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Equity release is a way to unlock some of the value tied up in your home.
If you’re 55 and over and own your own home, equity release could help you to secure a more comfortable future by releasing tax-free cash from your home.
The most popular type of equity release is a lifetime mortgage, which, like a traditional mortgage, is secured against your home. You can use the money released from your home however you like to help finance a better, more rewarding retirement:
Better quality of life
- A tax-free boost to your retirement finances
- Home improvements
- Going on holiday
- Help with care fees
Help family and friends
- Getting on the property ladder
- Paying for a wedding
- Helping family in financial difficulty
Clear existing debt
- Clearing mortgage debt
- Paying off credit cards and loans
Stay where you love
- A stress-free alternative to downsizing
Find out how equity release could work for you: 10 Common uses of equity release
There are equity release plans to suit a whole variety of needs including the ability to take an initial lump-sum or take smaller amounts as and when you need it.
There are typically no monthly repayments as the loan, plus roll up interest, is repaid when the plan comes to an end, but there are plans where you can choose to make interest payments.
To release equity from your home, you need to get expert advice from a qualified equity release adviser. Saffron Building Society is working in partnership with Key who is an independent equity release broker for the over 55s. Covering the whole of the market, Key offers friendly, impartial advice to help you see whether equity release is the right decision for you.
Key will guide you through your options, providing face-to-face advice in the comfort of your home. They will search the whole of the market to find a plan to suit your requirements. If they don’t think equity release is right for you or if they think there is a better option available, they will tell you.
Equity release will reduce the value of your estate and may affect your entitlement to means-tested benefits.
Things to consider
A lifetime mortgage, the most popular form of equity release, is a loan secured against your home and will reduce the value of your estate. It may also affect your entitlement to means-tested benefits. Think carefully before securing a loan against your home.
Unless you decide to go ahead, Key’s service is completely free of charge as Key’s usual advice fee of 1.99% of the amount released would only be payable on completion of a plan, subject to a minimum advice fee of £1,499.
Your questions answered
Is equity release safe?
Equity release advice and lending is fully regulated by the Financial Conduct Authority. For added peace of mind, further safeguards are provided by the Equity Release Council, such as the no negative equity guarantee, which ensures you will never owe more than your house is worth.
Will I still own my own home?
Yes, with a lifetime mortgage you can rest assured that you will always remain the owner of your property and can continue living there for as long as you choose.
Can I still leave an inheritance for my family?
Equity release will reduce the value of your estate, however, some plans offer a Guaranteed Inheritance Feature allowing you to protect a percentage of your home’s future value for your loved ones.
Can I move home?
Yes, you can move home at any point in the future and take the plan with you (subject to provider criteria). Should you wish to downsize in the future, some plans offer downsizing protection meaning you can use some of your property wealth now and downsize in the future if you want to with no early repayment charge (subject to provider criteria).
How can the Saffron Building Society help?
We have partnered with one of the UK's leading independent equity release specialists, Key, offering 100% impartial equity release advice. If you decide to go ahead, Key's advisers will search the entire market to find the best plan for your circumstances.
To find out more or to arrange a free, no-obligation consultation, simply pop into your local branch or call us on 0800 072 1100