Frequently Asked Questions
We understand how confusing and daunting the subject of Equity release can be, which is why we’ve put together a few of our most favourite items into an easy to read format below. Hopefully, this will help you decide if Equity Release is something you’d like to explore further and if you do have any further queries, please call us free on 08000 271300.
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How much money can I release from my home?It depends on multiple variables, and that’s the key reason we recommend you use our FREE Equity Release Calculator before you make your next decision. We highly advised that you don’t release more money than you need as this will unnecessarily raise the interest paid.
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Can I qualify to release Equity from my property?There are several parameters you have to meet to release cash from your home. Firstly is your age you have to be 55 or older, if applying with a spouse, they also have to meet these conditions. Applicants also have to be based in the United Kingdom, and the value of the property has to exceed £65,000. For more information, please click here
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Will I be able to re-locate?It’s still possible for you to move house provided your property meets the required standards of the Equity Release lender. In fact, some schemes will allow you to buy another property of a greater value! Before doing anything though you should speak to a financial adviser. To talk to an Equity Release Specialist, call us now on 03300 538 618 or click here.
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Is my property still mine?That depends on the type of scheme you use to release equity from your property. If you go forward with a lifetime mortgage scheme you retain full ownership of your home so therefore if keeping your property is that important to you it may be worth exploring this option. Regardless how you release equity from your property, you will be guaranteed to be able to live in your property for life unless of course you decide to sell your home or have to go into long term care.
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How do you value my home?We’ll arrange for an independent body to appraise your home, which is based on similar properties recently sold in your area as well as the overall condition of the property.
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What will happen to my home if I need long term care?Regardless what happens to you a lifetime mortgage still eventually needs to be paid off, so if you do have to go into long-term care or die the lender will typically sell your home. However, Equity Release lenders allow six months to a year before actioning this. If it’s a joint application, this only applies when both borrowers have moved/died.