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   
  • 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.
  • Lifetime Mortgage, with draw down / Flexible cash release. 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 / or anywhere in the UK just contact 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 does not 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.
  • For Equity release advice in Bury / Retirement mortgage advice in Bury / Lifetime mortgage advice in Bury / or anywhere in the UK contact Brytannic

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(Max. 35 years)
These figures are only illustrative. An assessment of your needs will be confirmed before a recommendation can be made. A mortgage Illustration, which is personal to your circumstances will be provided if a recommendation for a mortgage product is made.