What can I use Equity Release for?
The money you release from your home is paid to you tax free and can be used for any purpose.
There are limits to the amount you can release from your home depending on your age and the value of your property, to find out if you can release the amount you need try our FREE Equity Release Calculator now.
With the money you release you can make renovations to your home, buy a new car, go on a holiday of a lifetime or simply help you family. The possibilities are endless and there are no restrictions on how you spend the money.
There are different types of Equity Release plans available that allow you to take a one off lump sum or take smaller amounts over a period, giving you the flexibility to use the money how and when you need.
Some of the most popular reasons for using Equity Release include:
Clearing your mortgage, meaning no more monthly repayments.
Clearing other debts including credit cards or loans, reducing your monthly outgoings.
Home improvements or renovations.
Family holidays (or simply treating yourself to a holiday!).
Gifting money to family to help pay university fees or for a deposit on a house.
Helping or preparing to pay for Care Home Fees.
Using equity release allows you to start passing on your inheritance early and in some cases you can still secure further equity in the property to be passed on after your equity release plan is repaid should you wish.
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