Our Equity Release Specialist will look at a number of lenders from across the market and compare products to ensure you have the best product to suit your individual circumstances. They will assist with all aspects of the process, from enquiry to completion, dealing with solicitors, surveyors and any other 3rd party, to ensure the transaction is smooth and hassle free.

  • Suitable for Homeowners aged 55 and over.
  • Release equity from your home for reasons such as paying off a current mortgage, home improvements, or gift to family etc.
  • Our Equity Release Specialist ensures you have the same advisor throughout the whole process.
  • The amount you can borrow is dependent on your age and your home’s value.
  • Monthly payments are not always required. Payments can be made to limit the total interest rolled up, or the final payment and interest can be added to the loan and paid when you die or permanently move out of your home.

There are certain aspects of borrowing on an Equity Release Mortgage which require careful consideration, such as the added interest to your loan and hefty early repayment charges, should you wish to clear the debt early.

To get a full overview on how an Equity Release Mortgage might work for you, please contact our Equity Release Specialist, Sally Walls. Sally will be happy to discuss in detail the suitability of Equity Release in full, with no obligation.

What is Equity Release?

Equity Release has been devised for homeowners who are aged 55 or more and gives you the chance to obtain a percentage of your property’s value in cash.

Two important things to remember about the amount you are likely to be offered as equity release:

  • The amount you can release depends on the value of your property and your age
  • It is tax-free

There are two different forms of equity release you choose from, depending on what you prefer:

  • Lifetime Mortgage – with a lifetime mortgage, you continue to be the owner of your property, with a loan that is given using the house as security.​
  • *Home Reversion Scheme – this is where you sell part or all of your property for lower than its market value and you can stay there as a tenant rather than an owner *Barrett Mortgages does not advise on Home Reversion Schemes .

Regardless of the type of equity release you decide is right for you, you and your family are allowed to live in the property until the last living borrower dies or decides to move out to live in a long-term care facility. If you therefore have any plans to sell your home in the immediate future, equity release may not be right for you.

How Does it Work?

If you find the prospect of applying for equity release daunting, it is best to speak to a professional equity release advisor, like Sally Walls, who can help you decide whether equity release is right for you, by giving you advice and putting forward the application.

There are three easy steps to follow to get your equity release sorted:

Step One – Get Qualified and Professional Advice

The very first step you need to take before making any decisions is to seek out qualified and professional advice from a suitably trained and certified equity release advisor who has experience and expertise dealing with equity release products. Involving a family member or friend to accompany you to any discussions is positively encouraged.

The advisor will assess your eligibility and discuss your needs and goals and whether an equity release is your best option or not.

Using the personal information they gather from you and about your financial situation, they will find a suitable recommendation. There is no obligation to continue with their recommendation and you must think it through before deciding.

Step Two – Valuation and Offer

If the recommendation they have provided is suitable and you want to continue, the equity release advisor will help you to apply for the chosen product.

It is important at this stage that you have a solicitor involved who is experienced with equity releases as they will represent you and provide impartial legal advice.

The lender you are applying to will plan with you to evaluate your property and when they have done this and approved your application, they will send their offer to your legal representative. Again, at this stage, you need to take time to discuss their offer with your legal representative before deciding.

Step Three – Receiving Your Equity Release and The Repayments

If you are happy to accept their offer, your solicitor will receive the money first and use it to repay any debts on the home before releasing it to you. The money you receive is yours to use as you wish. The loan will normally be paid off using the proceeds received from selling your home either on your death or entry into long term care.

How Long Does An Equity Release Normally Take?

It is difficult to give an accurate and exact time frame for how long it will take for an equity release, as it depends on the lender and the product. However, it would usually take anything from 8 to 12 weeks in normal circumstances.
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