Equity Release Loan

Release Cash From Your Home

Call us on 0117 980 7743 

Independent Service For Over 55s

Finding  the right equity release plan for your personal circumstances couldn’t be simpler

See below for a range of selected offers from leading UK equity release providers

Type
Fixed
Rate
3.32%
APR
3.48%
Minimum Age
55
Minimum Property Value
£100,000

Equity Release Plan: Classic Super Lite

Features: FREE Valuation

Equity Release Calculator »

Type
Fixed
Rate
3.32%
APR
3.50%
Minimum Age
55
Minimum Property Value
£100,000

Equity Release Plan: Flexi Choice Super Lite

Features: FREE Valuation

Equity Release Calculator »

Type
Fixed
Rate
3.35%
APR
3.50%
Minimum Age
55
Minimum Property Value
£100,000

Equity Release Plan: Classic Drawdown Lite

Features: FREE Valuation

Equity Release Calculator »

Type
Fixed
Rate
3.40%
APR
3.50%
Minimum Age
55
Minimum Property Value
£100,000

Equity Release Plan: Premier Flexible Black

Features: Cashback & FREE Valuation

Equity Release Calculator »

Type
Fixed
Rate
3.49%
APR
3.60%
Minimum Age
55
Minimum Property Value
£100,000

Equity Release Plan: Flexible Pink

Features: Cashback & FREE Valuation

Equity Release Calculator »

Type
Fixed
Rate
3.75%
APR
3.90%
Minimum Age
55
Minimum Property Value
£75,000

Equity Release Plan: Lifestyle Flexible

Features: Cashback & FREE Valuation

Equity Release Calculator »

Type
Fixed
Rate
3.93%
APR
4.10%
Minimum Age
60
Minimum Property Value
£100,000

Equity Release Plan: Flexible Lifetime

Features: FREE Valuation

Equity Release Calculator »

Type
Fixed
Rate
3.99%
APR
4.20%
Minimum Age
55
Minimum Property Value
£70,000

Equity Release Plan: Capital Select Lite Flexi

Features: FREE Valuation

Equity Release Calculator »

Type
Fixed
Rate
4.22%
APR
4.40%
Minimum Age
55
Minimum Property Value
£70,000

Equity Release Plan: Select Lite Flexi

Features: FREE Valuation

Equity Release Calculator »

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Equity Release Loan

Equity release loans are commonly used by elderly people and retirees who may wish to free up finances that are stored in their property. These policies are often selected by people whose pensions may be depleted, and in financial terms, are ‘property rich but cash poor’.

An equity release loan will essentially allow customers to either sell, or take out a loan against the value of their property that can be spent on anything they wish, with the added benefit that they will not usually be required to leave their home until after they have passed on.

If for searching for a suitable deal from a provider, it is important to consider exactly what type of agreement you will be best suited to before searching for quotes on an equity release policy. There are two main types of equity release loan that are available, details of these policies can be found below:

With a Lifetime Mortgage Agreement:

  • A loan is taken out that is secured against the value of your home
  • You may receive a lump sum that can be spent on whatever you wish
  • No interest has to be paid on the loan whilst you live in the property, but interest on the initial loan will be taken from the
  • sale of the property after you are gone.

In a Home Reversion Plan:

  • Some of, or all of the property is sold to the provider
  • You may receive a either a lump sum or regular payments
  • As the property is directly sold off, you may remain there as a tenant

While these agreements may provide policyholders with a valuable alternative source income in many situations, it is important to remember that they may not be entirely suitable for everyone.

Although policyholders remain free to enjoy their retirement with an extra source of income, these agreements are not without their drawbacks. In order to set up an equity release loan, customers may be expected to pay some legal and valuation fees. Furthermore, the value of the property will also typically decrease after a portion of the estate is sold to the provider.

Equity release is available to UK homeowners aged between 55 and 95 and allows you to release capital from your home. The money released can be used for any purpose, and can be taken as a tax free lump sum or in smaller amounts if preferred.

