So you can continue to discuss your financial needs with us during this challenging time, all our independent expert advice is now available in full over the phone. If you're interested in finding out more about equity release, please get in touch either online or by calling us on 0800 188 4812.
There are two types of equity release:
A lifetime mortgage, which is a loan secured against your home and lets you access some of the tax-free funds tied in the value of your home while still retaining full ownership. You need to be 55 or over to be eligible.
Home reversion, where you sell all or part of your home to a reversion company for less than market value in exchange for a cash lump sum, with no interest to pay on the money released, and no monthly payments to make. When the plan comes to an end, the home reversion provider takes its percentage share of the sale proceeds. You need to be 65 or over to be eligible.
This is a lifetime commitment - check the benefits and drawbacks before you go ahead.
Unless you decide to go ahead with a plan, our service is completely free of charge, as our fixed equity release advice fee of £1,799 is only payable on completion of a plan
Your specialist equity release adviser will explain:
Your equity release adviser will also outline the following important things to think about:
Unless you choose to do so, there are no repayments to make on a lifetime mortgage until the plan comes to an end. As a result, you pay interest not only on the loan itself, but also on the interest already added to the loan.
The loan, plus compound interest, is typically repaid through the sale of the property when the last remaining applicant passes away or moves into long-term care
But there are ways you could reduce the total cost of borrowing of your lifetime mortgage.
More on compound interest
An expert adviser can discuss your needs over the phone and explain more about equity release. They’ll always tell you if equity release isn’t right for you and there’s absolutely no obligation to go ahead.
Before deciding on equity release, it's important you're aware of some of your other later life finance options, which may include:
We can help you with other later life services you may need