If equity release is an option you've been weighing up, here's a little extra food for thought. We keep picking up awards, year on year, both for the service we offer as a provider and for our lifetime mortgage. This is the type of equity release we offer, which allows you to keep living in your home – and still own it.
It's a long-term loan that's secured against your home. It can be taken out by UK homeowners who are over 55. The loan and interest are normally repaid from the sale of your home when you (and your parter, for joint lifetime mortgages) die or go into long-term care. There are other terms and conditions that apply. Find out more.
Knowing we've managed to rack up a few trophies and titles for our lifetime mortgage might ease any niggiling doubts you have – after all, taking equity release is a big life decision. Here are just a few of those all-important details that make us stand out from the crowd.
We’ve helped hundreds of thousands of customers
Since 1998, we’ve helped over 270,000 customers release equity from their home – more than £10 billion altogether – with a lifetime mortgage.
Thinking about you and your loved ones
As an award-winning equity release lender, we can help you include your loved ones into your financial plans with the no negative equity guarantee.
The no negative equity guarantee means your loved ones and your estate will never pay back more than your property is sold for, so long as your home is sold for the best price reasonably attainable. So your family won’t be left in debt from your lifetime mortgage.
Of course, after your home is sold when you pass away or go into long-term care, you’ll have less inheritance to leave to your loved ones. That’s why we also offer an optional inheritance protection guarantee.
With this guarantee, you choose what percentage of your home’s value you’d like to leave to your loved ones when you take out the lifetime mortgage.
While this will mean you won't be able to borrow as much through your lifetime mortgage, you can be sure that you'll be leaving something for your loved ones. The minimum you can borrow is £15,000.
Unique interest rates on a range of properties
We’re one of the only providers to offer a unique interest rate tailored to your situation. This rate stays fixed for the duration of your lifetime mortgage – so you can be reassured we’ll never raise the interest rate.
You may also be more likely to release money from your property with us thanks to our broad lending criteria. Not only do we offer lifetime mortgages to common property types such as detached, semi-detached and flats, we can offer it for a whole range of other properties too. That includes estates and country houses with land to historic listed buildings, as well as eco homes and lots more.
We regularly review and update the range of properties we offer lifetime mortgages on. So we’re more likely to help you. This ensures we’re ready to help as many people as we can. To apply for our lifetime mortgage you need to own a UK home (not including the Isle of Man and the Channel Islands), that’s worth £75,000 or more.
You can also make voluntary partial repayments if you want, as soon as your lifetime mortgage starts. For example, you can pay off some of the interest whenever you like, but you can't repay more than 10% each year of the total amount borrowed. The smallest payment you can make each time is £50.
You could even move home
What if your plans change, and you want to move home?
We may be able to move your lifetime mortgage to a new property if you move home – just as long as your new property meets our lending criteria at the time.
And what if your new property doesn't meet our lending criteria? In that case, you'll have to repay your loan and interest before you move, and you may have to pay an early repayment charge too. If you've had your lifetime mortgage in place for at least three years, you may be able to use your downsizing protection - this means you can repay your lifetime mortgage with no early repayment charge.
When you speak to your equity release adviser, they'll be able to explain the terms and conditions around moving home in more detail.
Clear and transparent on risks to be aware of
In keeping with our award-winning service, we're clear about the risks of equity release and how they could affect you. There'll be charges and fees involved once you start your application.
In terms of how interest works, it's added each year, both to the initial loan amount and any interest previously added, which quickly increases the amount you owe.
Another thing to keep in mind is what happens if things change in your life. Once your lifetime mortgage is in place, if you'd like to end the mortgage early, you may have to pay a sizable early repayment charge.
Equity release may also affect your tax position, whether you're eligible for welfare benefits, and it'll mean you won't be able to leave behind as much inheritance either.
There are other risks and considerations to think about – your adviser will go through all of this with you.