Let's see if equity release

Eligibility criteria varies between providers. However, you could release equity if you’re:

• Aged 55+
• A UK homeowner with a property worth £70,000 or over

Here at HUB Financial Solutions we can give you expert advice and guidance on equity release through our Equity Release Advice Service. We’re totally dedicated to finding the right financial solution for you.

If you decide to take out a product recommended by HUB Financial Solutions, you will need to pay a £1,100 advice and arrangement fee. You will not need to pay any advice fees if you decide not to proceed.

Other fees associated with equity release include application, valuation and legal fees, and some can be added to the money being released. Your adviser will talk you through these at your appointment.

You will usually be able to transfer your equity release product to a new property, as long as it meets the acceptance criteria of your provider. In some circumstances a part repayment of the equity released may be required.

Equity release products are long-term commitments. They are designed to be paid back only when you die or move into permanent long-term care. For a lifetime mortgage, early repayment charges could apply if you choose to pay back the mortgage early. For a home reversion plan, if you choose to buy back the share of the property you sold to the provider, you'd have to do so at the full market value

If the equity release product is in both your names then it will continue. Your partner will be able to remain living there until they die or go into permanent long-term care. However, if the equity release product is in your name only, the property will most likely need to be sold and your partner will have to find somewhere else to live, unless they are able to repay in full.

There are two types of equity release products. These are lifetime mortgages and home reversion plans. 

A lifetime mortgage is a loan secured against your home, which allows you to release a cash-lump sum from the value of your property. 

Home reversion involves selling part or all of your home to a home reversion plan provider in return for a cash lump sum.

This guarantees that, when the property is sold after you die or move into permanent long-term care, you or your beneficiaries will not have to repay more than the sale proceeds. Even if the proceeds are less than the amount owed. HUB Financial Solutions will only recommend products with a no negative equity guarantee.

The risks will depend upon the type of product you choose. Equity release will reduce the value of your estate and could affect your entitlement to means-tested state benefits. Consolidating existing debts using equity release could end up costing more in the long term. You should always think carefully before taking out equity release and talk to an adviser. 

Get in touch with us by calling 0808 278 5447. Lines are open 9am – 5pm, Monday – Friday (excluding bank holidays).

Or discover roughly how much money you could release from your home by using our handy equity release calculator.