See How Much Tax-Free Cash You Could Release from Your Home.



How does Equity Release Work?

Well, the huge benefit with Equity Release is that it can be used for any purpose. This tax-free money can be spent however you wish, and you have the option to access it as one huge tax-free lump sum or instalments.

The most popular type of Equity Release is a Lifetime Mortgage. With this product, it is paid off when you pass away or when you need to move out of your property into long-term care.

It is secured against your home and gives you the chance to still leave behind an inheritance for your family. There may be the option of Inheritance Protection Guarantee alongside your Lifetime Mortgage too, which essentially allows you to save a portion of the value of your home as an inheritance.

What Are the Downsides?

Of course, just like with any financial product, there are always things you need to consider before going ahead and making the purchase. When financial products are involved, it is always recommended that you seek independent advice from an FCA Authorised Advisor.

It is worth considering that there will be less to leave in your estate once you die if you take money out of your property now.

It is also advisable to check whether your entitlement to state benefits could be affected, as reaching a certain threshold will have an impact – you can do this by speaking with an advisor before accessing a product.

There is no one size fits all solution, which means every situation is different and varies massively depending on your age, how much you want to release and the value of your home. By speaking with an advisor, you will be able to discuss any potential risks involved with releasing equity, which will enable you to make the right decision.

When Circumstances Change, What Happens Next?

Sometimes, events occur that we can’t predict, such as needing to move to a new house to be closer to family. Your Equity Release plan could potentially be portable – so providing the new property is an acceptable option to the lender you choose, you will be able to move your Lifetime Mortgage from one property to another.

But like with any financial product, it is always sensible to check first.

Could You Benefit from Equity Release?

To qualify for Equity Release, you must:

  • Be aged at least 55 or over. If the applicants are a couple, both need to surpass the minimum age of 55.
  • Own and live in the property you plan to release equity from.
  • Be able to release enough equity from your chosen property to enable you to clear any outstanding mortgage agreement or secured loan.

Your property must be…

  • Valued at £70,000 minimum.
  • In the UK (this includes Northern Ireland).
  • Either freehold or leasehold, with at least a lease period of 75 years remaining.

To get started with Equity Release, the first step is to check exactly how much you can access, which you can do this with a free calculator tool. These tools are super simple and will only require a few details, such as the address of the property, its value and your contact details.

Equity Release – What Is It Used For?

Firstly, it’s important to realise that Equity Release can be used for a spectrum of things, which is why it is such a popular product. Whether that is helping you to access cash to achieve the lifestyle you have in mind, allowing you to support your children with buying their first house or renovating the one you currently own – 
the opportunities are in abundance.

  • You can finally splash out on the home, garden and garage improvements you’ve been dreaming of for years. Of course, with these improvements come added value to your home.
  • If you want to wipe your mortgage and bill commitments so that you can properly retire, Equity Release can potentially help you to do that.
  • Perhaps there are lifestyle purchases you want to make that you didn’t feel you could justify in previous years, such as that dream sportscar or paradise holiday.
  • For those who want to help their family and loved ones financially, Equity Release is the perfection option. Many grandparents want to help their younger family members attend university, buy their first home or even get married. The absence of regular mortgage payments will allow you to support your loved ones.

Eligible for Equity Release?
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According to market reports*, in 2019, 47,081 homeowners over the age of 55 used Equity Release, releasing more than £3.4 billion from their homes – and the signs for continued growth are looking promising. Experts state that 2019 was a milestone year for home finance products and research has proven that more people are now opting to use their property wealth to fund important lifestyle choices. 

It’s certainly not difficult to see why Equity Release is increasing at a dramatic rate either. Whilst retirement income such as pensions are supposed to help those in their later years live comfortably, it is unfortunately just not the case for many. 

Equity Release is a fantastic financial planning option that helps those in later life to live securely. This type of product truly enables over 55s to live their life exactly how they want, which is a welcome change from scrimping and saving to cover bills and bare essentials.

Simply put, Equity Release enables individuals to top up their retirement funds without adding years to their careers, selling property or even downsizing. For most, a tax-free disposable income is the dream when it comes to retirement living and 
Equity Release allows people to do just that. 

Eligible for Equity Release? 
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There’s a reason why huge numbers of homeowners are unlocking tax-free cash from their property – find out why.

Thousands of Over 55s Are Releasing Equity from Their Home – Here’s How To Join Them

Last Updated 27th July 2022







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