The means by which you can release or unlock the equity or value in your home whilst continuing to live in it.
There are two main different types of scheme:
Eligibility for equity release is governed by a number of factors and the maximum amount of equity to be released will often be determined by the property’s value, age of the owners and on occasions the health of the owners.
Equity release may not be the most appropriate way of releasing equity or providing an income and is often a choice of last resort and it is important to look at alternatives before any decision is made.
If it is the right way forward (and often this involves a “family” decision), then certain safeguards should be built in and the lender should subscribe to a relevant code of practice (for example, SHIP). We have extensive experience in this area.
Equity release remains a developing market.
Because of the potential pitfalls, it is important to have comprehensive legal advice on the nature and effect of the scheme you have chosen or been advised to choose.
We will meet with you, guide you and provide a full summary of the chosen scheme. We will consider alternatives with you.
