Equity release

Equity release is a way to release cash from your home without having to move.

Helping you consider all of your options

Heritage Independent Mortgage Advisers will help you consider all of your options and provide independent financial advice before you decide if it’s the right choice for you.

Equity Release involves securing a lifetime mortgage against your property or a home drawdown product.

Would you like to:

• Unlock cash from your home if you’re 55 or over
• Get a tax-free lump sum or drawdown as a regular income • Still remain living in your home throughout retirement

Book an initial, no-obligation consultation

If you would like to book a free consultation, call our team today on 01483 531 025 , or complete the online enquiry form by clicking the button below and we’ll be in touch with you shortly.

Frequently Asked Questions

Equity release is a way of releasing the wealth tied up in your property without having to sell it and move to another home. You can either borrow against the value of your home or sell all or part of it in exchange for a lump sum or a regular monthly income. Some plans give you the option to draw down further equity (cash) at a later date, based on your requirements.

Equity release is designed to help people aged 55 and over who either own their property outright, or have relatively small mortgages left to pay. They may decide to release equity in their property – that is, take out a loan or sell part of the value of the property – knowing that they will not actually pay that money back to the lender (or reversion provider, in the case of a home reversion plan). The loan or reversion sum will be repaid at a future date when the property is sold.

Equity release can be used for almost anything you choose including home improvements, easing money worries, providing gifts to family, taking a holiday of a lifetime or improving your retirement funds.

Yes. Factors such as your age and the value of your home will determine the amount of money you can release.

There are two main types of equity release: Lifetime Mortgages and Home Reversion plans. Both types of plan are regulated by the Financial Conduct Authority (FCA). By using an equity release product, a homeowner can draw a lump sum or regular smaller sums from the value of their home while continuing to live in it.

Lifetime Mortgages are a type of mortgage where you can choose to extract your funds in a single lump sum or in smaller amounts over time up to the maximum limit agreed with the plan provider. You can also elect to retain some of the value of your property as an inheritance for your family, meaning that you can benefit from releasing equity while ensuring you have something to pass on to your children.

You retain full ownership of your home, and interest on the loan can be fixed or rolled up. The loan and the rolled-up interest is repaid by your estate when you either die or move into permanent long-term care. If you are part of a couple, the repayment is not made until the last remaining person living in the home either dies or moves into permanent long-term care. In other words, both you and your partner are free to live in your home for the rest of your lives.

With some plans, you can make monthly interest repayments in part, or in full. That way, you can maintain the debt to the initial amount of the loan before interest. If you choose to make interest repayments, you still have the option to move to a roll-up arrangement at a later date if you wish. There are even some lenders who can offer you the option to pay some capital throughout the plan, but always discuss details with your plan provider.

How much can be released is dependent on your age and the value of your property. Some providers may be able to offer larger sums to those with certain past or present medical conditions. Some providers may offer larger sums to those with certain past or present medical conditions, or even ‘lifestyle factors’ such as a smoking habit.

Home Reversion Plans allow you to access all or part of the value of your property while retaining the right to remain in it, rent-free. With Home Reversion, the provider will purchase all or a part percentage of your house. You know precisely what portion of your property you have parted with and, equally, what has been ring-fenced for later use, possibly to leave in a Will. The percentage you retain in your property will always remain the same regardless of the change in property values, unless you decide to take further cash releases. At the end of the plan, your property is sold, and the sale proceeds are shared according to the remaining proportions of ownership.

Again, depending on your age and medical conditions, you may be able to access more funds. You will be provided with a tax-free cash lump sum (or regular payments) and a lifetime lease, guaranteeing you the right to stay in your property rent-free for the rest of your life. There is no day-to-day interference and no restrictions in treating the house exactly as before: as a private home to live in freely. 

The use of an equity release scheme will reduce the value of your estate. You should speak to your financial adviser if you are considering using equity release for this purpose.

As long as the new home you wish to move to meets the acceptance criteria of your equity release provider, then you should be able to transfer your plan to a new property. In some circumstances (for example, downsizing to a smaller property), a part repayment of the equity released may be required.

