What is Equity Release?

Many people approaching, or already in, retirement can struggle to make ends meet due to poor pension returns and the increasing cost of living. As a result Equity Release Plans are becoming very popular as they enable homeowners to access income or capital from their home without having to move.  However, the legal and financial issues involved are significant and it is vital they are fully understood before proceeding.

Types of Equity Release Plan

There are two main schemes available:

Home Reversion Plan

The Home Reversion Plan requires the property to be sold to a company for either a lump sum or a regular income and the home owner is also given a right to occupy the property on a similar basis to a Lease.

Life Time Mortgage

With a Lifetime Mortgage the homeowner re-mortgages their property and releases capital from the property which can be taken either as a lump sum or as income. The loan does not usually have to be repaid until the homeowner has died or moved into long term care.

What Type of Equity Release Plan Should I choose?

This really depends on your age and financial circumstances and the type of plans on offer at the time. They can vary tremendously just as traditional mortgages vary with different lenders.

It is essential that you understand the financial implications. These could affect entitlement to benefits or there may repayment penalties, or interest increase after an introductory low rate. This should all be fully explained to you by the lender and financial advisor. Therefore it is vital that the contract is independently checked by your solicitor so you can be sure of the terms you are agreeing to.

You should bear in mind that Equity Release is not for everyone and you will need to make an informed decision as to whether this is something with which you should proceed.

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    I have no hesitation in recommending the conveyancing team at Newnham and Jordan. The service was excellent from start to finish and I was kept informed and advised throughout the process. The transaction was completed on time and at reasonable cost. Many thanks to you all.
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    My Conveyancing was dealt with in a good timely manner and with professionalism. All of my questions were answered and it was easy to make personal appointments & to keep in contact.
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    Jean Moor
    What you need when you are moving house is a conveyancing solicitor, who has tenacity, knowledge and experience crucially coupled with a determined attitude.  You will find these attributes in Angie Newnham. That's why... read more
    What you need when you are moving house is a conveyancing solicitor, who has tenacity, knowledge and experience crucially coupled with a determined attitude.  You will find these attributes in Angie Newnham. That's why I have followed her with my business from practice to practice and now as a Partner in Newnham & Jordan solicitors, Wimborne. I look forward to instructing Mrs Newnham once again.
    Richard Kane
    Angie Newnham ( of Newnham & Jordan Solicitors ), carried out our conveyancing, she did a very professional job. We found her work of high quality and was very responsive to questions and clarifications. We would... read more
    Angie Newnham ( of Newnham & Jordan Solicitors ), carried out our conveyancing, she did a very professional job. We found her work of high quality and was very responsive to questions and clarifications. We would thoroughly recommend her services to anybody requiring a professional.
    Mark and Ange
    Luke Hunt of Newnham & Jordan Solicitors was a great help with two recent owners who were selling their properties. Neither case was easy, not that anything with the English legal system is easy. But when Artisan... read more
    Luke Hunt of Newnham & Jordan Solicitors was a great help with two recent owners who were selling their properties. Neither case was easy, not that anything with the English legal system is easy. But when Artisan was asked to sell a property that ended up having an ancient monument in the garden, that turned out to be a Stone Age burial ground for a local chieftain, it really did prove to be a most interesting case! Luke and his team helped us through the conveyancing processes and left no mound unturned.
    Debbie Pritchett
    Artisan Estate Agents
    www.artisanestateagents.co.uk/
    The Newnham & Jordan team did a fantastic job in processing my house purchase. Certainly the most efficient and friendly solicitors I have ever used. They facilitated exchange and completion in record time in response... read more
    The Newnham & Jordan team did a fantastic job in processing my house purchase. Certainly the most efficient and friendly solicitors I have ever used. They facilitated exchange and completion in record time in response to the very short time frame being imposed on me for the move. Well done to all concerned.
    Warren Lawrence
    I have no hesitation in recommending the conveyancing team at Newnham and Jordan. The service was excellent from start to finish and I was kept informed and advised throughout the process. The transaction was... read more
    I have no hesitation in recommending the conveyancing team at Newnham and Jordan. The service was excellent from start to finish and I was kept informed and advised throughout the process. The transaction was completed on time and at reasonable cost. Many thanks to you all.
    John Burt
    My Conveyancing was dealt with in a good timely manner and with professionalism. All of my questions were answered and it was easy to make personal appointments & to keep in contact.
    S Gregsan
    My case was dealt with professionally and expeditiously by Luke Hunt and could not have asked for a better service.
    Jean Moor
    What you need when you are moving house is a conveyancing solicitor, who has tenacity, knowledge and experience crucially coupled with a determined attitude.  You will find these attributes in Angie Newnham. That's why... read more
    What you need when you are moving house is a conveyancing solicitor, who has tenacity, knowledge and experience crucially coupled with a determined attitude.  You will find these attributes in Angie Newnham. That's why I have followed her with my business from practice to practice and now as a Partner in Newnham & Jordan solicitors, Wimborne. I look forward to instructing Mrs Newnham once again.
    Richard Kane
    Angie Newnham ( of Newnham & Jordan Solicitors ), carried out our conveyancing, she did a very professional job. We found her work of high quality and was very responsive to questions and clarifications. We would... read more
    Angie Newnham ( of Newnham & Jordan Solicitors ), carried out our conveyancing, she did a very professional job. We found her work of high quality and was very responsive to questions and clarifications. We would thoroughly recommend her services to anybody requiring a professional.
    Mark and Ange
    Luke Hunt of Newnham & Jordan Solicitors was a great help with two recent owners who were selling their properties. Neither case was easy, not that anything with the English legal system is easy. But when Artisan... read more
    Luke Hunt of Newnham & Jordan Solicitors was a great help with two recent owners who were selling their properties. Neither case was easy, not that anything with the English legal system is easy. But when Artisan was asked to sell a property that ended up having an ancient monument in the garden, that turned out to be a Stone Age burial ground for a local chieftain, it really did prove to be a most interesting case! Luke and his team helped us through the conveyancing processes and left no mound unturned.
    Debbie Pritchett
    Artisan Estate Agents
    www.artisanestateagents.co.uk/
    The Newnham & Jordan team did a fantastic job in processing my house purchase. Certainly the most efficient and friendly solicitors I have ever used. They facilitated exchange and completion in record time in response... read more
    The Newnham & Jordan team did a fantastic job in processing my house purchase. Certainly the most efficient and friendly solicitors I have ever used. They facilitated exchange and completion in record time in response to the very short time frame being imposed on me for the move. Well done to all concerned.
    Warren Lawrence