UK Homeowner Equity Release Over 55 No Fees Free Home Valuation 2024

  • No lender fees
  • No broker fees
  • Free valuation
  • 2.31% ARPC fixed for life
  • Available to anyone over 55
  • Doesn’t matter if you still have a mortgage
  • Use the money to do what ever you like

There are some great things about being over 55, one of them is you can access part of your property value without proving income for traditional interest only mortgages.

An equity release lender can offer you a lifetime mortgage to release equity tied up in your home.  Equity release over 55 is getting more and more popular.

The even better news is lifetime mortgages can have a really low interest rate similar to an interest only mortgage you may have had in the past.

If you still have an existing mortgage the equity release product or lifetime mortgage will enable you to pay off your outstanding mortgage with part of the one off lump sum. When releasing equity with no monthly payments the tax free lump sum will depend on the value of your home and your later life plans.

It can be wise to use an independent financial adviser regulated by the financial conduct authority to help you with the type of equity release or retirement interest only mortgage you need. There is lots of protection from the financial ombudsman service and prudential regulation authority.

Most lifetime mortgages are easy to qualify for and upper age limits are a thing of the past. All lenders for drawdown lifetime mortgages who are members of the equity release council follow the no negative equity guarantee with you will never be hit with a bill for negative equity.

If you take one lump sum from the market value of your home to release capital from the value of your property there are some drawbacks. It could stop you from claiming some means tested benefits and these state benefits could be significant.

Using your mortgage free main residence to get equity release could help you pay down other debts like loans and credit cards you are struggling to pay.

The maximum percentage and minimum amount of equity release is probably different from a standard mortgage and you should consider all financial products for an older homeowner and other retirement options before signing any paperwork.

If you have a significant net worth your retirement planning could involve an equity release work study to see if you can minimise your inheritance tax.

Older homeowners may need cash to help the son or daughter buy a new property or holiday home.

To pay off your equity release mortgage your home will be eventually sold when you die or go into residential care. The sale proceeds pay off the debt first based on what the equity release calculator predicted.

Equity release refers generally to a product with no monthly repayments. The loan is paid back when the last borrower dies or goes into a nursing home.

What are Home Reversion providers?

Years ago people used to go to a home reversion provider to sell some or all of their homes for a reduced value where they were given a legal agreement saying they could live there for the rest of their lives. These plans are much less popular these days as the minimum age criteria are quite high.

The benefits of equity release over 55 years old

Even though there were no mortgage payments and you didn’t need to pay interest with home reversion, in the rising UK property market lump sum lifetime mortgages are generally a better option for most people.

Through many peoples lives with high and low interest rates people get sick of regular payments – money leaving their accounts each month, however equity release give freedom from this.

Home Equity Release over 55 years old UK

Equity Release Over 55