Unlocking property value in later life
Understand how equity release works, who it’s for, and whether it could be right for you.
A Lifetime Mortgage will reduce the value of your estate and may affect your entitlement to means-tested benefits and tax status. The impact of not servicing monthly interest payments on a Lifetime Mortgage is that the outstanding debt can grow rapidly, thus reducing the value of your estate. For example, if the interest rate was 7% a year, a £50,000 loan would double to £100,000 after 10 years assuming no repayments are made. This is an example for illustrative purposes only and personalised advice and recommendations should be sought from a qualified professional. You are strongly advised to register a lasting power of attorney. This will allow your affairs to be managed by somebody else if your mental abilities significantly decline.
Equity release allows homeowners aged 55 or over to access some of the value tied up in their property, without needing to sell or move home.
The money released can be taken as a lump sum, smaller withdrawals over time, or a combination of both.
The loan is typically repaid when the property is sold, usually after the homeowner passes away or moves into long-term care.
Next steps
Choose the option that best matches where you are today. You can switch paths at any time.
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Equity release is not suitable for everyone, but it can be helpful in certain situations.
It may be worth considering if you:
Because equity release affects the value of your estate, it should always be considered carefully with professional advice.