equity release can be suitable for some homeowners, but it isn't the right solution for everyone. The important thing is to understand how it fits into your wider financial plans.
You want to access some of the value built up in your home.
You intend to remain living in your property for the foreseeable future.
You have a specific reason or financial goal for the money.
You understand that releasing equity can affect your future finances and estate.
You may be able to raise the money through savings or other assets.
Downsizing or moving home could be an alternative worth considering.
Traditional mortgage or other borrowing options may be available, depending on your circumstances.
You may want to prioritise preserving as much of your estate as possible.
We'll look at your circumstances and explain whether equity release could be appropriate, as well as considering alternatives where relevant.
Equity release is a major financial decision, so it's natural to have questions. Here are some of the things homeowners commonly want to know.
Equity release allows eligible homeowners, typically aged 55 or over, to access some of the value tied up in their property while continuing to live there. The two main types are Lifetime Mortgages and Home Reversion Plans.
The amount you may be able to release depends on factors such as your age, the value and type of your property, your financial circumstances and the plan available to you. There is no single percentage that applies to everyone.
With a Lifetime Mortgage, you normally retain ownership of your home. A Home Reversion Plan works differently because you sell part or all of your property to the provider. The type of plan you choose therefore matters.
With a Lifetime Mortgage, the amount borrowed plus any applicable interest is generally repaid when the plan comes to an end, commonly when the last borrower dies or moves permanently into long-term care. The exact terms depend on the plan.
It can. Releasing equity can reduce the value of the property or estate available to your beneficiaries. The eventual impact depends on the amount released, interest charged, repayments made and the terms of the plan.
You may be able to move home, but this depends on the terms of your plan and whether your new property meets the provider's requirements. Moving could also involve repaying the plan or other costs, so this should be considered before proceeding.
In some circumstances, yes. An existing mortgage will normally need to be repaid as part of the equity release arrangement, so the value of your property and the amount you owe will both be important when considering your options.
Equity release is a complex, long-term financial decision. Specialist regulated advice is important so that you can understand the available plans, costs, risks and potential alternatives before deciding whether to proceed.
Still have a question? We're happy to talk through your circumstances.
Ask Us About Equity ReleaseIf you're considering equity release, the first step is understanding what may be available to you and whether it could fit your plans.
Talk through your circumstances and what you want to achieve.
Understand the options that may be available to you.
Understand the potential costs and impact on your future plans.
Consider whether equity release is appropriate for your circumstances.
Complete the form and we'll get back to you to discuss your circumstances.
Equity release may involve a lifetime mortgage or home reversion plan. It can affect your finances, inheritance and entitlement to means-tested benefits. Your home may be repossessed if you do not keep up repayments on a mortgage or other debt secured against it. Equity release is a long-term financial decision and is not suitable for everyone.
