If you’re thinking about signing up to an Equity Release Plan, we’ll help you to fully understand the rewards, obligations and risks.

Equity Release is a way for homeowners aged 55+ to unlock tax-free cash from the value of their home. There are many lenders who offer this service and the Equity Release Council (ERC) requires that all equity release applicants take independent legal advice when taking out a loan. As most equity release lenders are members of the ERC, this means that you’ll need to appoint a solicitor if you want to apply for Equity release.

There are two types of Equity Release:

Lifetime mortgage

This is the most popular type, allowing you to take a loan secured against your home while still owning it.

Home reversion scheme

You sell all or part of your property for less than the market value. You stay in your home, but as a tenant.

While your financial advisor will advise on the type of Equity Release that’s best for you, we will, on acceptance of your application:

• Check and verify your identity to comply with anti-money laundering laws
• Check and get your paperwork in order, including title deeds and buildings insurance, and any existing mortgage
• Review your contractual obligations, their potential impact on other aspects of your affairs and help you to make sure you have the proper legal protection
• Agree on the loan completion date and arrange the transfer of funds to you

We understand that securing lending against your home can be a daunting prospect. That’s why we’re here to make sure you’re fully informed before signing on the dotted line.