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   Equity Release - Over 60's

For many people retirement is a time they have worked hard for & looked forward to - yet many worry how they will be able to afford the things they need in older age.

Why not release the Equity in your home ?

An Equity Release Scheme for Over 60's could help you.
By using your house as security, you can have a payment-free loan.

There is no set time to repay the loan, & no monthly payments to make during your lifetime.

In the event of any of the following …

• your property is sold
• you move out of your home & sell it to move into long-term care
• the demise of the last surviving partner

the estate will settle the original loan, plus any accrued interest.

To apply for an Equity Release Loan

No income is required for an equity release mortgage.

Size of Loan

• Minimum £5000
• No maximum - depends on age however

The age of the youngest applicant determines the maximum % of property value available as a lump sum

60-66 ~ 20% 67-71 ~ 25% 72-76 ~ 30%
77-79 ~ 35% 80-84 ~ 40% 85-89 ~ 45%
89 and Over ~ 60%

Type of property and value

Most types of property will be considered in England, Scotland & Wales, although the following will apply :

• Must be main residence
• Be in good condition
• Of conventional construction
• Be more than 1 bedroom
• Must not be being bought under a 'Right-to-Buy' Scheme
• Property must be over £40,000, or £50,000 if sheltered accommodation
• There is no upper limit
• Leasehold property must have at least 80 years remaining on it
• If property is under trust - cannot lend to you or the Trustees
• Any outstanding mortgage would need to be repaid before or at the time that the
• new Home Equity Release Mortgage begins
• Funds from this scheme can be used to repay any existing mortgage

Sheltered Accommodation will be considered, providing :-

• It is category 1 and 2 comprised of standard housing for the elderly
• They are individual flats with alarm system, internal corridors to common areas
      & sometimes a resident warden

For an immediate response call us on   01473 234500   or complete our  Enquiry Form.