Equity release is a way to access some of the money tied up in the value of your home without having to move house. There are different plans that allow you to release this cash, either by taking out a loan secured against your home, or selling a part or all of your home. You don’t need to have fully paid off your mortgage to do this but you do need to be at least 55+ years old.

Our experts can help you make the right decision to meet your objectives.

For instance it might be worth considering downsizing first over choosing equity release. It all depends on what your objective is.

Here are our top 5 tips when it comes to Equity Release:

1. Don’t borrow the full amount you need in one go. The sooner you borrow, the more expensive it is, as the interest has longer to compound. Initially borrow as little as possible and wait as long as possible before you do the process again.
2. Ensure you use a company that’s a member of the Equity Release Council. This is a trade body we are part of. As members we must promise a ‘no negative equity’ guarantee, so your estate will never owe more than your home is worth.
3. Get advice before you do it. Even if you don’t choose us please speak to an independent mortgage broker or financial adviser with an equity release qualification to find the best deal. You can find one at Unbiased.co.uk, VouchedFor or the Equity Release Council.
4. It can affect your benefits. Having cash rather than a property can affect the benefits you’re entitled to, for example Pension Credit and Universal Credit. If you’re entitled to those, we advise you to check on the impact first.

Think carefully before borrowing money to invest.

We recommend seeking professional advice before releasing equity in order to use it to make investments.

• A lifetime mortgage (equity release) is secured against your home.

• To understand the features and risks please ask for a personalised illustration.

• A lifetime mortgage will reduce the value of your estate and may affect your entitlement to means tested benefits.

• There will be a fee for lifetime mortgage advice which will vary depending on your circumstances.

• Your personalised illustration will include any fees that you would be charged.