Opening Hours

Open at 9:00am today

Opening Hours

  • Monday - Thursday

    9:00am - 8:00pm

  • Friday

    9:00am - 5:30pm

  • Saturday

    9:00am - 5:00pm

  • Sunday

    Closed All Day

Our Address

Key, Baines House,

4 Midgery Court, Fulwood,

Preston, PR2 9ZH

UK FREEPHONE

0800 531 6027

Portable plans

A common misconception about equity release is that you won’t be able to move home once you’ve unlocked cash from it. People often take out equity release so they can stay in their family home rather than move to a smaller one. Then the debt is paid off when they die or go into long term care.

However, we never know what’s around the corner, and may find in the future that you need to move to a more accessible home, or a less expensive one, or just want to move to a new area. That’s why any plans approved by the Equity Release Council will guarantee you the right to move your plan to a new property.

This means you have the freedom to sell your house and transfer the debt to your new one, without financial penalty, providing it meets the lender’s criteria. If the property isn’t acceptable to your lender, or is worth less than your old one, then you may still be able to move and take your plan with you providing you pay off some of the equity release debt early.


Downsizing protection


Downsizing protection allows you to pay off the outstanding debt without paying an early repayment charge. So if, for whatever reason, you want or need to move into a smaller home, typically after five years of taking out a lifetime mortgage, you can pay the loan back early without penalty. Without downsizing protection you may still be able to move, however you may incur an early repayment charge if you choose to repay your loan early.


Peace of mind


Talking through all of the options available with your equity release adviser before going ahead will give you peace of mind that if your circumstances were to change for health or family reasons, you’ll be able to adjust your home arrangements accordingly.

Return to Mythbusters

Back

Is equity release right for you?

Read more

Want to know more?

Get all the facts about equity release by downloading our FREE guide to read straight away. Plus, we'll post one out for you to browse at your leisure. 
Request a free guide
Our independent, specialist advisers search the whole market to find the right equity release plan for you. They’ll explain all the options available and that taking a plan reduces the value of your estate and may affect any means-tested benefits you’re eligible for.

You have to get specialist advice before releasing equity; it’s the only way to do it. The initial consultation we give is free with no obligation to proceed. If you decide to go ahead with an equity release plan our advice fee, usually 1.99% of the amount released, subject to a minimum of £1,499, is payable only on completion.
 
With a lifetime mortgage, the most popular form of equity release, you’ll still own your home.  As with any kind of mortgage, it’s a loan secured against your home. All equity release plans we recommend have a no negative equity guarantee, which means you’ll never owe more than the value of your home.

Lifetime mortgages typically have no monthly repayments, as the loan plus roll up interest, is repaid when the plan comes to an end.   You should always listen to advice and give full consideration before securing a loan against your home.