Equity Release refers to a range of products that can give you access to money (equity) that you have tied up in the value of your property without having to sell it. Eligible homeowners, aged 55 or over, will have the flexibility to release that money and spend it on what matters to them.
Equity Release refers to a range of products that can give you access to money (equity) that you have tied up in the value of your property without having to sell it. Eligible homeowners, aged 55 or over, will have the flexibility to release that money and spend it on what matters to them.
You may be eligible for equity release if you're a homeowner aged 55+ wanting to borrow a minimum of £15,000. There a few factors to consider which your adviser will go through with you in detail, examples are as follows;
For joint applications, the age of the youngest applicant will be used to determine eligibility and how much can be borrowed.
The value of your property is another factor that will determine how much you are able to borrow. Your home will be valued by an independent surveyor.
Your benefit entitlement could be affected immediately or in the future if you proceed with Equity Release. Your adviser will complete a benefits assessment with you to ensure you're aware of how you'll be affected.
We will take as much time as you need to go through any questions and ensure you feel absolutely comfortable with all that equity release entails. We highly recommend that you speak with friends and family and welcome them to be a part of the meetings and process if preferred. We specialise specifically on the lifetime mortgage route of equity release rather than home reversion plans.
We think it's important that our discussions take place in an environment that you are comfortable in. Of course you're more than welcome to come to us if you'd prefer :)
Equity Release is a big choice, one that you have to be completely comfortable with. Never shy away from asking us anything, no matter how small you feel it might be - it's exactly what we're here for.
We have access to the whole of market so no bias to an individual lender. You'll be matched with the very best rate and most appropriate product on the market.
If we have the pleasure of working with you one day, here's what you can expect;
Initial enquiry and information gathering to explore suitable options.
Following successful valuation and underwriting, your mortgage offer will be released.
Adviser researches suitable options and provides equity release illustration to you for approval.
Your appointed solicitor will complete the legal aspects of purchasing the property.
Application and supporting documentation submitted to appropriate lender.
Your solicitor will arrange for your money to be transferred to your chosen account, our fee of £995 will be taken from this amount.
Valuation on property completed for lending purposes to ensure property fits lender criteria.
Time to complete those wanted plans and spend the money as you intended to!
If we have the pleasure of working with you one day, here's what you can expect;
Initial enquiry and information gathering to explore suitable options.
Adviser researches suitable options and provides equity release illustration to you for approval.
Application and supporting documentation submitted to appropriate lender.
Valuation on property completed for lending purposes to ensure property fits lender criteria.
Following successful valuation and underwriting, your mortgage offer will be released.
Your appointed solicitor will complete the legal aspects of purchasing the property.
Your solicitor will arrange for your money to be transferred to your chosen account, our fee of £995 will be taken from this amount.
Time to complete those wanted plans and spend the money as you intended to!
This is up to you - there are products available that cater to each preference. Typically, there are no monthly payments for you to make on a lifetime mortgage instead, the loan plus the roll-up interest is payable when the plan ends on your death or if you enter long-term care. However, we can find you a plan that features the option to make payments if you so wish.
There are plans available with 'drawdown' facilities whereby you can take your initial lump sum while keeping some back for future use if needed. Alternatively, you may be able to release more via a 'further advance' route, especially if your property has continued to increase in value.
Yes, with a lifetime mortgage you will continue to own your home as before. The loan functions much like a standard mortgage.
Moving home is still possible. As long as your new property fits the criteria of your lender you'll be able to transfer the plan across.
Responsibility will pass to the executor of your Will - they will need to contact your lender to make them aware that you've passed away and to pay off the loan on your behalf. Repayment of the loan will usually be via the sale of your property. Typically, lenders will give your family a year to sell the property.
- Lesley Clay
Need Financial Planning Ltd (also trading as Need Mortgage Hub) is registered in England and Wales no. 10901658. Registered office, 123 High Street, Broadstairs, Kent, CT10 1NQ.
Authorised and regulated by the Financial Conduct Authority. Need Financial Planning Ltd is entered on the Financial Services Register https://register.fca.org.uk/ under reference 977136.
If you wish to register a complaint, please write to complaints@needfp.co.uk or telephone 01843 228800.
A summary of our internal complaints handling procedures for the reasonable and prompt handling of complaints is available on request and if you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service at www.financial-ombudsman.org.uk or by contacting them on 0800 0234 567.
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