Can you release equity from your home?

To be able to release equity from your home

You must:

checkOwn your own home.

checkBe over the age of 55

Your home must:

checkBe a house, flat or a maisonette

checkBe freehold or leasehold (subject to minimum leasehold terms remaining)

checkHave a minimum value of £70,000

checkBe located in the UK

It is possible to release equity on a second home, that is not your main residence or on a buy to let property or a portfolio of buy to let properties. The amounts you can release on a second home or buy to let properties will be lower than on your main residence.

What you do with the money you release is almost entirely up to you.
You can use your money to:

Repay your existing mortgage and have no further monthly repayments

Repay any loans, credit cards or other debts

Make some home improvements

Take that dream holiday you have always wanted

Buy a new car

Help out the family

Simply help to improve your lifestyle

Or one of many other reasons, the possibilities are almost endless

Use our free and simple eligibility checker to see if you can release cash from your home.

Find out quickly if your property is potentially suitable for Equity Release.  No lengthy conversations or checks on your home, this checker will tell you quickly and simply if releasing cash from your property is for you.

 

AAA - Eligibility checker

You must be at least 55 to be eligible to release cash from your home. If you own your home in joint names the YOUNGEST person must be at least 55. Please put the age of the YOUNGEST person as this will determine the amount that can be released.

You must own your own home, with or without a mortgage, to be eligible to release cash. As you have indicated you do not own your own home we cannot assist you.

Equity Release plans are not income dependent and having a poor credit history should not affect your ability to get a plan.

if you have been declared bankrupt and have not yet been discharged you will not be eligible to release cash from your home and we will not be able to assist you.

If you have been discharged from your bankruptcy and the bankruptcy administrators no longer have a charge on your property, your application for an Equity Release plan should not be affected.

if your IVA has been completed and there is no charge on your property your application for an Equity Release plan should not be affected. If you are still paying off your IVA this will not stop you from releasing equity from your property however we would recommend reviewing the agreement as the IVA company may ask for a payment from some of the money released.

You are potentially eligible to release some equity from your property.

We now need to check if your home is suitable and then confirm how much you could potentially release.

Unfortunately as your home is a flat or maisonette above a commercial property it will not be suitable and we cannot assist you.

Unfortunately as you own your flat or maisonette on a freehold basis it will not be suitable and we cannot assist you.

Unfortunately as your property is of a timber frame construction and built before 1960 it is unlikely we will be able to assist you, however if you feel your property is in a historic town or in a highly desirable area, please contact us and we will discuss this with you further.

Unfortunately as your property is of a steel frame construction and built before 1980 your property will not be suitable and we will be unable to assist you.

You can release cash from your main residence, a second/ holiday home or a buy-to-let property. If you are taking cash from a property that is not your main residence the amount you can release will be reduced, but we can explain this in more detail during the process.

Your property must be worth at least £70,000 to be eligible.

We have checked your eligibility and your property and believe that you could be eligible to release some cash from your property. To find out more information about releasing cash from your home and to find out if this is something you want to pursue further, please complete the following simple questions and we will send you more information to help you decide if Equity Release could be right for you.

You are never under any obligation to go ahead and it will not cost you a penny unless you a complete a new Equity Release application.