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Equity release may involve a home reversion plan or a lifetime mortgage, which is secured against your property and will reduce the value of your estate and impact funding long-term care. To understand the features and risks, ask for a personalised illustration. Equity release requires paying off any existing mortgage. Any money released, plus accrued interest would be repaid upon death, or moving into long-term care

Frequently asked questions.

Is there a minimum value for properties on which equity release is available?

Yes: providers will generally not accept properties which are valued at less than £70,000.

How much can I borrow?

The provider will instruct a surveyor to give a professional valuation of your property that would define the amount that could be released. How much can be released is also dependent on your age and that of your partner (if you are making a joint application) and the value of your property.

Medical enhancements are also sometimes available which can affect the amount or interest rates available.

How long will it take to access the funds?

Timescales will vary from provider to provider. However, it usually takes up to 8 weeks from the day your application is received by the provider to the day your money is received by your solicitor.

How much does it cost to release equity?

Equity Release set up costs include our advice fee, of £1,695, a potential lenders fee (this would only be recommended if advantageous to you), a valuation fee (currently these are free for most first time releases) and solicitors fee usually circa £990, including VAT and disbursements.

Could I benefit from a future property price increase?

If you take out a lifetime mortgage, the most popular type of equity release, you could benefit from any future increase on your property.

Is negative equity covered?

Only products which fully meet the Equity Release Council’s Product Standards are required to feature a “no negative equity guarantee”.  Put simply, this guarantee means that you, or more specifically, your estate will never owe more than the property is worth when it is sold.

Could I move home in the future?

If you wish to move home in the future, this is possible. It’s a rule of the Equity Release Council that a lifetime mortgage can be transferred or ‘ported’ to another property. Naturally the new property must be acceptable to the lender at the time of looking to transfer the lifetime mortgage, and they may expect that part of the loan is repaid if downsizing to a property of lower value – without any early repayment charges.

Do I have to make monthly payments?

Lifetime mortgages don’t require any regular repayments. Instead, a fixed or variable rate of interest is rolled-up against the loan so that you have nothing to pay during your lifetime.

Who could release equity?

Equity release eligibility depends on several factors. These can include; Age There will be a minimum and maximum age that you’ll need to meet. Property Value – Your home will need to meet a minimum value. Applicants – Maximum number of applicants is usually two. Ownership – You own your property and it is your main residence. Location – Your home is located in England, Scotland or Wales is most commonly accepted. A small number of lenders will lend in Northern Ireland and other isles. Property Construction – If your home is of ‘standard construction’ i.e. bricks or stones, pitched tile roof however other construction types can be acceptable to some lenders. Property Condition – Your home must be in good condition and a valuation will need to take place to confirm this.

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My Home Equity Release is a trading name of Equity Release Associates Limited, which is authorised and regulated by the Financial Conduct Authority. FCA registered number 932793. Company registered in England and Wales number 12258392. VAT Registered Number 365 5888 43. Registered address, 2200 Century Way, Thorpe Park, Leeds, LS15 8ZB. I provide initial advice for free and without obligation. Only if your case completes would our advice fee of £1,695 be payable. Other lender and solicitor fees may apply. Equity release may involve a home reversion plan or a lifetime mortgage, which is secured against your property and will reduce the value of your estate and impact funding long-term care To understand the features and risks, ask for a personalised illustration. Equity release requires paying off any existing mortgage. Any money released, plus accrued interest would be repaid upon death, or moving into long-term care.

Andrew Ferrett is a member of the Equity Release Council – an organisation set up to protect the interests of plan holders.

Equity Release & Lifetime Mortgages specialists in Devon and the UK. The key to unlocking the cash tied up in your home.

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