What is Equity Release?

Equity release is a way of obtaining some of the value in your home without having to move. The money is secured against your home and can be used for any purpose you like.

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There are two main types of equity release scheme: Lifetime Mortgages and Home Reversion Plans – these pages give you all the information you need to understand the difference. Please not that our experts can only offer Lifetime Mortgage products. Our Frequently Asked Questions also give answers to the top queries we receive.  You can get a comprehensive, free and no-obligation quote tailored to your own circumstances.

Some reasons people may consider equity release are to:

  • top up your savings
  • enjoy extra income in retirement
  • supplement pension income
  • cover living expenses or pay for home improvements
  • take a holiday
  • help children out with, for example, a property purchase
  • settle a repayment mortgage or pay off an interest only mortgage
  • see family enjoy some of their inheritance
  • pay off other debts to reduce monthly outgoings

If you have any outstanding mortgage or loans secured on your property you would need to pay these off completely with any equity you release. You can use the remainder of the cash as you like.

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Freedom to release cash whenever you need it

You can choose to take the equity release cash in one tax-free lump sum, or as a number of payments over several years. There are a number of different equity release schemes depending on whether you want a lump sum or money over several years.

Stay in your own home

One way to release equity from your home is, of course, to sell up and downsize, but many people would prefer to stay in the home they love. With equity release you can stay in your own home and avoid the costs and inconvenience of moving.

Equity release is a long term commitment but you can choose not to make any monthly payments since your loan will be repaid when you die or move permanently into long term care. You are free to stay in your home until either of these situations arises.

There are two main types of equity release scheme: Lifetime Mortgages and Home Reversion Plans. Still got questions? Read our Frequently Asked Questions or contact us.

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