Equity Release

Equity release products are either lifetime mortgages or home reversion plans. We offer a comprehensive range of equity release products from across the market (but not deal’s that you can only obtain by going direct to a product provider).

You can take the money you release as a lump sum or, in several smaller amounts or as a combination of both.

We pride ourselves in finding the right solution, so you are safe in knowing that you are getting the right advice.

What Are The Steps Involved?

We usually arrange a chat with you over the phone initially and help you understand what you are looking to achieve.

We will summarise our entire conversation to you by email and explain the next steps in terms of helping you obtain this type of mortgage, if it is a viable option for you.

Equity release is typically available to people who are over the age of 55 and have their own home with a significant amount of equity, but don’t have enough money or income for their needs. By releasing equity in the form of a lifetime mortgage or home reversion plan, it enables the individual(s) to remain in their home and raise money for things such as:

  • to generate a capital lump sum
  • to provide an additional income
  • to provide lifetime gifts to relatives
  • for home improvements
  • for holiday home purchase
  • to fund long term care

Where equity release is a suitable solution and you take out a lifetime mortgage or home reversion plan, the money does not usually need to be paid back or the home sold until the last remaining borrower dies or moves into care, although this may not be the case, for example if you make repayments to preserve as much of the inheritable estate as possible.

It is advised that customers seek independent legal advice before entering into a legally binding equity release contract.

Whilst there are benefits for people in this situation, equity release isn’t for everyone and the benefits need to be weighed up alongside drawbacks, such as equity release can:

  • be expensive
  • impact on you being able to claim certain state benefits and your personal tax position.
  • impact on local authority grants / other grants (i.e. for essential home improvements)
  • potentially erode any inheritance passed down to loved ones

Also, there may be alternative options available to you that need to be explored before taking the equity release route, such as consideration of a conventional mortgage as an alternative, moving to a smaller home, using any savings or investments and potentially selling the home and moving into rented accommodation or living with children or other relatives.

Don’t worry as we can help you understand all the features and drawbacks so you can make a fully informed decision.

As financial advisers with the required equity release qualification and training, we can assess your individual circumstances and needs, and then give you expert advice on the right course of action for you. The benefits need to outweigh the drawbacks to ensure equity release is more suitable than alternative methods of raising funds.

It’s often said that you can’t buy peace of mind; however that’s exactly what our financial service does, as you can rest assured knowing you have the right solution for you.

It is advised that customers seek independent legal advice before entering into a legally binding equity release contract.

Equity release may require a lifetime mortgage or home reversion plan. To understand the features and risks, ask for a personalised illustration.