What fees are involved with Equity Release?

There are a range of fees that can be charged when it comes to Equity Release. They include: Property survey fees (if required) – this fee will depend on the estimated value of your home. Legal fees – any solicitor costs involved. Broker and advisor fees – depending on the lender, you’ll typically be charged a percentage of the loan amount or a fixed cost.

Are there other ways to release equity from your home?

Yes, there are several other ways to achieve this: A popular method is through remortgaging to release equity. This can help you get a new and improved mortgage deal, which could allow you to free up equity in your home. Remortgaging is commonly used for debt consolidation or home improvements, although, there are a range of things you can do with the equity that is released.

Do I need to talk to my family when taking out Equity Release?

There’s no rule to say you must let your family know that you’re taking out an Equity Release plan. However, we advise that you do so. It’s always best to be open about things that affect your care and quality of life in later years.

How will Equity Release affect my state benefits?

Your standard state pension is unaffected by changes to your financial circumstances, although any means-tested benefits you receive could be withdrawn if your new cash reserves go above a certain level. These benefits include pension credit, council tax reduction, savings credit, and income support. However, there’s a way to keep your savings below the exemption threshold. Instead of taking the entire Equity Release amount in one lump sum, you can arrange a ‘drawdown’ loan. This is where you receive smaller amounts at steady intervals. The added benefit of this is that you only pay interest on the amount taken. You should check with your benefits office or local authority to confirm their policies.

Can I leave an inheritance?

Absolutely, an Equity Release plan should not be a complete drain on your estate. Most schemes currently allow you to ring-fence a certain amount to leave to your loved ones after you die.

Can I move house with Equity Release?

Yes, you can. Our advisors will recommend schemes that allow you to move home, as you never know what might happen in a few years’ time. Currently in the market there are plenty of ‘portable’ schemes to choose from. Be aware that if you do move after taking out Equity Release, your provider will want to do an assessment of the new property. This is to make sure it still meets the lending criteria. Some of the loan may be repayable if the new property is worth less than the current one.

I’ve already got an Equity Release plan – can I switch?

Yes, similar to a mortgage agreement, it’s possible to switch from one Equity Release plan to another. Be aware that terminating a plan before the end of term may incur an early repayment fee. This will depend on the provider’s policies and the terms of your current loan.

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Getting the most from your equity release mortgage broker

If you are aged 55 or over, then Equity Release is a way for you to release capital tied into your house. This can be done without having to sell your property or move out. All money taken through Equity Release is tax free. We connect you with experienced equity release mortgage brokers who are ready to guide you through every step.

This means you can put it to positive use to improve your quality of life. It can be paid as a lump sum or a steady stream of smaller payments.

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Your guides to later life lending

Equity release can initially feel overwhelming, but that’s precisely why our expert equity release mortgage brokers are here. We connect you with expert equity release mortgage brokers who transform what might seem complex into a clear, manageable journey.

The equity release application process

Navigating equity release can seem complex, but we simplify every step. Discover how you can unlock your home’s value to fund repairs, pay debts, or enhance your lifestyle, with guidance from initial conversation to funds received.

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What equity release really costs

Demystify the expenses involved in releasing equity. We’ll transparently break down common charges like valuation, arrangement, and legal fees, ensuring you’re fully informed and prepared for your financial plan.

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Getting the best equity release rates

Understanding equity release interest rates is crucial for your long-term plan. Discover what truly influences your specific rate and why the lowest figure isn’t always the best deal, ensuring optimal value for your financial future.

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Your guide to lifetime mortgages

Explore Lifetime Mortgages, a flexible way to release equity from your home while retaining ownership. Find out how to access funds as a lump sum or drawdown, helping you achieve your financial goals in retirement.

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How home reversion works

Learn about Home Reversion Plans, an equity release option where you sell part of your home in exchange for cash. Understand how you maintain residency rent-free, and how this can provide financial support in later life.

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Mortgages designed for over 55s

For those aged 55 and over, tailored mortgage products are now specifically available to suit your unique financial needs. Explore options like standard mortgages with extended terms or interest-only solutions designed for later life.

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How much can you release?

Discover your home’s equity release potential in minutes. Our calculator provides a quick estimate of the funds you could access, helping you explore options for repairs, debt management, or enhancing your lifestyle.

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How much can you release?

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Don’t let mortgage searching overwhelm you. Our team at The Mortgage Centre, featuring expert Equity Release mortgage brokers, provides tailored solutions for all your needs, from first homes to investments, guiding your journey with confidence.

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