Equity release


If you are considering releasing equity, you should seek advice. As qualified advisers, we are happy to chat with you to review your options and discuss if an Equity Release Plan would be suitable for you at absolutely no cost, helping you understand the full impact of releasing equity. And you should make sure that you involve your family and take independent legal advice before you go ahead

In fact, if you are suitable for Equity Release, we will provide you with a free quotation and a full written recommendation. Rest assured, with EasySwitch there is never any obligation to go ahead. We believe that if we treat you as if you were a member of our own family – then you will receive the best possible advice.

We provide initial advice for free and without obligation. Only if you choose to proceed and your application completes would a typical fee of £495 be payable.

Aside from our fee, there may be other costs in setting up your plan; however, we work on your behalf with lenders to reduce set-up costs and in some cases can even manage to attain cash bonuses that are payable to you on completion.*

Benefits of the Lifetime Mortgage

Lump sum of tax-free money
Continue to live in your own home
Choose to protect an inheritance
No monthly repayment option
Make repayments if you want to
Add a cash reserve facility
Maintain 100% home ownership
Spend the cash as you wish
Ability to move home in the future
No-negative-equity guarantee
Low rates available to fix for life
High cash release available

What is equity release?

The value of your home, minus any mortgage or loan secured against it, can be described as your “equity”. An Equity Release plan allows you to access that equity and convert it into cash. If you have a mortgage or loan secured against your property, some of the money you release through a lifetime mortgage must be used to pay off the release. Equity Release plans can also be used to purchase a property.

Who can apply?

To apply for an Equity Release plan you must be at least 55 years of age, a UK resident, and own your own home.

The difference between Lifetime Mortgages and Home Reversion Plans

The most popular type of Equity Release plan is a Lifetime Mortgage. This is where the interest charged on the mortgage is not paid by you on a regular basis but it is instead “rolled up”. This means that the outstanding mortgage balance increases each year. However, if you can afford either regular or ad hoc repayments, then these can be made to reduce the total balance outstanding.

 How is the money paid back?

With a Lifetime Mortgage, the money you release is paid back, in addition to any interest that has built-up, when the property is sold. This is usually when you pass away or move into long-term care.

∗ Whilst we will do all we can to reduce the costs you pay and attain a cash bonus for you, this will very much depend on your situation and which options you require as part of your Equity Release plan.