Am I eligible?

If you’re a homeowner aged 55 or over with a property worth at least £70,000, then you may qualify for equity release.

Where do you start?

You’ll have a lot of questions when approaching equity release planning, and you’ll need to think it through carefully, with all your options laid out in front of you, but where do you start?

It’s important to have an experienced and independent adviser to help you throughout the process. We’ll make certain that we give you the best advice from the current market, as well as from our own knowledge and experience, and in a clear and completely understandable way. We come to you, operating throughout the UK as well as from our offices in Burton on Trent, Lichfield and Ashby de la Zouch.

What is equity release?

Individuals aged 55 and over can release some of the wealth tied up in their property without having to sell it.

If you, as a homeowner, decide to use equity release, you can draw a lump sum or regular smaller sums from the value of your home whilst still residing there. There are plans through which you can take as little as £10,000 tax free and leave further funds in reserve for when you need them.

The two equity release product types available are the lifetime mortgage and the home reversion plan, both of which are regulated by the Financial Conduct Authority (FCA). In the modern equity release market, there are various different features that go with these products. With providers coming up with new features all the time, there’s bound to be an equity release plan to suit your particular requirements.

Will I be able to release equity even if I still have a mortgage?

Yes, though you’ll have to use the funds released to repay your outstanding secured loans. Any money left over will be for you to spend as you wish.

Will I still own my home?

With a lifetime mortgage, yes, you’re in control and may live in your home as long as you want to. With a home reversion plan, the reversion company will own all or part of the property, although you may live in it for the rest of your life.

Will I have to make monthly payments

Depending on the equity release product, you can either make monthly interest payments, ad hoc partial interest payments or no monthly payments at all. We’ll discuss this when deciding on the best plan for your needs.

How much can I borrow?

The calculator below will give you an indication of how much you can borrow. For more detailed figures please get in touch.

Am I able to pay the loan back early?

Yes, you may pay the equity back early, although this might be subject to early repayment charges. We’ll explain these in full at our initial meeting, as there are different options associated with each equity release product.

What happens if I go into Long Term Care?

Whether you’re single or one of a couple, if you need care in your home, this isn’t likely to affect the terms of your plan. For couples, if one of you leaves to go into a care home, the other can continue to live in the property, and your plan is normally not affected. The plan will end if both of a couple or you as a single person have to move into a care home.

What happens when I pass away?

The property will be sold once the last surviving spouse of a couple or you as a single person have either moved into long-term care or have passed away. The sales proceeds are used to repay the equity, and any money left over forms part of your estate.