Charlotte James
Equity Release Specialist

What is equity release?

Equity release is an option for older home owners typically from age 55 and above to access the equity in their property tax-free as a single payment or monthly to use for any purpose which they choose. So it could be used to free you from the payments on a traditional mortgage, increase income in retirement or to improve your lifestyle and help family. The amount you can borrow depends on the value of your home, your age, where you live and your health.

What are the key choices?

There are effectively two main equity release types available.

  1. Lifetime mortgage
  2. Home reversion plan

Lifetime mortgage

A lifetime mortgage provides you with access to the equity in your home and is structured on a similar basis to a traditional mortgage where you keep 100% ownership and a loan is secured on the property. You have the flexibility to switch the mortgage onto a new property should you later wish to move. Unlike a traditional mortgage, however interest can either roll up and be repaid once the last homeowner moves into a care home or no longer needs a residence. You can also choose to make voluntary interest payments and make overpayments if you want to control the mortgage balance.

Home reversion plan

A home reversion plan is different to a lifetime mortgage as the lender buys some or all of your property in return you get a tax-free cash sum and a lifetime tenancy rent free. If you select a home reversion plan and only use part of your equity, the remainder of your equity percentage could be used at a later date to release more capital or be preserved for beneficiaries.

How can a mortgage adviser help?

We are experts and can guild you through the different options, explore the the range of lenders and terms they offer, all this without charging you a fee.

Why use us?

To explore the fine detail and your options call an experienced adviser on 07971 847716

Free initial consultation

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Contact Us

Call: 07971847716
Email: hello@charlottejamesmortgages.co.uk
Registered address: Anderson Lloyd LLP, Godolphin House, 7 Cathedral Lane, Truro, Cornwall, TR1 2QS