Am I eligible for Equity Release?

If you’re eligible for Equity Release, you should be excited about your future!

To qualify for Equity Release, the youngest homeowner of your property must be over 55. You have to own a property in the UK worth at least £70,000, and you should have paid off all or most of your mortgage. That’s the bones of it, but we go into further detail below, so scroll down to learn more about the eligibility criteria for Equity Release. Alternatively, book your FREE consultation and one of our friendly advisors will explain everything to you relevant to your specific situation. Our free consultations are relaxed and informative, we never pressurise you – we’re here to help you understand your options so you can make the right decisions. We also welcome family and friends to join in the discussion, so book your free consultation below and we look forward to helping you!

EQUITY RELEASE CALCULATOR

Find out how much cash you could release

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Can I get Equity Release?

1) Is the youngest homeowner of your property over 55 years old?

2) Do you own a property in the UK worth at least £70,000?

3) Have you have paid off most or all of your mortgage?

If you answered yes to all three of these questions you’re likely to be eligible for Equity Release. Scroll down to learn more about the criteria, or book your FREE consultation and get talking to an experienced, friendly advisor today.

How much money can I release with Equity Release?

We always advise that you take the smallest initial loan necessary to meet your needs – with most lenders, you’ll still have the option to withdraw more equity later if you need to using a Drawdown Lifetime Mortgage. The minimum initial loan you’ll be able to apply for is £10,000, although this can be higher depending on the lender and the property value. Unlike a regular mortgage, you usually won’t need to pass any credit or affordability checks with a Lifetime Mortgage because no monthly payments are required. Even if you are planning on making monthly repayments, the interest can roll-up into the loan if you’re unable to keep up with them, making credit and affordability checks unnecessary.

If you qualify for Equity Release you could be able to access up to 60% of the current value of your home – but exactly how much you’ll be offered will depend on the following factors:

Your Age

Most lenders require you to be over 55 years old to qualify for Equity Release. The calculation will be based on the youngest homeowner, and generally, the older that person is the more equity you’ll be able to access.

Your health

Lenders will usually take your health and lifestyle into account when calculating your offer. In general, the poorer your health the more equity you’ll be able to access. If you’re in poor health, you may be eligible for an Enhanced Lifetime Mortgage, where you’ll be entitled to more equity or a lower interest rate.

Property Location

You must own a home in the UK to qualify for Equity Release, but some lenders won’t accept properties in certain locations within the UK. Your exact location may also affect how much equity you’ll be able to access.

Property Value

You must own a home worth at least £70,000 to qualify for Equity Release. Some lenders also apply an upper property valuation limit to minimise risk, so if you own a particularly expensive property your options may be limited to fewer lenders.

EQUITY RELEASE CALCULATOR

Find out how much cash you could release

It takes less than 60 seconds…

It’s completely free to chat with us and discuss your situation. We understand that due to coronavirus you may be nervous about meeting us in person, but the good news, is we can now carry out all our services remotely. We’ll explain everything you need to know during your free chat, so call us today or book your free consultation below.

Am I eligible for Equity Release?

AM I Eligible for Equity Release ?

Can I get Equity Release?