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What is Equity Release?
An Equity Release plan unlocks equity from your home, whilst you continue to live in the property. The two products covered by the term ‘Equity Release’ are Lifetime Mortgages and Home Reversion. When you embark upon an Equity Release scheme there are certain guarantees in place for your peace of mind:
  • Providing the property you release equity from is your main residence, you can stay in your home for the rest of your life.
  • Our equity release schemes guarantee you will not fall into negative equity and there will be no debt left upon your estate.
  • There is the option to move your plan to another suitable property at any give time, should you wish to move.
Am I eligible for Equity Release?
Providing you can meet the following two criteria then you could benefit from unlocking the equity in your home:
  • Are you 55 years old (or over) and a UK resident?
  • Are you a homeowner with secured debts of less than the value of your home?
To get an estimate on the amount of Equity that could be released from your home, try our Equity Release calculator or for a personalised illustration request a call back from an advisor.
What can I spend the money on?
Essentially this is entirely up to you, once you have released the equity in your property (tax-free) there are no constraints on the amount you spend, or what you spend it on. Popular uses for equity release include: Holidays, Clearing and consolidating unsecured debts, Clearing a mortgage or Home improvements.
Is Equity Release right for me?
When considering taking equity release from your property for your retirement, you should think of the indirect impact that this may have on your financial situation. For instance many benefits are means tested, therefore by releasing equity you may not be able to claim state benefits. Also you should consider that in the event of your death, the value of your estate may be reduced once you have committed a percentage (or all) of your property into Equity Release.
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