Equity Release
Unlock cash from your home and enjoy a more comfortable retirement
What is Equity Release?
If you are 55 or over, equity release is simply a way of unlocking the value of your property and turning it into a tax-free cash lump sum. Think of it as a loan that’s repaid using your home once you pass away or require long-term care. You don’t have to sell your home or move out with a Lifetime Mortgage, and you can enjoy spending the money.
Whether you want to renovate, help your grandchildren with University fees, or take that once in a lifetime holiday you always wanted – equity release can help make that happen.
You do need to be aware though that taking out equity release will reduce the amount of inheritance you leave behind.
To find out how much equity you could release call our experts at Simply Lifetime Mortgages.
0800 051 4475
Lines open:
Mon to Sat 8am - 9pm
Sun 9am - 5.30pm
Calls will be recorded and may be monitored for training and audit purposes.
Please note that the information given on these pages should not be seen as advice to take out this product.
benefits of equity release
Equity Release isn’t for everyone, so it’s important to understand the benefits and what to consider.
Advantages of Equity Release
- Get a tax-free cash lump sum
- With a Lifetime Mortgage, the tax-free cash can be taken as either a lump-sum or you can 'draw down' the money as income depending on the option you choose
- You still own 100% of your home with a Lifetime Mortgage
- If you pay off your current mortgage with the lump sum, you can choose to spend the leftover cash in a variety of ways
Things to consider
- The money you release from your home could affect any means-tested benefits you’re entitled to now or in the future
- The money you release is paid back after you die, from your estate. This means the size of your estate, and the amount you can pass on to your loved ones, could go down
- The money you release from your home is a loan, and interest will be repaid when you die or if you move into long-term care
- You have to take advice to release equity from your home. Initial advice is free, and there is no obligation. If you decide to go ahead and your case completes, our advice fee of £1,795 would be payable. Other lender and solicitor fees may apply
- If you're looking to find some extra money in retirement, Equity Release isn't the only option. There are lots of alternatives like downsizing your home or taking out a personal loan
- Equity release requires paying off any existing mortgage
Equity Release Advice
To help you access money from the value of your home, we’re working with Simply Lifetime Mortgages to provide an Equity Release advice service. They’re experts who specialise in Equity Release advice from across the whole of the market.
If Equity Release is right for you, then Simply Lifetime Mortgages can help you release the money from your home.
Types of lifetime mortgages
We know your home is important to you, that's why lifetime mortgages are clear and straightforward
Lifetime Mortgage Lump Sum
If you need to release equity for a specific one off expense such as home improvements or to pay university fees, it may be better to borrow a one off lump sum.
Lifetime Mortgage Drawdown
Rather than just receiving a one-off lump sum, you have the option to release your cash over time, as and when you need it.
Important information about Equity Release
Here’s the need to know info, so you have the full picture
- Releasing cash from your home will reduce the value of your estate and may affect your entitlement to state benefits
- You are not required to make repayments, therefore the loan plus interest can grow very quickly
- These are lifetime mortgages. To understand the features and risks ask for a personalised illustration
- Equity release may involve a home reversion plan or lifetime mortgage which is secured against your property and may reduce the value of your estate and impact funding long-term care
Choosing the most suitable product will depend on a number of considerations, including:
- How much equity needs to be released and in what form
- The value of the property
- The age of the homeowner
- How much, if any, the homeowner wants to leave as an inheritance
Financial Advice on equity release
Need help?
We’ve chosen to partner with Simply Lifetime Mortgages to offer you advice on Equity Release.
Mon to Sat - 8am - 9pm
Sun - 9am - 5.30pm
Calls will be recorded and may be monitored for training and audit purposes.