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Equity release

Unlock some of the value tied up in your home. An equity release plan allows homeowners aged 55 or over to access some of the cash locked in the value of their home.

If you’re 55 or 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 a loan secured against your home. You can use the money released from your home in a wide variety of ways 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

There are lifetime mortgage plans to suit a whole variety of needs including the ability to take a lump-sum or take a lump-sum followed by smaller amounts as and when you need it. There are typically no monthly repayments as the loan, plus roll up interest, is usually repaid when the plan comes to an end, but there are plans where you can choose to make interest payments.

Expert Advice

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 The Equity Release Experts who is an independent equity release broker for the over 55s. Covering the whole of the market, The Equity Release Experts offer friendly, impartial advice to help you see whether equity release is the right decision for you.

The Equity Release Experts will help you consider your options, providing face-to-face advice in the comfort of your home or over the telephone, if you prefer.  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, they will tell you. Equity release will reduce the value of your estate and may affect your entitlement to means-tested benefits.

Your questions answered

Is equity release regulated?

Equity release advice 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 lifetime mortgage 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, with a lifetime mortgage if you do wish to move, you'll have the right to take your plan with you to a new home, subject to criteria.

Things to consider

Equity release may involve a lifetime mortgage which is a loan secured against your home. Equity release will reduce the value of your estate and may affect your entitlement to means tested benefits. You should always think carefully before securing a loan against your home.

Unless you decide to go ahead, The Equity Release Experts' service is completely free of charge, as their fixed advice fee of £1,499 is only payable on completion of a plan.