If the plan is in both your names, then it will continue until the death of the last surviving person – allowing them to remain living there until they die or go into permanent long-term care. However, if your property and equity release plan is held in your name only, the property would usually have to be sold and your partner would have to find somewhere else to live (unless, for example, they were able to repay the equity release plan in full).

The risks will depend upon the type of equity release plan you choose. Consolidating existing debts using equity release could end up costing more in the long term, so you should think carefully before securing other debts against your home. Your Heritage Independent Mortgage Advisers adviser will talk you through all of this and the risks involved in your appointment.

Google Reviews

Adam Marshall
Adam Marshall
Very happy with the service provided by Heritage Independent Mortgage Advisors, they managed to get me a Mortgage where other Advisors had not been successful. Steph King is extremely helpful & goes the extra mile. also Thank you to Charlotte Chalker for arranging me my Income Protection. The Reviews on Google Talk for themselves.
Chris Lloyd
Chris Lloyd
Heritage IMA have been superb with regards to helping myself and my partner ensure we have life insurance ahead of buying our first home. We are full of praise for them and Charlotte Chalker deserves special recognition: she's been incredibly patient, diligent and conscientious, and really helpful throughout the whole process, from the first day to the last. It's been so good to have a friendly expert to help us through the process. Highly recommended. 🙂
Maria Russo
Maria Russo
Steph and Charlotte have been a pleasure to work with. Throughout the process, Stephanie and Charlotte have been accommodating, professional, and always willing to help. Their dedication to getting me the best outcome was admirable. I would definitely recommend this service, as I had a fantastic experience using it!
Rob Jenkinson
Rob Jenkinson
Very highly recommended! Complete pleasure to deal with, nothing was too much trouble. Everyone at Heritage I spoke to went way above and beyond my expectations. My numerous questions were answered quickly and everything was thoroughly explained. I'll definitely use again if the need arises.
Sarah watkins
Sarah watkins
Great communication over phone and email. Really quick to respond. When it was time to remortgage the options were laid out clearly and well explained. Heritage makes the process much easier. Thank you!
Matthew Tolley
Matthew Tolley
Couldn't recommend anymore. As first time buyers, me and my partner were taken through the whole mortgage process step by step. The team were kind, helpful and extremely professional throughout. This extends to the protection team who helped us set up our life insurance needs.
jayne magness
jayne magness
Stephanie Burfield
Stephanie Burfield
I was recommended Heritage by my brother, and I had the pleasure of dealing with Cleo Quinn. I first got in contact in 2019, and Cleo has helped me navigate a stressful and complicated divorce in regard to advice to do with mortgage capacity reports, DIP and MIP, Cleo has been wonderful throughout, great communication and has helped to keep me sane and kindly liaising with other parties (solicitors and so forth). It has been a long road since I first approached Heritage due to COVID-19 lockdowns slowing down divorce process as well personal situation at home, but the continuity of contact through Cleo has meant I was not having to speak to lots of different people. Cleo has made things simple and explained to me processes in an easy to understand way. I am finally at a stage where divorce is complete and a new home has been found and Cleo really has been with me every step of the way. I Can’t recommend highly enough Cleo at Heritage. Thank you so much 🙂
Peter Charlwood
Peter Charlwood
Have used Paul and his team for many years and never been disappointed with updating my mortgage for a better rate. But this time we used Paul and his team for a new mortgage for a new house purchase. Without going in to all the details we had some challenges in our personal circumstances, but Paul and team managed to find a way through all the hurdles and get us a mortgage. But that was not all, Paul kept in contact as we had a lot of challenges in our purchase which took a lot longer than expected. At one point Paul made us aware of a change in interest rate that would save us £80 a month that we could update our mortgage offer to. He sorted out the change really quickly without incurring any delay in the process of purchasing our new house. Paul and team will always be our go to for mortgage advise and highly recommend to anyone to use them.
Ana Reith-Smith
Ana Reith-Smith
Fantastic company. They went above and beyond. We really wouldn’t have been able to secure the mortgage we got without them. Highly recommended!

Tell me more about my equity release options

Our expert equity release advisers are available to help you choose 
the option that is right for you. Please fill in the enquiry form below and a member of our team will contact you. Alternatively you can email us at info@heritageima.com. Thank you.