Equity Release

If you own your own home and are 55 or over, equity release could provide you with a lump sum, additional income or maybe both.

How can equity release help ?

  • Lifestyle Holidays abroad
  • Properties abroad
  • Home improvement
  • Debt consolidation
  • Helping the family
  • Helping kids onto the property ladder
  • Grandchildren's education
  • Weddings / Family events

Some basic qualifying criteria

  • Do you own home? = Yes
  • Is the estimated value of their house more than £70k?= Yes
  • Is the property your main residence? =Yes
  • (Second homes can be considered)
  • Are the owners aged 55 or above? = Yes

Types of plans available

  • Retirement Mortgage / Equity Release Mortgage Lifetime Mortgages   /   Lump sum Lifetime Mortgage    /    Reverse Mortgages
  • Here the provider lends a percentage of the property’s value. You are charged interest on the loan but unlike an ordinary mortgage, there are no monthly repayments and no set term.
  • The loan continues until you vacate the property at which point the original sum borrowed plus any interest must be repaid.
  • Home Reversion Plan
  • Under this type of plan you sell your home or a percentage of it in exchange for a lump sum or monthly income, or a combination of both. You can stay in the property for life or until you wish to sell it, at which point the provider will reclaim that percentage of the sale price.
  • With these plans, there is no build-up of interest so they are sometimes favoured over the Lifetime Mortgage schemes.
  • Lifetime Mortgage, with drawdown / Flexible cash release 
  • Interest Only Life time Mortgage Also widely known as a draw down mortgage, or drawn down equity release, these work on the same lines as above. However instead of all the cash up front, you are able to take regular draw down/withdrawals as often as you like for either an agreed number of years, or until the cash pot dries up. Interest is added to the outstanding
  • For a Equity release adviser in Bury / Retirement mortgage adviser in Bury / Lifetime mortgage adviser in Bury / Call Brytannic
  • An interest only lifetime mortgage involves borrowing a percentage of the property’s value and then paying the
  •  Interest monthly. This type of lifetime mortgage leaves the amount borrowed intact: it doesn’t get any bigger
  • Due to the interest is paid each month. When the property is sold the original amount of capital borrowed is repaid.
  • Some form of monthly income is required to meet the interest payments on this type of equity release plan and
  • Eligibility is subject to credit status and meeting affordability criteria.
  • Groundbreaking  New Product – Just released -  Hodge Equity release
  • This product is linked to an Interest only release, but the borrower is also allowed to repay 10% of the initial advance per year , in theory paying off the loan. Near to a Mortgage product, but not just exact
  • For Equity release advice in Bury / Retirement mortgage advice in Bury / Lifetime mortgage advice in Bury / Call Brytannic

The latest news and developments

Rewind to the aftermath of the Brexit result, we saw the Bank of England cut the base rate from 0.50% to 0.25%, something that hasn’t been changed since 2009. Along with a decline in mortgage appro... Read the whole story

Last week we started to talk about the resurgence in the buy to let market, and the importance of understanding what you are potentially getting yourself in to if you go down this route.

Thi... Read the whole story

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(Rates from 1.75%*)
(Max. 35 years)