Equity Release Advice

Understand your options for accessing money tied up in your home, with advice from a specialist equity release adviser.

We’ll explain how equity release works, understand what you’re looking to achieve and consider whether it’s the right option for you.
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What is equity release?

Equity release is a way of accessing some of the money held within your home without having to sell it or move.

The most common way to do this is through a lifetime mortgage, where you borrow against the value of your home while continuing to live there and retaining ownership.

With many lifetime mortgages, there are no mandatory monthly repayments. Instead, the interest is added to the amount borrowed and builds up over time. Some plans also give you the option to make payments towards the interest or amount borrowed if you want to.

The mortgage is usually repaid from the sale of your home when the last borrower passes away or moves permanently into long-term care.

Another option is a home reversion plan, where you sell all or part of your home to a provider while retaining the right to live there.

We’ll help you understand how the different options work and consider your circumstances and what you want to achieve before making a recommendation.

Important information about equity release

Equity release plans, including Lifetime Mortgages and Home Reversion plans, will reduce the value of your estate and may affect your entitlement to means-tested benefits. Interest may be added to the loan and the amount owed could increase over time. The Mortgage Heroes will discuss any implications in full with you.

Who could be eligible for equity release?

Eligibility depends on the type of equity release, the provider and your individual circumstances. Some of the main things providers will consider are:

  • You meet the minimum age requirements for the type of equity release being considered
  • You own your home in the UK
  • Your property meets the provider’s criteria
  • There is sufficient equity in your home
  • The amount you wish to release is available based on your circumstances and property
  • Any existing mortgage can be repaid when the plan completes, where required

If these criteria apply to you, we can explore your circumstances in more detail and explain the options available to you.

How it works with The Mortgage Heroes

Get started

We’ll guide you through each step, from understanding what you want to achieve to finding the right solution and supporting you through to completion.

How it works with The Mortgage Heroes
1

Initial conversation

We’ll understand what you’re looking to achieve, explain how we can help and answer any initial questions.

How it works with The Mortgage Heroes
2

Understand your circumstances

We’ll look at your finances, property, future plans and what’s important to you

How it works with The Mortgage Heroes
3

Explore your options

We’ll consider equity release alongside other suitable options and explain the differences clearly.

How it works with The Mortgage Heroes
4

Our recommendation

If equity release is suitable, we’ll recommend an option and explain the costs, features and implications before you decide how to proceed.

How it works with The Mortgage Heroes
5

Application & support

If you decide to go ahead, your adviser will manage the application and support you through to completion.

Could another option be more suitable?

Equity release isn’t the only way to access money from your home, and we’ll consider the alternatives as part of our advice.

Depending on your circumstances, these could include:

A standard mortgage – if your income and circumstances allow you to make monthly mortgage repayments.

A later-life mortgage – which could allow you to borrow into retirement while continuing to make monthly repayments.

A retirement interest-only mortgage (RIO) – where you usually pay the interest each month, helping to prevent the mortgage balance from increasing.

Downsizing – selling your current home and moving to a less expensive property could provide the money you need without taking out a new mortgage.

We’ll consider these alongside equity release and explain the differences, helping you understand which options are suitable for your circumstances.

Why choose The Mortgage Heroes?

Equity release is a big financial decision. We’ll take the time to understand what you want to achieve, explain your options clearly and give you the support you need throughout the process.

Specialist equity release advice

You’ll have a qualified adviser with the expertise to explain your options clearly and answer your questions.

More than just equity release

We’ll consider other ways of achieving what you want, including other mortgage options where appropriate.

Personal support throughout

Your adviser will support you from your first conversation through to completion, keeping you updated along the way.

FAQs

  • How much equity can I release from my home?

    The amount of equity you can release from your home will depend on factors including your age, the value of your property, how much you want to release and the criteria of the provider.

    Generally, the older you are and the more your property is worth, the more you may be able to release. Any existing mortgage will also need to be taken into account and will usually need to be repaid when the equity release plan completes.

    We can look at your circumstances and property value to give you an idea of how much you may be able to release and the options available to you.

  • What age can I get equity release?

    The minimum age for equity release depends on the type of plan and the provider. Lifetime mortgages are generally available from age 55, although some providers may offer options from age 50.

