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Release money from your property
- Equity release is when you release money from your property so that you can make a big purchase, pay off an existing mortgage, or give generously to loved ones. Rather than using savings or taking out a personal loan, it’s a type of financial product that lets you make the most of your property wealth by releasing the value tied up within it.
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How does equity release work?
What type of equity release do you offer?
When should you use equity release?
What are the different types of home equity release?
Equity release is a way to unlock the value of your property and turn it into cash. You can do this via a number of policies which let you access – or 'release' – the equity (cash) tied up in your home, if you're 55+. You don't need to have fully paid off your mortgage to do this.
Jul 12, 2024 · There are two types of equity release product: lifetime mortgages and home reversion plans, and they work in different ways. Lifetime mortgage : this is the most common way of releasing equity. You borrow some of your home's value and this loan is repaid when you sell the property, pass away, or go into care.
- Your Age
- Your Home
- Your Family
For a lifetime mortgage, you (or both of you if you're borrowing jointly) need to be at least 55 years old. For a home reversion plan, you (or both of you if you're borrowing jointly) need to be at least 60 years old.
You must own property in the UK, and it must be your main residence. Your property also needs to be in reasonable condition and over a certain value. There may also be restrictions on the type of property accepted. You might still qualify for equity release if you have a mortgage or other loan secured against your property – but it will depend on t...
Equity release can be complicated if you live with any dependents. To stay living in the property with you, they might need to sign a waiver confirming they understand they don't have the right to keep living in the property if you die or move into permanent care. Equity release could also affect someone coming to live with you in the future. If a ...
Oct 18, 2023 · How does equity release work? Equity release with a lifetime mortgage or home reversion plan is a way of taking out some cash from the value of your home, if you're aged 55 or over, without having to move. The type of equity release that we offer is called a lifetime mortgage.
What is equity release and how does it work? Equity release is a way of releasing cash from your home. You can do this through a lifetime mortgage or a home reversion plan. We go into more detail about these two products and how you can access the money in our article 'How equity release works'.
- The minimum age for equity release is usually 55, this will differ from provider to provider. If it's a joint application, the youngest applicant s...
- Releasing equity with us usually takes 8-12 weeks. It will differ by product and by provider.
- As with a regular mortgage, there are some costs that you should be aware of as you begin the application process. They include arrangement fees, s...
- The loan is usually repaid through the sale of your home after you pass away or move into long-term care. However, you can also choose to pay some,...
- There are steps you can take to protect how much you can pass on as an inheritance. Choose Inheritance Protection: This option lets you secure a pr...
- If the mortgage is in your name only, your house will be sold and the loan plus interest is repaid. Any money left over can help pay the costs of y...
- Yes, you can use the money you release from your home to for pay care home fees, in-home care or any other care related costs. You can also use it...
- Equity release lets homeowners aged 55 and over release tax-free cash from the value of their home. The amount you can release is based on your age...
- Step 1: Get advice As a first step, you'll need to speak to a financial adviser who's qualified to advise on equity release products. Your adviser...
How does equity release work? Equity release works by freeing up cash that is tied up in your home, giving you access to a cash, either as a lump sum or regular payments.
Equity release refers to products that allow you to access money built up in your home in the form of tax-free cash. The amount of equity you can release will depend on a number of factors, including your age and the value of your property. While equity release can be the right option for some people, there are some pros and cons to be aware of.
