Equity release is a way of releasing some of the money from your home, providing you with a cash lump sum, income or both. You can continue to live in your home and use the money how you wish. Whether it’s for a new car, home improvements, a special holiday or simply to top up your income, it’s up to you how you spend it. Taking a lump sum, plus the costs, will reduce the value you have in your home, and therefore the value of any inheritance you leave. Your entitlement to tax and welfare benefits may also be affected. We will discuss this with you.
If you are a homeowner aged over 55. The type of plan available to you and the amount you can release will depend upon your age, gender and property value. Minimum property types also apply.
Your home may qualify if it is a residential property of standard construction in the UK.
Please bear in mind that minimum property values apply. We are not able to offer equity release for properties in the Isle of Man or the Channel Islands.
The amount you can borrow through a lifetime mortgage is based on the value of your home and your age when you start the plan.
With a home reversion plan, you can choose to sell up to 100% of your home. However, because you can still live in your home rent–free until you die or go into long–term care, you’ll receive less than the full market value of the share of your property that you sell.
We will ensure you choose the right plan for you.
Both types of equity release plans offered allow you to continue living in your home until you die or need to go into long–term care. The lifetime mortgage allows you to keep ownership of your home. With the home reversion plan, the ownership of your home is transferred to the reversion provider.
With a lifetime mortgage you may be able to release more in the future, depending on the lending criteria at the time.
With a home reversion plan, if you sell less than 100% of your home to the reversion provider, they will guarantee to buy further shares from you as long as you meet the conditions of the plan.
We have access to beneficial products that on occasion provide a free valuation and or no lender arrangement fee.
When a valuation fee is incurred, the size of the fee will depend on your property value.  For example, with a property value of £100,000 you would expect to pay between £100 and £170
Other costs are dependent on your choice of equity release plan and the value of the funds you wish to release.
Lender Fees – includes application fees, arrangement fees and completion fees and all the administration charges that are incurred at each stage in the process
Typically Lender Fees range between £300 and £700.  It is possible to add this fee to the value of your loan.
Solicitors’ Fees
The cost of these fees is dependent on the Solicitor that is employed.  Solicitors who specialise in Equity Release tend to be slightly cheaper.  You can expect to pay between £350 and £500 for this service.
A lifetime mortgage has a higher interest rate applied to it than a standard mortgage, because you don’t make any payments during the term of the mortgage. You can find out more about the current interest rates and APRs for each of our lifetime mortgages by talking to one of our specialist advisors.
There aren’t any interest rates with a home reversion plan because it’s not a loan – you sell all or part of your property at the outset of the plan to release the capital. One of our advisors will be able to help you decide which plan best suits your personal circumstances.
Yes, the equity release plans require you to maintain your property and keep it in a good state of repair. It’s also still your responsibility to insure your property and pay all your property–related bills, such as utilities and council tax.
With the choice of equity release plans, we aim to offer you a solution that fits your personal circumstances. Even so, we recognise that equity release isn’t for everyone. So, we’ll take the time to listen to your needs and concerns and if we think it’s not right for you, we’ll tell you.
Life time Mortgages – As you do not sell any legal ownership, it remains for your representatives to arrange the sale of the property and pay the loan and interest back to the lender, retaining the balance. As interest is due until such time as the debt is repaid, it is in their interest to try and obtain the best possible price as quickly as possible.
Home Reversion plans – If you sell 100% of the ownership to a company, the provider will arrange the sale of the property. If you sell less than 100% the majority of companies will arrange the sale. You or your estate will still receive the proportion of the home’s value (minus costs) you originally chose to retain.
Yes – if a Lifetime Mortgage scheme.  A Lifetime Mortgage Scheme can generally be repaid at anytime however there may be early repayment charges applied. Some lenders charge a fee for the first 5 or 10 years, whereas others are based on Gilts and apply for the term of the loan.

Under an interest only mortgage the loan can generally be repaid at any time, if however you choose a fixed or discounted rate then there is usually a redemption penalty for early repayment during the chosen initial period.

With a Home Reversion Plan repaying the loan is difficult as you would have to buy back the share sold for the full market value at the time of repayment, this can be very expensive and should not be seen as a short term commitment.

An Equity Release plan recommended by us gives both applicants the legal right to live in the property until they voluntarily decide to leave or until their death
Before you enter into an equity release plan it is important that you are aware of all of the implications.  Our team of specialist advisors will fully discuss with you all options available
An Equity Release is very similar to a standard mortgage and requires a charge being placed on your home in the same way as a mortgage. When you decide to apply for a Equity Release Scheme and you decide to proceed you will need to instruct a solicitor to represent you.

It is a requirement of SHIP (Safe Home Income Plans) now known as Equity Release Council that:

You choose a solicitor who is independent of the provider of the equity release scheme funds.
Your solicitor will need to check you have been advised properly and the scheme you have been recommended is right for you and you fully understand it. They will sign a certificate confirming you understand fully the implications of what you have applied for.

Yes, you can choose the solicitor you wish to use, however we do recommend that you use a solicitor who is fully experienced and knowledgeable in handling equity release cases, as this will ensure that the process will be completed for you in a timely manner, therefore often resulting in a speedier processing of your case.

Using an Experienced Equity Release Solicitor who is used to dealing with the requirements of the Equity Release Scheme provider can save you both money and time. There are many changes in the Equity Release Market which a specialist solicitor will keep up to date with, the new requirements, new changes in legislation and state benefits will need to be advised to you in relation to equity release. They will understand the schemes rules and the processes required  to complete your case and will be able to explain everything to you, without all the legal jargon.

Contacting the Law Society will provide you with a list of solicitors’ in your local area who are experienced in the equity release process. Your Specialist Equity Release Advisor will also be able to recommend an experienced specialist solicitor for you. You will be given the option to be advised by a solicitor on a face to face basis or you can choose the faster route of post and telephone advice. Please speak to us for details of the Specialist Solicitors we recommend that cover your local area. The solicitors we recommend are completely independent from The Right Equity Release Ltd and will advise you independently of us and the provider, they effectively work for you and no one else.

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Watch our FAQ videos below:

What is equity release?


Why should I choose to take out an equity release plan?

Should I be worried about losing my home?

What regulations are in place to protect me & how safe is equity release?

What equity release plans are available to me?

How do I pay back the money borrowed through an equity release plan?

Can I repay the loan early?


What if I decide to move home during an equity release plan?

Who sells my house when I die?


How long will it take to get my money?