How much money could you release from your home?
This calculator is free to use, we won’t ask you for a phone number or an email address, just give us a call if we can help further.
Equity release is a way of taking cash out of the home you own without having to move. Equity release is simply another name for lifetime mortgage – a long-term loan secured against your home which you can apply for once you turn 55.
It works like this. You borrow a cash lump sum, which builds up interest, but there are no monthly repayments. Instead, interest is added each year to the loan and any interest previously added, which quickly increases the amount you owe. When you (and your partner, if you’ve taken it out jointly) pass away or need to go into long-term care, the loan and the interest that’s built up is paid back – normally using money from selling your home.
Every equity mortgage comes with a No Negative Equity Guarantee so you can never owe more than the value of your property when it eventually sold. Your adviser will provide you with illustrations showing how the value of the loan will increase assuming you decide not to make monthly interest payments and compare this with the projected value of your home in the future.
Taking out a lifetime mortgage, or any type of equity release, is a huge decision and commitment, and means you’ll leave a lower amount behind as an inheritance. It may have a tax impact and affect whether you’re still eligible for any welfare benefits.
All later life lenders offer a free valuation, some will charge an arrangement fee, usually between £500 and £995, this fee can be added to the mortgage balance.
You will need a solicitor to complete the mortgage for you, we can recommend and instruct a solicitor on your behalf and the legal fee will £1,095, this includes a home visit to sign the mortgage documents and VAT.
Most equity release lenders will require you to have independent financial advice when arranging a later life mortgage, we charge a fee of £1,495, this includes all the administration and is only payable on completion of your mortgage.
If you decide to end the loan before you (and your partner, for joint lifetime mortgages) die or need to go into long-term care, you may need to pay a substantial early repayment charge.To apply for our lifetime mortgage you need to:
This calculator is free to use, we won’t ask you for a phone number or an email address, just give us a call if we can help further.
It’s important to look at everything before you apply for our lifetime mortgage – the great bits and the not-so-good things.
To find out if you could get a lifetime mortgage with us, get in touch to arrange a call with a UK-based equity release adviser.
Monday to Friday 10:00 to 16:00
Evenings and Weekends by Appointment
The Equity Release and Mortgage Partnership delivers pragmatic equity release advice combined with exceptional service..
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY DEBT SECURED ON IT.
Equity Release and Mortgage Partnership Limited is directly authorised by the Financial Conduct Authority (FCA).
Equity Release and Mortgage Partnership is entered on the financial service register http://register.fca.org.uk under reference 986900.
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