Equity release comes in two main forms – Lifetime Mortgages and home reversion plans. Responsible Equity Release only advise on Lifetime Mortgages as with a Lifetime Mortgage you retain full homeownership.
With a Lifetime Mortgage, unlike other forms of equity release, you can release tax-free cash from your home whilst retaining full ownership of your home, and without having to commit to making monthly repayments.
Interest is charged on the amount released, with interest rates typically fixed for life. If you do not choose to make repayments over the course of the loan, then the amount borrowed, plus interest is simply repaid at the end of the term, often via the sale of the property.
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A member of our friendly Information Team is on hand to answer questions you may have either by telephone, email, post or chat.
If you are ready, you can have a free appointment with a qualified equity release specialist.
Equity release is becoming increasingly popular, as UK homeowners look to take advantage of their property wealth to fund their later life ambitions. However equity release products are still not widely understood and are often the subject of decades old myths concerning safety, how much you can release and how much you could owe. Below we have listed some of the main questions our customers have when considering releasing equity.
If you're over the age of 55, then you could be eligible for the most common form of equity release, known as a Lifetime Mortgage. This product enables you to access tax-free cash from your home whilst still maintaining full homeownership. Lifetime Mortgages are becoming increasingly popular, as you can take advantage of your property wealth to fund your later life ambitions, with the option of not making any repayments during your lifetime.
As you are unlocking value from your home however, it is worth noting that releasing equity could impact the value of your estate and your entitlement to means-tested benefits. Our advisers will talk you through this and provide you with a personalised illustration.
The amount that you can borrow depends on the value of your home and the age of the youngest homeowner on the deeds. In some cases it could also be impacted by your health.
To be eligible the youngest homeowner must be aged 55 or over, and the property must be worth at least £70,000.
Based on your personal circumstances we will work to find the plan that best suits you.
There are a number of different types of Lifetime Mortgage, based on the way you release the funds and whether or not you wish to make voluntary repayments during your lifetime.
Lifetime Mortgages have no fixed end date and the mortgage balance is due for repayment once the last homeowner on the deeds has either passed away or entered into long-term care.
Typically, this is achieved through the sale of the property.
