Use our online Cash Calculator to see how much tax free cash you could release from the value in your home. Find the best rates on the market by requesting a Free Report and Quotes after using the Cash Calculator.
All the money you release is 100% tax free
You don’t pay any tax on any money you release from your home. There are no restrictions on what you can spend the money on and the final decision on how and when you spend the money is entirely up to you.
Some of the many reasons people are using Equity Release to get cash from their homes include:
Make home improvements
When was the last time your kitchen was updated? Would you really like a conservatory on the back of your house or does the garden just need to be tidied up and some plants put in next to the new patio?
Go on a family holiday
Would you really like to treat your children and grandchildren to a family holiday at a theme park? Have you never been able to afford to see your children after they moved abroad? Or do you just simply want to relax on a long cruise in the sunshine?
Clear your mortgage or debts
You may need to clear a mortgage or other debts to help reduce your monthly payments. You could free up some Tax Free cash to top up your regular income. This may help you to retire earlier than you thought.
Help your family
Are your children or grandchildren struggling to get onto the property ladder or struggling with money at university? You could help them with a cash lump sum to get them started in life.
You want a better lifestyle
Release either a cash lump sum to get a new car or take smaller amounts as and when you need them so that you can simply enjoy the simple things in life without having to worry about making ends meet each month.
Care home or mobility costs
You may need to adapt your home to your needs as you get older or consider raising cash to fund care home costs. Medical treatment can be difficult with NHS waiting lists not getting any shorter. Equity Release can help put you in control of any urgent medical treatment.
You can take lump sums as and when you need
The maximum amount you can release is determined by the age of the youngest applicant and the value of your property. With a Lifetime Mortgage you do not need to take the whole amount in one go and can take lump sums as and when you require.
Reduce costs by making voluntary payments
The main difference between a Lifetime Mortgage and a traditional mortgage is that you do not need to make any payments to a Lifetime Mortgage. Interest is charged on the amount you borrow and added to the loan on a monthly basis. This will quickly increase the amount you owe and potentially decrease the amount you can leave as an inheritance.
Frequently asked questions about Equity Release
Equity Release is a Lifetime Mortgage or Home Reversion plan. This allows you to release cash from the value of your home as a lump sum, or by smaller instalments as and when you need them. You can achieve this without the stress of moving home or paying expensive stamp duty.
Equity release is a Lifetime Mortgage or a Home Reversion Plan.
This allows you to release a tax free cash lump sum from your home or a second property (including buy to let properties). Or smaller lump sums as and when you need them. You can achieve this without the stress and upheaval of moving home or selling your home.
A Lifetime Mortgage is a way of releasing cash from your property without having to sell or move out of your home.
There are 2 types of equity release products currently on the market. Lifetime Mortgage and Home Reversion Plans.
Equity release may involve a lifetime mortgage or home reversion plan. To understand the features and risks, ask for a personalised illustration.