Equity release lets you access the equity (cash) which is tied up in your home either by a lump sum payment, as income over a period of time or a combination of both. The scheme allows you to stay in your home and you don’t need to make any repayments during your lifetime. Equity release is usually available to you when you are aged over 55 and find it more difficult to get a mortgage.

As independent financial advisors with access to all the market, we can advise on on what kind of equity release is right for you (and advise on alternatives), find you the best deal and ensure you fully understand the long-term implications of equity release.

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What Is A Lifetime Mortgage?

  • You can borrow money as a lump sum or regular income or both
  • The amount you can borrow is dependent upon the value of your property, your age and your personal circumstances
  • You remain the owner of your home and the loan is secured against it
  • You do not need to make repayments during your lifetime
  • The loan is repaid when your property is sold, when you pass away or go in to care
  • Interest is calculated on a “compound” basis – interest is usually added to the loan annually.
  • A lifetime mortgage usually comes with a no negative equity guarantee – you will never owe more than the value of your home.

The Benefits of Equity Release

Whether you choose a lifetime mortgage or home reversion scheme, the major benefits  are:

  • The equity released is tax free
  • The scheme could help reduce your inheritance tax bill
  • You can continue to stay in your own home
  • You do not need to make repayments during your lifetime

How much you can release will be dependant on your age, the value of the property and any outstanding existing mortgage on it.

Why Us?

Equity release is an emotive subject and its history has sadly been tarnished by a few greedy advisers and providers. Square One is a long-established firm with a track record in providing sympathetic advice which is often not to use equity release. Our advisers do not work to any sales targets, so you can be confident that we are looking after your best interests.

Equity release often goes hand in hand with providing care costs. Two of our equity release advisers are qualified to advised on long term care. We never advise vulnerable clients without involving the family to make sure that equity release is the right way forward for you and your loved ones.

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Square One John

John Kelly

Square One Viky

Viky Ward
Financial Planner

Continue to read more about Equity Release,
or call 01273 921990 to speak to a qualified advisor now.

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Is Equity Release Right for me?

  • Your estate is likely to be substantially reduced by each scheme so is there any other way of borrowing or releasing money which would have less of an impact on your estate? For example, downsizing, borrowing from family or liquidating other investments? It is worth discussing this with your family as they may be able to help.
  • Are you receiving any benefits? Equity release could have an impact on any benefits you receive.
  • If you proceed with a home reversion scheme, you will no longer be the owner of your home.
  • If you pass away soon after releasing equity, the scheme would be poor value for money.
  • You will still be responsible for maintaining and insuring your home – will you have sufficient funds to enable you to afford this?
  • Is this the right scheme for you? Equity release schemes are not flexible. If your circumstances change significantly you may not be able to transfer the scheme to another property or be allowed a relative or carer to come and live with you.

Equity Release – How it Works

  • You will need to take independent financial advice. We provide a whole of market service, which means we can see all products and schemes that are available. We will also consider your personal circumstances and find a scheme which is suitable specifically for you.
  • Talk to your family. It is important you discuss your plans with your family at an early stage. Your estate is likely to be substantially reduced, which will have an impact on any gifts you have left to your family. It is worth discussing this early to avoid any upset. Also your family may be able to offer you another option which will save you money.
  • If you are happy to go ahead, you will need to apply for the scheme. This involves quite a lot of information and form filling – we can help you with that.
  • You will need to appoint a solicitor to act for you and advise you in either securing the lifetime mortgage against your property or transferring the ownership of the property to the scheme. We recommend instructing a solicitor who specialises in such schemes.

Thanks for reading about Equity Release. If you have any more questions, simply call us on 01273 921990 or click the button below and we will assist you.

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We compare the whole market to ensure you get the equity release plan that’s right for you: