Equity Release Quotes
All Time Low Rates from 2.55% APR
Our service provides:
- Equity Release Service for People Aged 55 to 95
- Access to market leading rates from 2.55% APR*
- Choice of face-to-face or telephone advice (Currently telephone advice only)
- Plans from the whole of the marketplace
- Initial discussion is without obligation
- Plans laid out clearly with all the options explained to you
A lifetime mortgage is a type of equity release for borrowers aged between 55 and 95. It allows you to release cash tied up in your home as a tax-free lump sum, or as an initial sum followed by periodic smaller payouts to you.
Effectively it's a loan secured on your home and is typically repaid when you pay off the plan, you die or you go into long term care.
- You don’t need to have completely paid off your mortgage to be eligible. If you have enough equity built up in your home, the Lifetime Mortgage payout can be used clear the outstanding amount on your original mortgage.
- You retain full ownership of your home.
- A major plus: you don't have to prove affordability. The lending isn't conditional on your income.
- The amount you can take out of your home will depend on your age and the value of your property.
- The older you are, the more you can borrow. If you have a medical condition you may be able to get an enhanced payment.
- Interest is charged on the amount you’ve borrowed – which can be repaid or added onto the total loan amount.
- If you can afford it, you may have the option of repaying the monthly interest, and slowing down the increase in the loan.
Equity in your home is the difference between the home's fair market value and the outstanding balance of all mortgages, secured loans and charges on the property. Usually, to access your equity you would need to sell your property or remortgage with straining monthly repayment commitments.
However, equity release is a product designed to meet the needs of homeowners who don't want to move. It's popular because it makes sense.
The equity release lenders like to invest in reliable, long-term UK property whilst those releasing equity benefit from gaining access to money that would have otherwise been tied up for life.
The money you receive is yours to spend as you please and as the equity is already yours, it is completely tax-free. You can also choose how you would like to receive the money - whether it be a cash lump sum, an account to draw upon as and when required, or a mixture of the two.
Each have their own value so it's best to look at all the options and compare them all with the help of comprehensive advice.
Equity release may involve a lifetime mortgage or a home reversion plan. To understand the features and risks, ask for a personalised illustration.
Equity release may not be right for everyone. It may affect your entitlement to state benefits and will reduce the value of your estate.
For more information complete our enquiry form or call 0117 313 7780.
*As at 25/03/2020