Are you eligible for Equity Release?

Equity Release is available to people aged 55 or over who are UK residents and own their own home.

Once these basic requirements have been met, there are a number of other details that need to be considered:

• Property:  your home must be in mainland UK or Northern Ireland and each provider also has different criteria which may restrict the type of property they are prepared to consider.
• Existing Mortgages and Loans:  if you currently have a mortgage or loan on your home, this will need to be repaid either before or at the start of your equity release plan. The released funds can be used to clear the mortgage and loan.
• Other Occupiers:  there must be no more than two registered owners of your home. However, if there is someone aged 18 or over living in your home who is not a registered owner, they can continue living there but they must sign a disclaimer giving up any rights they may have to living in your home when the equity release plan comes to an end.
• Personal Circumstances:  applications can be made in joint names or in a single name. Joint borrowers do not need to be married but they must hold full title to the property.

Equity release may involve either a lifetime mortgage or home reversion plan. To understand the features and risks, ask for a personalised illustration.