Could now be a good time to unlock the equity in your home?
Equity release is a way to unlock some of the money, also known as equity, in your property while still living in your home.
With a lifetime mortgage, the most popular form of equity release, the money that you access from your property is tax-free and you still continue to own 100% of your own home.
This popular retirement finance solution has brought with it huge developments in plans, meaning many more options are now available to suit individual circumstances and requirements.
Great news for you
Demand from homeowners looking to access tax-free money from their homes is great news for consumers like you. It has brought with it a surge in new flexible products in recent years from many lenders. Plus, there has been a drop in average equity release interest rates, with a quarter of products offering rates of 3% or lower, meaning you pay less interest over the life of your plan.
So how does equity release work?
The money that you release is tax-free and you can choose to access it as a lump sum or as smaller amounts over time – whichever works best for you. What’s more you can spend the money you release on almost anything you wish to once you have paid off any existing standard mortgage that you may have, from planning the holiday of a lifetime to those long-dreamt of home improvements to name but a few.
How do you qualify?
In order to release equity, the youngest homeowner must be at least 55 years of age and your home must be worth at least £70,000. With a lifetime mortgage, the most common type of equity release, you could release from a minimum of £10,000 up to 58% of the property value depending on the age of the youngest homeowner.
- Find out how much you could release by clicking here
- Request your FREE guide to equity release by clicking here
Your next step – get advice
An independent equity release advisor will explore all options with you, and will tell you everything you need to know about equity release, including the effect on the amount of inheritance you can leave and if your entitlement to means-tested benefits could be affected now or in the future.
We’ve teamed up with the UK’s largest equity release broker, Age Partnership, who can provide a free equity release quotation outlining what equity release could mean for you. You’re under no obligation to proceed with anything that is recommended to you.
Only if you choose to proceed and your case completes would a typical fee of £1,795 be payable.
Equity release may involve a home reversion plan or lifetime mortgage which is secured against your property. To understand the features and risks, ask for a personalised illustration.
Although there are no monthly repayments required with equity release, any money released, plus accrued interest, would be repaid upon death or moving into long-term care.
- Or to book your no-obligation quotation call 0800 4703 274
Your advisor will tell you everything you need to know about equity release including the effect on the amount of inheritance you can leave and if your entitlement to means-tested benefits could be affected now or in the future.
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.
Information correct at time of publishing.* Based on Touchstone, number of plans 2018 – Q3 2020
The Radio Times Equity Release Service is provided by Age Partnership Limited who are authorised and regulated by the Financial Conduct Authority. FCA registered number 425432. Company registered in England and Wales No. 5265969. VAT registration number 162 9355 92. Company address: Age Partnership Limited, 2200 Century Way, Thorpe Park, Leeds LS15 8ZB.