Equity release provides you with the opportunity to unlock the equity within your home without having to make any interest payments or move out. Equity release is available for home owners aged 55 or older and there are two ways equity can be released.
Equity release options
Please visit our document centre to download your guide to equity release, alternatively follow the links below to learn more or use our online quote me now facilities and request a quotation and information pack.
Equity release mortgages also known as lifetime mortgages allow you to raise a mortgage against your property and receive a tax free lump sum or regular guaranteed monthly income and retain full ownership of your home.
Home reversion plans also known as home income plans allow you to sell part or all of your property in exchange for a tax free lump sum or regular monthly income and a guaranteed lifetime tenancy.
Lump sum or regular income
Equity release mortgages and home reversion plans offer you the option to receive either a tax free lump sum or a regular tax free income. We can also arrange equity release schemes that allow you to receive an initial tax free lump sum and a regular monthly income.
Safe Home Income Plans (SHIP) Guarantee
When you arrange an equity release mortgage or home income plan it is important to check that the provider is a member of SHIP. We only deal with providers who adhere to the SHIP code of conduct. There are many advantages of the SHIP code of conduct but the most important is the provision of a ‘no negative equity’ guarantee. Visit our document centre to download a copy of the safe home income plan code of practice.
Equity release can be used as a tool to mitigate or reduce both inheritance tax and personal tax. You should also consider the effect a lump sum could have on any age allowances or social security benefits you receive. Visit our library to check our tax tables and use our inheritance tax calculator.
If you choose a home reversion plan then the buildings insurance will normally be the responsibility of the plan provider. If you choose an equity release mortgage you will be responsible for maintaining both the buildings insurance and your home contents insurance.
Help & advice
There are many different equity release schemes available in the UK and it makes sense to take independent financial advice to find an equity release scheme that offers you the most competitive terms. Please call one of our independent financial advisers to discuss your requirements or go to quote me now to request a quote and information pack on equity release.