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
Like ordinary mortgages you will have before, interest only mortgages for life (offered by a major high street lender) are based more on the amount of post retirement income you and any joint applicant, already have (if already retired), or will have (once retired), rather than property type, although of course the lender will have to be happy that it offers adequate security for their lending.
Currently the typical maximum amount you can borrow is 3 x (sole or joint, post retirement income minus any annual commitments on loans or credit cards which will not be paid off by the mortgage) but please call us on FREEPHONE 0800 970 4883 for the latest income criteria or to get information on the latest interest rates.
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