What is equity release?

The value of your home minus any mortgage you may owe, can be described as your ‘equity’. Equity release involves accessing some of the money that you have invested in your home.

The money you release from your home is tax‑free and yours to enjoy spending. Maybe you wish to make home improvements, take a holiday of a lifetime, purchase a new car or simply improve your lifestyle.

You could release from a minimum of £10,000 from your property’s value. How much money you can release depends upon how much your house is worth, how old you are and any outstanding mortgage balance you may have. Plus, some plans may offer you an increased amount based on your health and lifestyle.

It’s important to consider any outstanding mortgage or secured loans you hold, as it is a condition of equity release that you repay any existing mortgage or borrowing secured on the property.

However, you do not have to make any monthly repayments, unless you choose to, as the sum you borrow, plus the interest accrued, is paid off when you, or both of you if a joint plan, pass away or move into long‑term care.

Equity release may involve a home reversion plan or lifetime mortgage which is secured against your property and may reduce the value of your estate and impact funding long‑term care. To understand the features and risks ask for a personalised illustration.

Equity Release from Simply Lifetime Mortgages

If you are considering releasing equity from your home, you should get advice.

• ✔ We offer a free, no‑obligation quotation.
• ✔ Our UK phone lines are open 24 hours a day, seven days a week and we don’t use automated menu systems.
• ✔ We can give advice over the phone, or we can arrange to meet you in person or via video call.

Who can benefit from equity release?

There are hundreds of thousands of people, like you, who are enjoying the benefits that equity release can offer. If you own your own home and are aged 55 years or older, then you may be eligible to release money from your home. However, it’s not right for everyone and so it’s important to seek specialist advice.

It is a condition of equity release that you use some of the money you receive to pay off any standard mortgage that you have against the property. Of course, this can be of great benefit to many people, as this can make their standard monthly mortgage repayments a thing of the past as with a Lifetime Mortgage the interest, as well as the initial loan amount, is paid off when you pass away or move into long‑term care.

Why do people release equity from their home?

People release equity from their home for a variety of reasons, including;

• ✔ Paying off a standard mortgage
• ✔ For home and lifestyle improvements
• ✔ Making a one‑off purchase, such as a car or holiday of a lifetime
• ✔ Helping children onto the property ladder
• ✔ Paying off debts

Things to consider

As experts in equity release, we provide impartial advice covering your options as well as explaining the impact a plan could have on the size of your estate and if your entitlement to current and future means-tested benefits could be affected.

We provide initial advice for free and without obligation. Only if your case completes would an advice fee of £1,795 be payable. Other lender and solicitor fees may apply.

Your next steps

We would be delighted to provide you with a free, no‑obligation quotation to help you understand if and how equity release could help you.

Alternatively, if you have further questions, please call us and speak to one of our friendly equity release advisors over the phone, or arrange to meet an advisor in person, in the comfort of your own home.

Equity release requires paying off any existing mortgage. Any money released, plus accrued interest would be repaid upon death, or moving into long‑term care.