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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?

There are guarantees with some plans to make sure you can never pass on debt, or ‘negative equity’, in your estate.

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?

In general you may be eligible to release funds from the value of your property if: You own your own home; and the youngest homeowner is 55 or over.

What our customers say.

Peter & Joy - Newton Abbot
We were very pleased with the services that Andrew provided to us to obtain an increase in our equity release. Very helpful, patient, and reliable for all aspects of the equity, no issue to small to be dealt with. Always reliable to responding to issues, informing us of any changes and progress. Looking for the most acceptable offers suitable for us considering cost and outlay for the future. Would highly recommend his services to anyone seeking the possibilities of equity release. Very pleased with our outcome now successfully completed.
Jayne & Brent - Beaworthy Devon
Mr Andrew Ferrett was excellent and friendly. I felt really comfortable with him. He did not try to sell me anything I did not want, in fact the very opposite. I cannot recommend this gentleman enough, he is an asset to the company. The whole equity release went through without a hitch. The Solicitors he recommended were super friendly and very efficient. Well done you.
Margaret & Bruce - Holsworthy Devon
We contacted Andrew through the Equity Release Council website. he came to visit and explained everything clearly, assessed what our needs were and went away to research. Soon afterwards he presented us with his findings. He explained the differences up and downs of each option. All our requirements were met by his recommendation which we have now completed on. Andrew has been the consumat professional at all times, very approachable with the simplest question and always detailed. We would not hesitate to recommend his services to family and friends.
Mary - Bude Cornwall
Would recommend Andrew to anyone who's thinking of doing this, as very welcoming and easy to talk to. Also answered all my questions making everything go with ease.
David & Susan M - Plymouth
"We found Andrew very easy to deal with. Professional in every aspect of our equity release procedure, any questions were answered very promptly and with expert advice. He made the process very straight forward, and stressless. Very much a gentlemen. We would recommend him to anyone considering equity release, and would like to thank him for his patience and professional advice.
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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. We provide initial advice for free and without obligation. Only if you choose to proceed and your case completes would a typical fee of £1,695 be payable. Equity release may involve a home reversion or a lifetime mortgage, which is secured against your property. 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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