Equity Release Mortgages

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What is Equity Release?

An Equity Release mortgage enables those that are, or soon to enter retirement an ability to access cash that is tied up in their property. So if you are

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aged 55 or over,

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living within the UK mainland or in Northern Ireland

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and own or are purchasing a home worth at least £70,000 it may be possible to apply.

The good news is that the monies released are Tax Free and can be used as you see fit. For example:

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to repay your current mortgage, reducing your monthly outgoings,

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to pay off those loans and credit cards allowing more financial freedom,

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for those home improvements or repairs you have always wanted to do

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or for that holiday of a lifetime.

Following the release of equity, the plans then run for the rest of your life, hence the Lifetime Mortgage tag and the loan is repaid out of the future sale of the property. For example, if you’re applying as a couple, when the surviving partner is admitted into long term care or sadly passes away.

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The Equity Release Foundation

Discussing the options with the Equity Release Foundation will ensure that you choose the right Equity Release scheme that is most appropriate to you and may be any one of the following:

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Lifetime Mortgage

You could release a Tax Free lump sum – which can be used as you wish – without reducing your retirement income.

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Drawdown Lifetime Mortgage

Opposed to taking all of the available equity in one lump sum you can access the money as and when needed.

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Interest Only Lifetime Mortgage

Providing you with a lump sum, allowing you to make regular repayments to cover the cost of interest.

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Impaired Lifetime Mortgage

The Enhanced or Impaired Lifetime Mortgage providing a lump sum.

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Home Reversion Plan

A Home Reversion Plan where you sell some or all of your home whilst remaining in the property, rent free.

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Traditional Mortgages into Retirement

Only available to those who can demonstrate an ability to meet the monthly repayments.

Click on any of the links above for more information or contact our dedicated Equity Release Advisors who will happily guide you through the options.

Some of our Providers

“We always aim to provide a high quality service to our customers. However, if you encounter any problems and we are unable to resolve them you can take your complaint to an independent Ombudsman. Our advice is covered under the Financial Ombudsman Service (http:/financial-ombudsman.org.uk/consumer/complaints.htm). You may be able to submit a claim through the  EU Online Dispute Resolution Platform (https://webgate.ec.europa.eu/odr/main/?event=main.home.show if you live outside the United Kingdom or if you prefer not to deal directly with the Financial Ombudsman Service.)”

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