Equity release plans explained

For many older homeowners who have enjoyed many years of property growth they often have a lot of equity in their homes, by using an equity release mortgage they would be able to free up funds without the need to sell and move home. If you own a property worth at least £70,000 and are aged 55 or over the option could be there for you.

Equity Release are also known as Lifetime mortgages and is a mortgage secured against the value of your home. Typically with a lifetime mortgage there are no monthly repayments to make as the loan plus any rolled up interest is repaid when the mortgage comes to an end, that’s either when you or the last remaining borrower dies, or permanently moves into long-term residential care.

Make the most of the value in your home

By choosing Lifelink Services Ltd you will receive Free Expert Independent advice from fully qualified advisers, who will research the entire market from every product provider for the most suitable product.

All of this will only happen after we have fully discussed, listened and agreed with you what your priorities are, only then are we able to fully personalise our research to find the most suitable options for you.

In addition every equity release mortgage Lifelink recommend meets the Equity Release Council’s standards. Which means you get the peace of mind knowing that you’re protected by a ‘no negative equity’ guarantee – so no equity release debt can be passed on to your family when the mortgage ends.

Options with Equity Release mortgages

Lump sum or drawdown

With Lifetime mortgages you can decide on how to access your funds, you can access your tax-free money all at once or if you prefer you can draw down funds as and when you require them, or a combination of both.

If you want to move you can take your mortgage with you.

If you decide to move you can take all or part of your mortgage with you to your new home, subject to criteria and the lender approving your new home. If you are downsizing and want to pay off part of the loan, that’s also an option and subject to criteria early repayment charges may not being applied.

Inheritance Protected

One option you can include is to protect a percentage of your home’s future value which can be passed on to loved ones, this is subject to criteria. 

Monthly repayments?

Typically there are no monthly payments to make on a lifetime mortgage. However some plans allow you to make monthly interest payments plus additional payments typically up to 10% of the original loan without incurring any early repayment charges  

It is important to get advice you can trust

The single most important point is taking advice from a fully qualified Equity release adviser, they are the higher qualified and more experienced advisers as recorded on the FCA register and with the Equity Release Council. Call Lifelink 01189 349800 for your free no obligation consultation.