Equity Release is a vehicle to allow you to release the value in your home.

There are two main types:

Lifetime Mortgage- this is where you borrow a percentage of the value of your home, interest is charged on the debt. The loan is usually repaid when you sell the property, move into long term care or die.

Please note that, if the interest is added to the loan the outstanding balance will increase.

Home Reversion Sheme- here you sell a portion of you home, but you remain living there. When you sell the property, die or go into long term care the provider gets its "share" of the sale proceeds.

For example  if  you sold 40% of your home the provider gets 40% of the sale proceeds.

Any homeowner over 55, with sufficient equity,  can look to obtain an equity release.

However, if you own a property jointly both of you need to be over 55.

If you have a poor credit rating you may find it more difficult to get an equity release. If you think this may be an issue contact us to discuss your options.

All of our partners are fully regulated by the Financial Conduct Authority (FCA), and have sytems and regulations in place to enure the highest standards of  advice and service are provided.

Additionally, any loan will be provided by a fully FCA regulated provider.

Therefore, you can  be assured that your interests will be the highest  priority. However, as with any product linked to your home there are risks, but these will be explained to you before any decision is made.

Every case is unique. However as a guide a Lifetime mortgage can be  completed in 6-8 weeks and a Reversion Scheme can take 10-12 weeks.

You do not pay tax on taking out the funds.

You may have to pay tax on any income you receive should you save or invest the funds. If you are looking to invest some, or all, of the funds please  ask to speak to one of our agents who  may be able to assist you.

The funds are yours, you can spend them as you wish. The only limit is you.

Examples of common uses of the funds are that holiday you have put off, a holiday home in the sun, the little two seater sports car, helping your grandchildren with university or paying off some debts (if this is your plan ask one of our agents who may be able to advise of other options).

No not at all.

Initially you will need to pay the costs and fees  of setting it up. 

These may include:

 -An arrangement/ set up fee (this may not be the case for all schemes)

 -Valuation fee which will depend on the value of your home, for example a home of £250,000 you may be charged £250

 - Legal costs, you will need to speak to your solicitor about these.

Some lifetime mortgage schemes may  add these charges  to the loan, this will reduce the up front cost, but will increase the loan on which interest is being charged.

Then there are the costs of maintaining the loan.

Typically for a lifetime mortgage you can expect to pay interest of up to around 6% pa.

A home reversion scheme may charge you a minimal rental charge.

Finally some lifetime mortgage  schemes may have an early repayment charge.

Please speak to your advisor if you have any queries or concerns about the costs, or your ability to pay any of them, before you make any decisions.