    If you’re applying jointly, providers will usually base eligibility on the age of the youngest applicant. Your age can also affect how much you may be able to release from your property.

    We can check which options are available based on your age, property and circumstances.

  • Can I get equity release if I still have a mortgage?

    Yes, it may be possible to get equity release if you still have a mortgage on your property.

    Any existing mortgage or other borrowing secured against your home will usually need to be repaid when the equity release plan completes. This can normally be done using some of the money released, with any remaining funds available to you.

    How much you can release will therefore be important, as there needs to be enough available to repay the existing mortgage as well as provide the additional amount you require.

    We can look at your existing mortgage, property value and circumstances to establish what options may be available.

  • Do I have to make monthly repayments with equity release?

    With many lifetime mortgages, you don’t have to make monthly repayments. Instead, the interest can be added to the amount borrowed, meaning the mortgage balance increases over time.

    Some lifetime mortgages also allow you to make voluntary payments towards the interest or amount borrowed. This can help reduce the amount owed in the future and preserve more of the value in your home.

    We’ll explain the different repayment options available and how they could affect the amount you owe over time.

  • Do I still own my home with equity release?

    If you take out a lifetime mortgage, you continue to own your home. The lifetime mortgage is secured against your property, in a similar way to a standard mortgage.

    A home reversion plan works differently. With this type of equity release, you sell some or all of your property to the provider in exchange for a lump sum or regular payments, while retaining the right to live in your home.

    We’ll explain how each option affects the ownership of your property before you decide whether equity release is right for you.

  • How does equity release affect inheritance?

    Equity release can reduce the value of the inheritance you leave behind. With a lifetime mortgage, the amount borrowed and any interest added usually build up over time and are repaid from the sale of the property when the plan ends.

    Some lifetime mortgages allow you to make voluntary repayments, which can reduce the amount owed and help preserve more of your estate. Certain plans may also offer features designed to protect a proportion of your property’s value for inheritance.

    We’ll explain how the options available could affect your estate so you can consider this as part of your decision.

  • Can equity release affect entitlement to benefits?

    Yes, releasing money from your home could affect your entitlement to certain means-tested benefits.

    This is because money released from your property may increase the savings or capital you have available, which can be taken into account when assessing eligibility for some benefits. The impact will depend on your individual circumstances, the benefits you receive and how the money is used.

    If you receive means-tested benefits, this should be considered carefully before proceeding with equity release. We’ll discuss the potential implications with you as part of the advice process.

  • Can I move house after taking out equity release?

    Yes, it may be possible to move house after taking out equity release or a home reversion plan. Many lifetime mortgages are portable, which means you may be able to transfer the mortgage to your new home.

    Your new property will need to meet the provider’s lending criteria, and the provider will usually need to approve the move. Depending on the value of your new home, you may also need to repay part of the mortgage.

    If moving home in the future is important to you, we’ll take this into account when considering suitable equity release options.

  • Can I pay off equity release early?

    Yes, you can usually repay a lifetime mortgage early, but an early repayment charge may apply depending on the terms of your plan.

    The amount charged and how long early repayment charges apply can vary between providers and products. Some plans also allow you to make partial repayments without an early repayment charge, subject to certain limits and conditions.

    Home reversion plans may differ slightly, as they’re generally designed to be a long-term arrangement and may not offer the option to “buy back” the share of your home that has been sold. The terms vary between providers, so we will consider that when listening to your future plans.

  • What are the alternatives to equity release?

    Equity release isn’t the only way to access money from your home. Depending on your circumstances, alternatives could include a standard mortgage, a later-life mortgage, a retirement interest-only (RIO) mortgage or downsizing to a less expensive property.

    The right option will depend on factors such as your income, age, property, how much you need to borrow and whether you’re comfortable making monthly repayments.

    We’ll consider suitable alternatives alongside equity release so you can understand the different options before deciding how you want to proceed.

Disclaimer: This page is for informational purposes only and does not constitute advice. Equity release will reduce the value of your estate and may affect your entitlement to means-tested benefits. It is not suitable for everyone. Please ask for a personalised illustration to understand the features and risks. For independent information about equity release and lifetime mortgages, you can also visit MoneyHelper.