The maximum you can borrow depends on your age and the value of your property.
Our Lump Sum products allow you to borrow a lump sum as a one-off payment.
On the other hand, with our Drawdown products, you can choose to borrow a smaller amount initially and agree a cash facility with us, which you can draw on from time to time. This way you'll only be borrowing, and therefore accruing interest on, the amount you actually need.
The maximum you can borrow is up to £1,500,000 on our Lifestyle range, and £1,000,000 on our plus (+) range. This includes additional borrowing, but excludes interest.
To find out if Equity Release is right for you, you might want to follow the 6 steps below:
Step 1: Advice
Find an Equity Release adviser you feel comfortable with. Your adviser will assess your personal situation and help you consider the alternatives of releasing income or capital that do not involve losing some of the equity in your home.
Step 2: Talk to your family
Discuss equity release with your family and intended beneficiaries to your Will. They might be able to help you raise the money you need.
Step 3: Personalised Illustration
Based on your individual circumstances, your Equity Release adviser will prepare a personalised illustration for you to tell you exactly how equity release could work for you.
Step 4: Independent legal advice
If you don’t already have a family solicitor, find one who specialises in equity release. Your solicitor will not only sort out all the legal details but will make sure you fully understand how the lifetime mortgage works and all the implications before you go ahead.
Step 5: Application, valuation & offer
Once you and your adviser have decided on the right product, your home will be valued and you will be sent an offer detailing exactly how much equity you can release.
Please note that you will have 30 days from submitting a full application to progress to offer in order to qualify for the illustrated product rate. The offer will be withdrawn by us if not completed within 90 days of the offer date.
In the event either timescale is exceeded, we will refer you back to your financial adviser. Your chosen product may no longer be available meaning a new product may need to be selected from the range available at that time.
Step 6: Completion
If you are satisfied with all these details you can agree to take out an Equity Release product. Once you have signed the required documentation you will receive your money.
See our comparison table to help you decide which equity release product is best for you.