We compare the whole of market with lenders approved by the Equity Release Council to get you the best equity release deal.
With an Equity Release plan, all the cash you receive is 100% tax-free.
All our advisers are fully qualified to provide advice and recommendations on an Equity Release plan to suit your individual needs and circumstances, as required by our regulator, the FCA.
ERS have access, from time to time, on products with preferential rates and features.
Our Advisers here at ERS specialise in working with clients in the Manchester area and have helped a huge number of local people access the equity in their home.
Whether you’re just thinking about releasing equity, or if you’ve already got a plan in mind, we can help.
Equity release can be complicated and for that reason we provide a friendly and transparent approach with excellent customer service every step of the way. In fact, you’ll struggle to find a company who are as committed as we are to finding the perfect equity release solution for you.
Your life and circumstances are different, as such, there’s no one reason why people decide to release the equity from their home.
If you’d like to be able to extend some financial help to your family it can be hard to do so knowing a lot of your cash is held up in bricks and mortar.
It’s getting harder and harder for young people to get onto the property ladder and that’s before increasingly common money worries. Choosing to release equity, stay in your home and support the people you care about is a great way to be there when some help is required.
The perfect holiday means something different to everyone; perhaps you’d like to surround yourself with family, then again, perhaps you’d like to surround yourself with peace and quiet!
Life often means that enjoying yourself and spending your money on little treats isn’t possible, but with an equity release mortgage, you can enjoy the life that you love with a little sunshine and travel.
Would you like to make a few changes to your property? Would a new bathroom, improved heating or some other kind of home make-over give you a space you love to be in once more?
If you’d like to make some improvements – whatever they may be – an equity release mortgage can be the perfect solution. You don’t have to settle for second best in your own home.
Is your mortgage becoming a problem now you’re around retirement age? Do changes in your income mean that a large mortgage payment is becoming more of a problem?
If so, releasing some equity from your property can remove a weight from your mind and lets you to stay in the home that you’ve worked so hard for.
Running an old car can be a burden; with some panic involved when MOT and servicing time comes around, it can get expensive; and that’s before any breakdowns or safety worries.
Also, buying something new can come with a hefty price tag. This is why many people in the Manchester area choose to release some equity from their property to free up funds for a new car and by doing so, reduce a lot of the stress from motoring.
Being in debt can happen for a many reasons, but one thing is universally true – it can be extremely difficult to get back out of debt. The process can take years of careful planning and tight budgeting.
If debt is stopping you from living the life you love, equity release could be the perfect solution for you.
If we ask what you want to achieve with the money that you release we’re not being nosey! Instead, we’re building a picture of your needs that helps us find the very best solution for you.
Whatever your goal, we’ll be able to help and advise you as we already have done with many individuals and families in and around the Manchester area.
We advise starting with a free consultation – it’s always without any obligation whatsoever.
We can plan a day and time that fits around you and you won’t be talking with a salesperson; instead, you’ll being chatting with a professional who’s familiar with the huge range of equity release products that we can offer.
You’ll be able to discuss your particular circumstances completely confidentially and our advisor can show you a variety of products that could fit the bill for you.
You’ll be able to ask questions, consider the possible figures and keep hold of everything, so you can think it over and discuss it with those who are important to you.
At ERS we only work with and recommend products from lenders who are approved by the Equity Release Council, including:
The Equity Release Council are the industry body for the equity release sector and operate to make sure that equity release is safe for you. They, like us, are independent and ensure that there are on-going high standards of practice and service for people who are looking to release equity from their property.
If you’re over 55 and your home is worth at least ₤70,000 then equity release could provide you with a new level of financial freedom.
That said, you’ll never face any pressure from any of our team to take an equity release product. In fact, there have been instances where we’ve recommended that customers do not pursue equity release and we ‘d be certain to tell you if we felt there was a better alternative for you.
In our experience, people who are interested in releasing some equity from their home have a lot of questions, including:
Who will own my home?
Can I live in my property for the rest of my life?
Can I protect some of my family’s inheritance?
We’ve answered these question and many more on our FAQs page however, many people value being able to discuss these points with an advisor who will get to know more about you, your home and your equity release plans.
To speak to someone in more detail you can click here to book a free consultation, and don’t forget, it’s without any obligation and you’ll never be pressured into something that isn’t right for you.
Other Areas we Serve:
“Equity Release” is the name given to specialist mortgage schemes that allow borrowers to utilise the equity they have built up in their property. Typically aimed at older borrowers (i.e. aged 55 or above), they differ from traditional mortgages in so far as there is usually no requirement to make a monthly repayment. That said, with recent developments in the schemes available, a number of options have been introduced which allow some flexibility to, for example, pay monthly interest payments or lump sum payments as appropriate. There are basically two types of arrangement which fall under the “Equity Release” banner:
Lifetime Mortgage Plans allow you to raise capital secured against the value of your property usually at a fixed rate of interest. The plans can be on a “roll up” basis where no monthly payments would be required, or an “interest only” basis where the borrower can elect to pay the interest – typically each month. The capital balance (plus any rolled-up interest if appropriate) is typically paid off either upon the sale of the property (if, for example, the homeowner needs to make long term care arrangements) or upon the demise of the owner.
