Equity Release Mortgages - What is Equity Release?

Please fill out the following form if you require any information on equity release mortgages, or would like us to contact you.



Equity Release Mortgages

What are Equity Release Mortgages?

Quite simply equity release is a way of using the cash tied up in your home to fund a better standard of living in retirement or to spend as you wish. If you are aged 55+ you can use equity release mortgages to receive a lump sum or a number of lump sums over a time period or to produce a monthly or quarterly tax free income.

The money released can be used to fund a better standard of living, to pay off existing loans, home improvements or helping the family out, the choices are endless.

The most popular way people release equity is through a lifetime mortgage. You retain 100% ownership of the home and the money you borrow is charged on a fixed rate of interest with the advantage it is a known cost to you. You will make no repayments back in your lifetime the money is designed to be paid back on 2nd death if on a joint life basis or you move into sheltered accommodation or the property is no longer your main residence.

You have the right to remain in the property for as long as you wish and have the right to move to a suitable alternative property, providing it meets the provider's lending criteria.

 

What is the process of Equity Release Mortgages?

First Stage - Finding out if you qualify.
The first stage of Equity Release mortgages is finding out if you qualify. If you are a homeowner and your property is worth 60,000 or more Give us a Call. One of our experienced advisers will have an initial chat with you and if a mutual decision is taken to take the matter further we ring make an appointment to carry out a detailed Fact Finding exercise over the phone to establish your full needs and demands.

 

Second Stage - Requesting a personalised illustration
The second stage of Equity Release Mortgages is requesting a personalised illustration. No home visits required, no obligation, we will provide you with independent specialist equity release whole of market advice to assess which type of plan is more suited to your needs. If we do not think equity release is right for you now we will explain this to you at an early stage. From our recommendation you can then make an informed choice.

 

Third Stage - Filling out the paperwork
The third stage of equity release mortgages is filling out the paperwork. We will fill in the application form to send out to you to return signed to proceed. The paperwork will be sent to the lender and a basic valuation of your property is carried out. An offer from the lender may be made and the solicitors instructed to start their work.

 

Fourth Stage - Completion
The final stage of equity release mortgages is the completion stage. A completion date is set and the money you are releasing is sent to you to enjoy in any way that you wish. The whole process is overseen by ourselves so that you have the minimum of fuss and kept informed of where your application is up to. It normally takes between 5-8 weeks from receiving your signed documents to you receiving your cash.

 

If you would like more information with equity release mortgages, please complete the form above.

 

 

 

 


 

A fee of up to 3% will be payable on completion. Our typical fee is £795. We will also be paid commission from the company that lends you money.


An equity release plan will reduce the value of your estate, will not be suitable for everyone and may affect your entitlement to state benefit. To understand the features and risks ask for a personalized illustration.


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