We compare the whole of market with lenders approved by the Equity Release Council to get you the best equity release solution.
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.
Equity Release Scotland have access, from time to time, on products with preferential rates and features.
“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.”
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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)