FAQs
Is equity release a good idea?
Equity release can be a good idea for some homeowners, but it is essential to get qualified advice from equity release experts. It is a long-term commitment and can be expensive to pay off if you then change your mind in the future.
When using the equity release calculator, add a phone number if you would like to speak with the Information Team at Royal London Equity Release Advisers, the provider of the Telegraph Media Group Equity Release Service. They can offer an appointment with a qualified adviser, face-to-face, over the phone or by video call, to help explore the options available to you. Comparing lifetime mortgages with other financial products like retirement interest-only mortgages and conventional borrowing, they will help to find the right choice for your circumstances.
How does equity release get repaid?
With a lifetime mortgage, your loan and any interest accrued will not become repayable until you either pass away or enter long-term care. You retain complete ownership of your home and have the right to remain there for the rest of your life.
If you have taken out an equity release product jointly, the loan only has to be repaid when the last homeowner has passed away or entered long-term care. This will usually be achieved with the sale of the home.
In many cases, you are also able to repay your loan early. You could also choose to make optional payments to reduce the amount you owe. However, this may result in early repayment charges.
Can I stay in my home after releasing equity from it?
Yes, equity release enables you to stay in your home and to release the money you need.
Can I release equity from any property?
The property you are releasing equity from must be your permanent main residence in the UK, which you live in for more than six months of the year. Some equity release providers may be reluctant to accept your application if there is anything unusual about your property, for example if it is of non-standard construction. An adviser from Royal London Equity Release Advisers would be best suited to find out if your home is acceptable to lenders.
Find out how much equity you could release
If you are a UK homeowner aged 55 or over and interested in finding out more about equity release, get in touch with Royal London Equity Release Advisers, the provider of the Telegraph Media Group Equity Release Service, by using the calculator on this page.
It will provide you with an instant estimate of the amount of equity that may be available to you. You will also receive a free guide to equity release with more information about how equity release works.
If you choose to provide your phone number, the UK-based Information Team will also be in touch to answer any questions you may have.
