We know that what’s right for some of us in retirement is not always the case for others. That’s why, if you decide to book an initial appointment with one of our equity release advisers, they’ll discuss alternative options that may be available to you.
Some alternatives to equity release:
Some of our equity release plans come with inheritance protection, which enables you to ring-fence a portion of your home's future value to guarantee an inheritance for your loved ones.
If you have family, and leaving them an inheritance is important to you, these plans can offer a way to release equity while guaranteeing some of your future property value is available to be passed on to your beneficiaries.
Making partial repayments is an effective way of reducing the long-term cost of a lifetime mortgage - the most popular form of equity release. Some of our plans allow you to make partial repayments. Any repayment you can make can reduce the long-term cost of borrowing.
Talking to your family before considering equity release isn't something you have to do, but it is something that we always strongly recommend. If you decide to involve them, you can also invite them along to any meeting with our equity release advisers, giving them the opportunity to ask any questions they may have.
If you don't want or are unable to involve family, we recommend talking to a trusted friend and inviting them along to your appointment. Of course, if you'd like to speak to us alone, we'll always respect your decision.
We have a free-to-use and no-obligation equity release calculator. You can use this tool to discover if you're eligible for equity release, how much cash you could potentially unlock from your home, and which plans could be available to you.
Using this tool to find out how much you could release and whether you'd be able to proceed with an equity release plan could save you time.
As our equity release advisers will explain, you should only borrow for the things you need. Whilst you can use equity release for any purpose, it is important you make a detailed list of your spending plans as this could influence the type of plan that best suits your needs.
If you want the money all at once you could opt for a lump sum lifetime mortgage. If you want to take out an initial amount, and then release further funds as and when you need to, you might choose a drawdown lifetime mortgage.
The amount of money you can borrow will depend on your age, your health and lifestyle, as well as the value of your current home. If you decide to go ahead with an equity release plan, your home will be valued by an independent RICS registered surveyor. This valuation is important to help us consider the maximum loan available to you.
If you believe you may wish to move home after taking out an equity release plan, this is something you should discuss with your adviser. All of our plans are approved by the Equity Release Council, meaning you can move home and transfer your existing plan to your new property, subject to criteria.
The cash released using equity release could impact your eligibility for means-tested benefits, immediately, or in the future. Our advisers will undertake a full benefits assessment during the equity release process to ensure you know exactly how you will be affected.
If you wish to go ahead with equity release, you have to take advice. It's a regulatory requirement. This is important for you to make sure you are making the right decision, and to find the right plan for you.
Our equity release advice is unique to you and your needs, delivered by fully-qualified equity release experts, and free of charge.
Your specialist equity release adviser will explain: