Equity release is a way to access some of the money tied up in the value of your home without having to move house.

There are different plans that allow you to release this cash, either by taking out a loan secured against your home, or selling a part or all of your home.

With either plan you get to stay in your home until you die or move into permanent care.

Depending on the plan, you can release the money as a lump sum or in instalments, and it’s up to you how you spend it. So, if you find yourself with equity in your home but limited cash to live as you’d like, it can be a solution.

The money you release will need to pay off any outstanding mortgage first. The rest is yours to spend as you wish.



Lifetime Mortgage


A Lifetime mortgage is a loan secured on your home so you can stay where you are and keep ownership of your property.


You don’t necessarily have to make monthly payments. Instead, when you pass away or move into permanent care, your home is sold – and the loan and interest are repaid from the proceeds.


Roll-Up Mortgage


  • You get a cash lump sum and maintain home ownership
  • There are no monthly repayments
  • Interest will accrue on the amount of money you release
  • The interest and lump sum will be paid off when you (and your partner in the case of joint applications) pass away or move into permanent care

Drawdown Mortgage


  • A drawdown lifetime mortage is just like a roll-up lifetime mortgage, but you can release your money flexibly as and when you need it – rather than taking one lump sum
  • You can keep money in a reserve account, ready to ‘drawdown’
  • Interest won’t accrue on the money in your reserve, until you decide to release it
  • It also gives you a safety net of a cash reserve, which you can access when you need to

Interest Only Mortgage


  • Rather than rolling up interest every year, an interest-only lifetime mortgage lets you pay off a certain amount of interest every month
  • This way, you can manage the amount of interest that will need to be repaid when your home is sold

YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY DEBT SECURED ON IT.