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Equity Release

Unlock some of the cash tied up in your home.

Equity release could be a way of unlocking some of the value you have in your home. If you're aged 55 and over and own a home worth at least £70,000, you could be eligible for equity release.

A lifetime mortgage is the most popular type of equity release and just like a traditional mortgage, is a loan secured against your property.

In recent years lifetime mortgage plans have evolved, becoming increasingly flexible with a wide array of options to suit different later life lending needs.

Equity release at a glance

  • You could release a tax-free cash lump sum
  • With a lifetime mortgage there are typically no monthly repayments to make as the loan, plus roll up interest, is repaid when the plan comes to an end. As the interest rolls up, this means the amount you owe will quickly increase. There may be cheaper ways to borrow money
  • Plans that meet Equity Release Council standards have a no negative equity guarantee, which means you will never owe more than the value of your home
  • You can spend the money in a variety of ways
  • Equity release will reduce the value of your estate and may affect your entitlement to means-tested benefits.

What are the benefits of a Lifetime Mortgage?

  • You could receive a tax-free cash lump sum or opt for a drawdown lifetime mortgage. A drawdown lifetime mortgage allows you to release cash from your home as and when you like – following an initial lump sum, subject to minimum amounts
  • Typically no monthly repayments as the loan plus the interest that accrues gets repaid when the plan ends. However, you could choose a plan that allows regular monthly payments
  • A lifetime mortgage could provide an income as well as pay off existing debts, fund home improvements, enable you to take a dream holiday, help family members or pay for private medical treatment. It can also be used as a funding option for people who wish to receive care in their own home, subject to lending criteria.

You should always think carefully before securing a loan against your home.

How can the Family Building Society help?

We've partnered with independent equity release specialists, The Equity Release Experts, offering 100% impartial equity release advice.

If you decide to go ahead, the advisers from The Equity Release Experts will search the entire market to find the best plan to meet your needs. In fact, they're so committed to your needs if equity release isn't right for you they'll tell you.

For more information you can download our guide to equity release or contact our friendly team:

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Unless you decide to go ahead, The Equity Release Experts' service is completely free of charge as their usual advice fee of 1.99% of the amount released would only be payable on completion of a plan, subject to a minimum advice fee of £1,499.

The Equity Release Experts is a trading name of TERE Advisers Ltd which is an appointed representative of Key Retirement solutions Ltd.

We receive payment from The Equity Release Experts where an introduction to their services leads to a transaction taking place.


Retirement Lifestyle Booster

Our Retirement Lifestyle Booster mortgage is an alternative to equity release, providing regular monthly advances and an optional lump sum over a 10 year term.