We specialise in helping clients access some of the money (or equity) that is tied up in their home. If you are over the age of 55 and a homeowner, you are probably eligible to take out an equity release plan.

 

Equity Release is a common way for those over 55 to release tax-free cash from their home to spend on many things including home improvements, repaying debts, holidays and helping their children on to the property ladder.

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There are two types of equity release plans – Lifetime Mortgages and Home Reversions.

With a lifetime mortgage, the most common type of equity release plan, there are typically no monthly repayments to make. Your equity release plan is only repaid through the sale of your property when you die or move into long-term care.

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There are many different types of lifetime mortgage which allow the borrower to have lots of flexibility in how they want to repay the cash they release from their home.

 

• Rolled-Up Interest - You have the option to roll the interest up, which would mean the capital is repaid on death or when you go in to long term care  

• Interest Only – You can make compulsory interest only payments (exactly like a typical interest only mortgage you could obtain with a buy to let) to ensure the capital doesn’t increase  

• Drawdown - A drawdown plan allows you to take lump sums of cash as and when suits you. The benefit of doing this is that the interest is only payable as and when you drawdown on the funds.

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To understand the features and risks, ask for a personalised illustration.