Answering your questions
The things people most often ask, to help make your decision that bit clearer. The short answer to most is a friendly "yes". Here's the detail.
Can I release equity to pay off an existing mortgage and/or personal unsecured debts?
Yes, you can.
Can I release equity for home and/or garden improvements?
Yes, you can.
Can I release equity for some additional retirement income?
Yes, you can.
Can I release equity to help family with a financial gift, maybe a deposit on a house?
Yes, you can.
Can I release equity to take a long-deserved holiday, or two or three?
Yes, you can.
Can I release equity to buy a new car, motorhome, or caravan?
Yes, you can.
Can I release equity to pay for help or care at home, so I don't have to move?
Yes, you can.
Can I release equity to purchase a new home?
Yes, you can.
Can I release equity to buy out a partner, so I own the home on my own?
Yes, you can.
Can I make monthly repayments, so the loan does not increase?
Yes. You have the option to make voluntary payments on an ad-hoc basis. You can either:
- Make no monthly interest payments, and the debt will increase.
- Pay part of the monthly interest, and the debt will increase more slowly.
- Pay all of the monthly interest, and the debt will stay the same.
- Pay more than the monthly interest (overpay), and the debt will reduce.
Will I still own my home?
Yes, you will, if you choose a lifetime mortgage.
Will I have anything left to leave to my children or other family members?
Yes, this is possible. You'll need to consider a variety of options, which a Qualified Equity Release Adviser will explain to you.
What is the minimum age for equity release?
Typically, you'll need to be at least 55 to take out a Lifetime Mortgage. But equity release describes what you want to achieve, not how it is done, and a Lifetime Mortgage is only one of the routes to it. If you're younger, you may be able to release equity through a standard residential remortgage, or through a buy-to-let remortgage where the property is rented out. Both are available well below 55, subject to lender criteria and affordability. One of our experienced advisers will explain which route best fits your circumstances.
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