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Equity release can be a complex financial decision, and it’s natural to have a lot of questions. Whether you’re just starting to explore your options or looking for specific details on how it works, this FAQ page covers all the essentials—from how much you can borrow and how it’s repaid, to how it compares to remortgaging. Use this guide to get accurate, unbiased information in one convenient place.
Equity release allows homeowners, typically over 55, to access the value tied up in their home without having to sell it...
Releasing equity means converting part of the value of your property into cash, typically through a loan secured against your home.
These are financial products that enable homeowners to access some of their home's value while continuing to live there...
Home equity release refers to accessing cash from your property's value...
Drawdown equity release is a type of lifetime mortgage where you access an initial lump sum and then draw further funds...
Remortgaging involves switching to a new mortgage, often to borrow more. Equity release specifically targets older homeowners...
With equity release (lifetime mortgage), you retain ownership of your home. In a home reversion plan, you sell part or all...
Equity release in the UK typically involves taking a lifetime mortgage or home reversion plan...
You take a new mortgage for more than your current balance and withdraw the difference in cash...
You receive cash from your home’s value while continuing to live there. Repayment terms depend on the product...
Repayment typically occurs when the homeowner dies or moves into long-term care, from the sale of the property...
The loan and any accrued interest are repaid from the sale of the home. Any remaining value goes to the estate...
You can release equity by taking out a lifetime mortgage, a home reversion plan, or by remortgaging for a higher amount.
Yes. If your property has increased in value or your mortgage balance has reduced, you can borrow more and take the excess as cash.
You typically start by consulting a financial advisor. After selecting a provider and product, the application is processed...
The amount depends on your age, property value, and provider’s terms. Older applicants can usually access a higher percentage.
Typically, 20% to 60% of your home's value, depending on age and health. Some providers offer enhanced plans for certain medical conditions.
Up to around 60%, though this varies with age, health, and provider criteria.
Calculations consider property value, applicant age, and health. Online calculators can provide estimates...
The process usually takes 4 to 8 weeks, including advice, application, valuation, legal work, and fund release.
Potential downsides include reduced inheritance, compound interest growth, early repayment charges, and impact on means-tested benefits.
Products from providers regulated by the FCA and members of the Equity Release Council offer consumer protections...
Costs include arrangement fees, legal fees, valuation, and interest (typically higher than standard mortgages)...
Major providers include Legal & General, Aviva, LV=, Canada Life, and more. Some high-street banks offer referrals...
There is no single best provider—it depends on your needs. Comparing interest rates, flexibility, fees, and features is essential.
You can find reviews on financial comparison websites, independent financial advice sites, Trustpilot...
Funds can be used for anything: home improvements, paying off debts, supporting family, or purchasing another property.
This depends on individual financial goals and circumstances. A financial advisor can help determine if it suits your situation.
Advice is available from FCA-authorised financial advisors, banks, and brokers. It’s mandatory in the UK to receive advice before proceeding.
Some plans allow voluntary repayments or switching, but exiting fully may involve early repayment charges...
Speak with a qualified advisor to get personalised guidance on equity release that fits your needs.
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