Do I Qualify for Equity Release?
Whether you will qualify will in part depend on the equity release scheme you prefer.
Equity release lifetime mortgages
If you can say yes to all of the following you should qualify:
- Both you and any joint applicant are aged 55+.
- Your property is house, bungalow or flat or maisonette valued over at least £75,000.
- Your property is built of standard construction e.g. brick or stone walls and tiled or slated roofs. (Even if your property is a little different such as thatched roof or timber framed, please still call us on 0800 970 4883 and we will tell you whether we could help or not).
- Your property is freehold or leasehold with at least 75 years remaining on the lease.
- Your property is your main residence, you live in it for more than 6 months a year and is located in England, Scotland or Wales.
- You do not have any existing loans or mortgages secured on it that are greater in value than the amount you can release plus money you could put towards clearing them such as existing savings. To find out just how much you could release try our equity release calculator.
Home reversion plans
The main difference here is that with this type of equity release you and any joint applicant must normally be at least aged 65, and your property would need to be worth at least £100,000.
"Equity release" includes home reversion plans and lifetime mortgages. To understand the features and risks ask for a personalised illustration.
Interest only mortgages for life
If you would rather not see the debt escalate under a roll up lifetime mortgage and you can afford to make monthly repayments you may prefer an interest only lifetime mortgage, which is basically an interest only mortgage payable for life.
Unlike ordinary mortgages we have access to a specialist equity release lender who allows you to borrow an amount and pay the interest each month, based not on incomes but based on simply your age and property value and who is willing to lend to people of any age. This means that whereas you may have been told by your existing high street lender that you are too old to take out a new mortgage or your pensionable income doesn’t allow them lend you enough, we can help.
If you would like to find out more about how interest only mortgages could help, call us on FREEPHONE 0800 970 4883
Your home may be repossessed if you do not keep up repayments on your mortgage.
Further information about equity release
Clicking on any of the following links will allow you to find out more about key information on releasing equity from your home.
Lifetime mortgages | Home reversion plans | How much can I release | How long does it take | What costs will I incur | How to request a brochure | How to book an appointment