Equity Release/Lifetime Mortgage


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Equity Release (Lifetime Mortgage)

What exactly is Equity Release?

Equity Release is a means of releasing equity from your property in later life (minimum age 55years). There are no repayments to be made as the equity (usually up to 40% of the property value) is reclaimed by the lender on your passing, or that of the second applicant, whichever is last.

Okay, so it's that simple - I release 40% of the property which is deducted from the estate when I die?

Interest is added to the 'loan', but only on the amount you drawdown. So for instance you may decide you could need up to £100k, but in the event only drawdown £25k. In which case you are only charged interest on the £25k. Once this has been reclaimed by the lender the remainder of the value of the property is left as per your instructions in your will.

What if I need to go into care and have to sell the property to pay my care fees?

It makes no difference to you. Under current government legislation your property would have to be sold to pay towards your care fees. So any outstanding charges against the property would need to be taken first and the government get less.

I still have a small mortgage. Can I use Equity Release to pay this off?

Yes. Using the above example of having £100k available, if your mortgage outstanding was £30k say, the first £30k of your equity available could be used to pay this off. Of course, this leaves you with a reduced amount of £70k to use as you wish.

Can I use the equity for anything I wish?

Absolutely, it's your money & we find most of our clients use it to enjoy their retirement.

What about my children. They'll be losing some of their inheritance?

Of course. In all of the cases we have experienced we find the children are very supportive. This gives you the means to be more independent and to enjoy your retirement. Not to put too fine a point on it, not become more and more dependent on them as you get older.


Please tell us about yourself

Required equity type
First name*
Last name*
Date of birth*
House Number*
Email Address*
Is this a single or joint application?* Joint    Single

Your property and mortgage details

Approx. mortgage outstanding()*
Approx. value of the property()*
Current lender*
Approx. amount of any secured loans()
Approx. amount of any unsecured loans (£) (inc. credit card balances and overdrafts)
Would you like to save money on your life insurance? Yes    No
Would you like to save money on your buildings and contents insurance? Yes    No

Any other information

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