Equity Release Rates
Looking to raise tax free cash without moving home?
Compare Equity Release Quotes From UK Providers
How your figure is calculated?
The primary factors used to determine the amount of cash you can raise with equity release are:
- Property value – A higher value property will result in a higher equity release calculation
- Age of youngest applicant – If you are applying as a couple the amount of equity you can release will be calculated based on the youngest applicant
- FREE initial consultation for UK Homeowners aged 55 plus
- Full assessment of your circumstances on whether Equity Release is right for you.
- Specialist advice for homeowners on equity release scheme options.
- High level of personal service.
Things to consider
Key Advice, specialist advisers search the whole market to find the right equity release plan for you. They’ll explain all the options available and that taking a plan reduces the value of your estate and may affect any means-tested benefits you’re eligible for.
You have to get specialist advice before releasing equity; it’s the only way to do it. The initial consultation is free with no obligation to proceed. If you decide to go ahead with an equity release plan our advice fee, usually 1.99% of the amount released, subject to a minimum of £1,499, is payable only on completion.
With a lifetime mortgage, the most popular form of equity release, you’ll still own your home. As with any kind of mortgage, it’s a loan secured against your home. All equity release plans we recommend have a no negative equity guarantee, which means you’ll never owe more than the value of your home.
Equity Release Rates
If you are an older home owner looking to raise some capital without having to downsize or move to a different area you might be considering equity release as a solution but wondering about what the interest would be on your plan.
Types of equity release and their rates.
- Roll-up mortgage: In this plan type interest is added onto your loan either monthly or annually. You do not make any repayments on the debt or its interest instead the whole amount is repaid through the sale of your home when you either pass away or permanently move into assisted living. It is important to understand that as the interest is compounded on this loan type the amount owed can increase rapidly. Most plans however offer a ‘No Negative Equity Guarantee’ which means no debt can be passed on to your estate and you will never be charged more than the amount your home eventually sells for. Some of these plans also allow you to protect a portion as an inheritance.
- Interest only mortgage: Like a traditional mortgage with this plan you pay monthly or annual interest repayments on your loan, the original sum you borrowed however is sold off through the eventual sale of your property. Your specific interest rate will vary on several factors including : Your age, Whether you want a joint or single mortgage and how much you want to leave behind to your beneficiaries.
- Fixed Repayment lifetime mortgage: With this kind of mortgage you do not pay not have to worry about interest rates at all. Instead you agree with the lender on a higher sum they will eventually be repaid through the sale of your home.
Home reversion is a different type of equity release. In this type of plan you sell your property to a home reversion company for less than its market value, in return they will give you a lump sum or pay you a regular ‘income’. You will also be able to live in the property indefinitely until you and your partner either pass away or move into permanent assisted living. Some plans may charge you rent at a reduced rate; others will let you stay there for free.
Costs and charges.
Most equity release plans will require an initial arrangement fee as well as a fee for the valuation of your property; these costs vary from lender to lender You will also have to pay legal costs of between £300 and £700 and if you repay your lifetime mortgage before the end of the contract you may have to pay an early repayment charge. Find out more about equity release.
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.
Homeowners access record £1 billion in equity release in the last three months
Retirement Pension Advice News IFAs Report A Surge In Enqiries For Equity Release Advice
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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Mortgages In Retirement
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