Key features include:

  • Available to homeowners aged 55 to 95
  • Release capital tax free from your home
  • You choose how to spend the money
  • Lump sum & drawdown options
  • You cannot release equity without taking advice

You can release equity from your home with either a lifetime mortgage or a home reversion scheme. The most popular type of equity release is a lifetime mortgage, where a loan is secured against your home & you retain full ownership of your home.

Key features include:
  • The amount you can release will depend on your age
  • The minimum age you can be is aged 55 with 95 as an upper limit
  • The minimum property value on which an equity release plan can be secured on is £70,000
  • The older you are and the higher the value of your property the more equity you can release

When capital is release by the plan provider, instead of making monthly interest repayments, interest is usually added to the loan. this is known as compound interest. At the end of the plan (usually when either of you pass away or move into long term care) your house will be sold & the equity release plan provider will be paid back from the house sale proceeds with the balance paid to your estate.

 

There are different types of equity release plan and can be summarised as follows:

Lump sum lifetime mortgage
  • Provides a tax free lump sum secured against your home giving you access to a pot of cash.
  • Funds released can be used for almost any purpose
  • You retain full ownership of your home
  • Interest rolls up and is added to the loan. Typically repaid when you pass away or move into long term care
  • Some plans allow you to guarantee  a percentage of the future value of your home for your loved ones’ inheritance. Other options include the option to pay monthly interest
  • You need to take advice before you can take a lifetime mortgage out
Drawdown lifetime mortgage
  • Lets you drawdown cash in stages after an initial lump sum
  • You will only pay interest on the funds drawn down
  • These plans are more flexible so you do not miss out on means tested benefits
  • Drawn down funds can be used for any purpose e.g. home improvements, pay for university fees
Home reversion plan
  • Need to be aged 65+ to qualify
  • Involves selling all or part of your home for a tax free cash lump sum
  • The money you receive can be used for any purpose
  • Your share of the property will benefit from house price increases
  • When you pass away or sell your home, the home reversion provider takes its percentage from the sale proceeds.

For a quick estimate of what you could borrow use the link below:

Equity Release Calculator »

A lifetime mortgage is a loan secured against your house that allow you to release some of the equity you have built up.

Also known as equity release mortgages, like retirement interest only (RIO) mortgages they are only available to over-55s, and the loan is fully paid off when the last person living in the property dies, sells the home or goes into care.

The main difference is that RIO mortgages require borrowers to pass affordability checks and commit to making regular payments for life. With an equity release plan there are no such checks required.

There are a number of variables that can determine how much you may be able release from your home.

The key thing are your age and the value of your property.

The table below provides an approximate indication of how much equity you can expect to release from your home depending upon how old you are from a lifetime mortgage (Home Reversion Plans may offer a higher amount):

 

AGE     % OF EQUITY RELEASE
55 25
56 26
57 27
58 28
59 29
60 32
61 33
62 34
63 35
64 36
65 37
66 38
67 39
68 40
69 41
70 42
71 43
72 44
AGE     % OF EQUITY RELEASE
73 45
74 46
75 48
76 49
77 50
78 51
79 51
80 52
81 52
82 53
83 53
84 54
85 54
86 54
87 54
88 54
90 54

Lifestyle factors can also come into play, so if you are a smoker or are overweight the amount you can release may be increased.

For a quick estimate of what you could borrow use the link below:

Equity Release Calculator »

FREE & no obligation – Equity release service

Equity Release Quotes >>

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Equity release may affect your entitlement to state benefits and will reduce the value of your estate. It may involve a lifetime mortgage or home reversion plan. All content set out in this website is provided for information only and should not be considered as advice. It is strongly recommended that you seek advice of a qualified, independent financial advisor before making any decisions to take out an equity release product.

Equity Release Service

Release Equity In Your Home

  • Borrowing options from age 55 to 99
  • Own property valued at least £70,000
  • Live in the UK
  • No obligation service
  • One short form to complete

Call us on 0117 980 7743 

Access some of the cash locked in the value of your home.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE