What is Equity Release

Equity Release is the Process of Releasing Cash Funds from Your Home which you can use for Whatever Purpose You Wish

Is there an age requirement?

Yes, the lenders currently restrict the minimum age to 55, generally there is no upper age limit, although some lenders do have a maximum age at which they are prepared to lend. If you thought being over 60, 65, or 70 years of age prevented you from getting a mortgage your wrong!

How much can I borrow?

The Equity release funds available are based on your property value, age & also your health. If you are in poor health or have had poor health in the past you may qualify for enhanced interest rates or loan amounts. You can borrow equity release funds as a lump sum with a minimum of £10,000 to set up a plan.

Some providers allow you to raise equity release on holiday homes. All properties have to be based in the UK.

Is equity release safe?

Equity release has in the past been tarnished with a bad name due to past non regulation requirements. Equity Release is now highly regulated by the Financial Conduct Authority. The providers we deal with are members of the Equity Release Council. Responsible Life is a member of the Equity Release Council.

Equity Release is Very Flexible

Interest rates & how to reduce the effect of roll up interest

Equity release plans have two types of interest rate. A fixed rate for a lifetime or a variable rate. Your advisor would talk you through the differences and explain the best route following a discussion about the differences.

If you are concerned about the plan interest rolling up, we can access plans which (a) allow you to pay all the interest (b) allow you to choose how much interest you wish to pay or (c) guarantee a set percentage of the future property value to beneficiaries.

Early Repayment options

Equity release plans can now also be repaid earlier than past plans permitted. Please speak to us if you feel you require this option and we can tailor a plan to your short, medium and long term objectives.

You can even access plans which allow you to make partial repayments should you know that later in life you may receive funds from another source such as an inheritance, pension lumpsum or other means.

Drawdown plans

You can borrow equity release funds as a lump sum.  The minimum loan amount to set up an equity release plan is typically £10,000. You can also set up a drawdown plan which provides access to cash funds as and when you require them. Some drawdown plans would allow you to draw as little as £1,000 at a time without incurring any further set up costs. The benefit of this type of plan is that interest does not start upon any loan until you draw the funds from the reserve.

Our Specialist Service

Whole Market Access

We offer Lifetime Mortgages from the whole of market from lenders approved by the Equity Release Council. We negotiate preferential terms for our clients which include – reduced interest rates, cashback payments towards set up fees & also free valuations.

The providers currently offering equity release are – Aviva, Legal & General, Liverpool Victoria, Just Retirement, Hodge lifetime, More 2 Life, One Family, Retirement Advantage, Pure Retirement. Most of which are well known household names.

Clear Fees

The Equity releases set up costs do not have to be paid up front. All our advice is provided without obligation. We charge a fee typically no higher than £995 for the advice and arrangement of the Equity Release plan. This fee is ONLY becomes payable when the plan completes & you have your money. We do not charge for our initial visits.

First class service

If you are unsure as to whether equity release is suitable for you. Please call us and we will have an advisor discuss your options with you. We can arrange for a specialist to speak with you on the telephone or if you wish we can even send a member of our team to your home for a no obligation discussion.

We are Leading Specialists Offering Exclusive Products from the Following Providers

Contact us for a free consultation

The Equity Release Council

The plan providers we deal with are members of the Equity Release Council & my advice is regulated under the Responsible Life trading style. Responsible Life and Craig Oliver are members of the Equity Release Council. The Lifmortgage UK Ltd is a trading style of Responsible Life.

Clear Rates

For lifetime mortgages, interest rates can be fixed or, if they are variable, there is  a “cap” (upper limit) which is fixed for the life of the loan

Right to Remain

You have the right to remain in your property for life or until you need to move into long-term care, provided the property remains your main residence and you abide by the terms and conditions of your contract

Portable Mortgages

You have the right to move to another property subject to the new property being acceptable to your product provider as continuing security for your equity release loan

No Negative Equity

Our products have a “no negative equity guarantee”. This means that when your property is sold, and agents’ and solicitors’ fees have been paid, even if the amount left is not enough to repay the outstanding loan to your provider, neither you nor your estate will be liable to pay any more.
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This is a Lifetime Mortgage. To understand the features and risks, ask for a Personalised Illustration. A Lifetime Mortgage may reduce the value of your estate and could affect your entitlement to means tested state benefits. To understand the features and risks, ask for a Personalised Illustration.

We provide initial advice at no cost and without obligation. If you choose to proceed and your case completes we charge a fee of £1295 and we will also be paid commission from the lender.

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