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Equity Release

Unlock cash from your home and enjoy a more comfortable retirement 

Existing customers please call0800 028 8974

So what is Equity Release?

Let's explain...

  • Equity release is a lifetime mortgage that lets you release tax-free cash from your home, without having to move
  • It isn’t necessarily suitable for everyone, that's why all Equity Release business is advised. You'll need to contact a specialist Equity Release Adviser and an independent solicitor. You can find a list of these on the Equity Release Council website.
 

 

Overview

Sound like something you'd be interested in?

Here are some considerations worth thinking about...
Advantages and disadvantages of equity release

These are lifetime mortgages. To understand the features and risks, please ask for a personalised illustration

Advantages

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  • You can release capital from your property to help you in retirement, without having to move out of it
  • You can continue to live in your home for as long as you like, until you die or go into long-term care. This way you can benefit from any future rises in property value
  • You can choose to have a cash lump sum, a drawdown reserve of cash or both
  • You can set up an initial loan amount and at the same time set up a maximum loan to draw from in the future
  • You can spend the money as you wish
  • You can release more equity in the future if you need or if property prices rise
  • You can borrow from £10,000
  • The longer you live, the less equity you own (unless house prices grow more rapidly than the outstanding debt). If you live a long time, with a lifetime mortgage all the equity in the property could be wiped out. But, we're members of The Equity Release Council which means we guarantee no-negative equity on your property so you will never owe more than the property value

Disadvantages

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  • The loan plus interest can grow very quickly - there’ll be less, and in some cases, no inheritance to leave to family, so it’s a good idea to involve your family in the decision-making process
  • If you release cash from your home it may reduce your right to state benefits, now and in the future
  • If property values fall, the percentage of the property value that is accounted for by the lifetime mortgage may rise very quickly
  • If you choose to repay the mortgage in the first ten years you'll have to pay an early repayment charge
  • You may not be able to borrow more money against your home in the future
Starting an ENQUIRY 

If you are an existing lifetime mortgage customer with us please call:

Mon to Fri 8:30am-6pm

For TextDirect: First dial 18001

We will record and/or monitor calls for training and audit purposes

 

To start an equity release enquiry, contact your independent financial adviser, or find one specialising in equity release through the Equity Release Council (ERC).

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 (our products do not require any repayments)
  • These are lifetime mortgages. To understand the features and risks ask for a personalised illustration
 

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
 
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We know your home is important to you, that’s why our 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

Flexible Lifetime Mortgage

Specifically designed for people who wish to release some equity from their home now and expect to want to borrow more in the future
Alternatives to a lifetime mortgage

Remember, lifetime mortgages aren't for everyone, so it’s important to consider all options first

Other options could include:

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  • Selling your home and buying a less expensive property could lead to your new home being mortgage free
  • Using savings or other investments
  • Checking that you are claiming all the state benefits that you’re entitled to
 
Your equity release adviser will help you consider these and other alternatives

For more information about equity release, please contact the Equity Release Council

Visit the Equity Release Council website