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How Do They Work?
Equity release allows you to unlock the value of your home and then gives you the option of turning it into a cash lump sum. There are a number of policies available through Proper Finance which let you release the equity in your home if you are over the age of 55. Furthermore, equity release isn’t only applicable to those who have fully paid off their mortgage.
Typically with equity release, you will have one of the two following options: you can take the cash that you release in one lump sum, or you can decide to take it out in smaller instalments. However, bear in mind that you would pay interest on it. Or, you may have the option, depending on the lender, to do a combination of the two.
In terms of the equity release products that are available on the market, they mainly fall into two categories:
- Lifetime mortgages: usually the most popular type of equity release, this allows you to borrow some of your property’s value at a capped or fixed interest rate. With this type of equity release you can take out money of your home bit by bit up to an agreed amount – with interest charged on this amount, but not the whole amount available.
- Home reversion plan: with this kind of equity release, the equity release provider will pay you a tax-free lump sum for a proportion of your home, at below market value. You will then live in the property (with no rent to pay) until you die. Once the property has been sold, the sales are split based on what you own and then what the lender owns.
How to Apply For Equity Release With Proper Finance
Applying for equity release through Proper Finance is a quick, easy and pain-free process. All you need to do is click the apply now button on our site and we can start to help you find the best equity release deal, based on your own individual circumstances. All that is required from you is to fill in a brief application form on our site, and then at a convenient time for you, a member of our team will contact you for a fact find call, taking less than 10 minutes in total.
We will then help to find you the right equity deal for you with an appropriate lender, and if you are happy with it, we will sort out the documentation and paperwork for you on your behalf.
There are certain eligibility criteria that you will need to meet to apply, such as the following:
- If applying for a lifetime mortgage, you will need to be over 55
- If you are applying for a home reversion plan, you will need to be aged over 65
- You need to be a UK owner to access a homeowner loan like equity release
- Alternatively, if you have a secured loan or an outstanding mortgage on your home, the value will be assessed
- House must be in reasonable condition as well over a certain value
For further information, check our FAQs page.
Compare Equity Release Providers
As Proper Finance is a comparison website, comparing equity release providers is a speedy process. We work with over 100 reputable, respected lenders who provide a variety of financial products, including those designed for equity release. We carefully vet the lenders we show on our website, making sure that all the lenders we choose are FCA compliant and authorised. The same goes for Proper Finance: we are also FCA authorised and registered, which we hope gives you further peace of mind that your finances are safe with us.
What Are The Benefits of Equity Release?
Wondering what the main advantages of equity release. Typical benefits include that:
- You do not need to move home, as with a lifetime mortgage, you have the option of continuing to live in and keep ownership of your property
- You can receive a tax-free lump sum to help supplement your income, or perhaps to help with home improvements, lifestyle purposes, holidays or helping adult kids to get on the property ladder
- Another fantastic advantage is that it does not affect inheritance
- You may also be able to benefit from any increase in the value of your home over the course of time
- If you so wish, you can still move to a different property in the future as equity release is transferable, providing the new property meets the suitability criteria.
How Much Can I Retrieve From My Home?
The maximum amount that you will be able to borrow will usually be determined by a combination of factors, such as your property’s value as well as your age. Typically, the older you are, the more you will be able to borrow.
For example, if your home’s value is around £250,000 and you are 60 years old, you would be able to borrow on average between £63,750 and £72,500 in total.