Equity Release
Find out how to release tax-free cash
Sometimes we all need a little extra disposable income. For those homeowners who are aged 55 or over, equity release can provide that option.
This rapidly growing financial solution enables you to release tax-free money from your home, and once you’ve paid off any existing mortgage that you may have, the money that you release is yours to spend as you wish. It also comes with the option of taking a mortgage repayment holiday for the rest of your life, as you’re not required to make any monthly repayments if you don’t want to do so. What’s more, with a lifetime mortgage, the most popular form of equity release, you maintain 100 per cent ownership of your home.
How does it work?
Contact the Mail Finance Equity Release Service. We work with specialist telephone-based advisor, Age Partnership, who will provide you with a free quotation outlining how much tax-free cash you can access.
Age Partnership is a whole-of-market advisor, so through our service we can find the best plan for your circumstances from the full range of lenders.
The advisor will give you all of the information that you need, including explaining how equity release could affect the amount of inheritance you can leave and if your entitlement to means-tested benefits could be affected now or in the future.
Your advisor will do all of the hard work for you, liaising with the lender and solicitor on your behalf.
The lender will consider your application and the money could be with you in as little as eight weeks.
No negative equity guarantee
As the requirement to make monthly repayments is optional, the money that you release, plus any accrued interest, is repaid when you die or move into long-term care.
Most equity release plans now carry a ‘no negative equity’ guarantee. This means that when your home is sold, even if the amount left is not enough to repay the lender in full, neither you nor your estate would have to pay any more.
Mail Finance works with the UK's largest equity release advisor, Age Partnership, which can provide you with a free, no-obligation quotation to discuss the different options available with you.
Only if you choose to proceed and your case completes would a typical fee of 2.25 per cent of the amount released be payable (minimum £1,695).
Equity release may involve a home reversion plan or a lifetime mortgage which is secured against your property. To understand the features and risks, ask for your personalised illustration.