Equity Release made simple

Equity Release is when you release tax-free cash from your home. Most types of Equity Release are available when you reach age 55. They could be an option if you need more money to pay for life in retirement, or if you need cash to afford something else.

There’s a lot to think about if you’re new to Equity Release. That’s why we’re working with Age Partnership to give you access to independent advice and tools that can help you decide if Equity Release is right for you.

As a first step, you can try their quick Equity Release Calculator to find out if you’re eligible and to see how much money you could release from your home.

What is Equity Release?

We have a few guides that can help you understand what Equity Release is, how it works and what it means for your home. They’re quick, simple to understand and can help you make a more informed decision:

Equity Release basics

Learn more about what Equity Release is and the different options you could think about. This guide also weighs up the pros and cons to help you make a decision that’s right for you.

Get the basics

How Equity Release works

This guide takes an even closer look at how different types of Equity Release work. It also breaks down how much tax-free cash you could release from your home.

See how it works
Play button scored through to indicate video element is not available

Oops!

A video player should be here, but you need to permit "experience and insight" cookies for it to appear.

View our cookie policy

Equity Release - Meet David and Linda

We also have this handy video. It gives you an example situation of how Equity Release would work if you're a couple that owns their home.

Equity Release requires paying off any existing mortgage. Any money released, plus accrued interest would be repaid upon death, or moving into long-term care. It may also involve a Lifetime Mortgage, which is secured against your property or a Home Reversion Plan.

Equity Release options

There are a few types of Equity Release to think about. Don’t forget, you can use our quick Equity Release Calculator to check if you’re eligible for any of the options and to see how much you might get.

We also have helpful pages that focus on two types of Equity Release. They’re full of useful information, details on how to apply and more: 

Lifetime Mortgage

This is where you still own your home after you release money from it. You have to be 55 or over to apply.

The money you release is given to you as a loan that’s secured against your home. Like most loans, it comes with interest.

Our Lifetime Mortgage guide has more detail on how this type of Equity Release works.

Read more about a Lifetime Mortgage

Home Reversion Plan

This is where you sell some or all of your home to a lender to get a cash lump sum. You have to be 65 or over to apply.

You still get to live in your home rent-free after selling part of it to a lender.

Our Home Reversion Plan guide has more information about how it works.

Read more about Home Reversion Plans

Things to think about

Equity Release isn’t for everyone. Here are some key things to think about before you decide to release cash from your home:

  • The money you release from your home could affect any means-tested benefits you’re entitled to now or in the future
  • If you choose a Lifetime Mortgage, the money you release is paid back from your estate after you die. This means the size of your estate and the amount you can pass on to your loved ones could go down
  • With a Lifetime Mortgage, the money you release from your home is given to you as a loan. The interest on the capital will be repaid when you die or if you move into long-term care
  • You have to take advice before you release equity from your home. Your first advice discussion is free and there is no obligation to continue. If you decide to go ahead the fee will be 2.25% of the amount of money you release from your home (a minimum of £1,695)
  • Equity Release isn't the only option if you're looking for extra money in retirement. There are lots of alternatives like downsizing your home or taking out a personal loan

See what you could get

Simply fill in a few details and find out how much money you could unlock from your property.

What you can do next

If you’d like to know more about Lifetime Mortgages or start the Equity Release process, here are some next steps you can take:

Give us a call

We can help explain everything you need to know and answer any questions you may have.

We can call you

Want us to give you a call? No problem.

Request a free brochure

If you're looking for more information we've made a handy brochure that covers everything you need to know about Equity Release.

signpost

More about you retirement income options

Try our handy guides and tools to explore more retirement income options, including ways to take your pension money.