In addition to the basic principles above, there are different types of plan available which may be suitable according to your specific circumstances and needs, for example:
The key point on any of these types of Lifetime Mortgages is that the borrowers retain complete ownership of the property and have the right to continue living there for the rest of their lives or until they decide to sell.
A Home Reversion Plan involves you selling the property to a company in exchange for a tax free lump sum or a regular income. The company then provides you with a lifetime lease meaning you would be able to remain living in the property for the rest of your life. There would be no rent or interest to pay but you should be aware that the companies would only pay you an amount likely to be significantly below the open market value of the property. This would typically fall somewhere between 20% – 60% of that open market value depending upon your age and state of health. Upon your death, the company will sell the property and they would receive its’ full value, so there would be nothing left to pass on to family or other beneficiaries. However, in order to protect some of the inheritance value, it is possible to sell only a share of the property value. When the property is ultimately sold, the company will be entitled to that share of the final sale value, but any excess would then pass to your estate.
There are clearly advantages and disadvantages to the above schemes. Amongst others, some of the advantages could be that you don’t have to move house; you can fund improvements or alterations; you can receive a tax free lump sum; you don’t have to worry monthly repayments; there may be some inheritance tax benefits:
However, the disadvantages could include the fact that your ability to pass on an inheritance is affected; there may be fees involved in setting up a scheme; there may be an impact on your entitlement to any state benefits.
At ERS, we’ve a history of providing you with bespoke, detailed, local equity release advice as to what may be the most suitable way forward in your particular circumstances. If you have any questions or would like to arrange a few consultation, we’d be happy to come to meet you in the comfort of your own home to go through everything with you.
“We just wanted to be able to stay in our home for some years to come and the local advisor from Equity Release Scotland was very helpful and understanding, we feel very comfortable that we can now afford stay in our home for the foreseeable future but have options further down the road.”
“What a relief, our mortgage and debts repaid, one easy monthly payment which we can afford and the option to stop paying that in the future if we choose’ . The process was smooth and everything was clearly explained to us, we had lots of questions but our advisor was always available to answer any concerns we had….thanks a million”
“We just wanted to thank Equity Release Scotland for explaining everything thoroughly to us and for answering our questions. We felt confident that we were getting accurate information and a great deal on our property. Many thanks.”
You can find answers to FAQs here or click on the button below to get your Personalised Quote Today.Request Your Free Quote
An Equity Release Lifetime Mortgage is the most common vehicle that companies use to facilitate equity release. When a homeowner decides to proceed with equity release, they complete an application for a lifetime mortgage. This works by taking out a long term loan, which is secured on the value of your property.
The details regarding how much you can borrow, are directly related to the value of the property and the homeowner’s age at the time of the application. There will also be further variations depending on the current health and lifestyle choices of the homeowner.
The loan works in a similar way to a standard mortgage except that there are no repayments made during their lifetime. Every year interest is added to the original loan plus the interest that has accrued from previous years. Upon the death of the homeowners or should they move out of the property into a nursing home, the property is sold, and the current debt repaid. Any money that is left belongs to the estate of the borrower.
This type of equity release plan will affect the value of the estate, and there may also be tax implications, so it is important to understand the product you are purchasing.
The ‘tax free‘ cash you can free-up from your property, depends upon three main factors. Your age, the value of your property and for a few lenders, any underlying qualifying medical conditions you may have. Your Lifestyle choices are also taken into account. A few examples are, your height, weight and whether or not you are a smoker. Generally you can release up to 55% of the value of your home. You can choose whether to release this as an initial lump sum, or in stages in the form of a smaller lump sum plus a reserve facility to help achieve your objectives.
The cash released is TAX FREE! It can be spent on anything you wish. However, if you already have a mortgage or a secured loan on your property, this must be cleared first. Any remaining balance from your Equity Release after clearing any secured debts will be yours to do as you please. The simplest way to find out how much cash you could release for your unique, individual circumstances is to use our free, easy to use Equity Release Calculator at the top of this page.
When you sign the contract, you are simply agreeing to another style of mortgage, so the ownership of the property remains with you.
No. For your continued peace of mind, Equity Release lenders approved by the Equity Release Council offer a ‘no negative equity guarantee’. This means you’ll never owe more than the value of your home once sold, and any shortfall cannot be passed onto your estate or your family.
You have the Right to Remain in your Home for as long as you choose
You will NEVER owe more than the value of your home due to the “no negative equity” guarantee.
You have the freedom to move to another property without financial penalty (subject to provider criteria)