If you own your home and are 55 or over, equity release could provide you with
the additional income you need
Equity release enables you to release money from your property without having to make any monthly repayments to the loan.
We Plan Group provides the most popular scheme when looking at equity release; a Lifetime Mortgage. Our process for equity release will ensure you speak directly with a qualified advisor and, where applicable, ensure independent legal advice.
Equity release products allow you (the home owner) to take a lump sum cash or regular smaller sums from the value of your home, and you’re still able to live in it.
Equity release can be considered when thinking about planning for your retirement. Most plans allow UK home owners every year to use their home equity to provide income without having to worry about making any monthly repayments.
You must be at least 55 years old to be eligible but if you’re less than this age, we might able to help you with another product such as a secured loan.
Like a normal mortgage, a lifetime mortgage is when you borrow money against your house, but your home still belongs to you.
Daily interest is calculated and charged monthly on the loan you have taken. You can either pay the interest, but usually it is added on to the total loan amount.
A Lifetime Mortgage is designed to run for the lifetime of the customer although there are options to repay early, such as make monthly or voluntary payments.
The customer maintains 100% home ownership and can move the mortgage to another property if they wish or can pay it back at any time.
Youngest person on the deeds is aged 55 or over
Minimum property value of £70,000 usually
Minimum release of £10,000 usually
• Make home improvements
• Help loved ones onto the property ladder
• Support retirement income
• Gift family & loved ones an early inheritance
• Enhance a lifestyle
• Realise ambitious travel plans
It comprises of:
• Tax free cash to draw when needed
• No monthly repayment option
• No Interest on amount held in the reserve account
A Retirement Mortgage is the same as a normal interest only mortgage but rolls into an Equity Release when the client reaches correct age. It is perfect for a client on a reasonable retirement income.
A Roll-up Lifetime Mortgage is where you receive a lump sum or you can pay a regular sum and then you are charged interest which is added to the loan.
This means you don't have to make any monthly payments and the total loan (including all interest charged) will normally be repaid when your home is sold.
It comprises of:
• Tax free, cash lump sum
• No monthly repayment option
• Interest and loan paid from your estate when you pass away or go into full time care
Equity release services are offered by We Plan Financials Limited, registered in Wales Number 1357915. Registered office Tintern House, William Brown Close, Llantarnam Business Park, Cwmbran, NP44 3AD. We Plan Financials Limited is an Introducer Appointed Representative of Dragon Brokers Limited and is authorised and regulated by the Financial Conduct Authority, Firm Reference Number 843105. You can check this on the FCA Register at https://register.fca.org.uk/
The amount of money you are able to release from your home will depend upon a number of factors, including – Your age, and that of your partner, your property’s value and your health and lifestyle.
Yes, but it will be a condition of the plan provider that the equity release is first used to repay the outstanding mortgage amount.
You will remain the owner of your home if you take out a lifetime mortgage. However, with a home reversion plan you are selling all or part of your home to the reversion provider in exchange for cash. With either type of plan, you will be guaranteed the right to stay in your home until you and your partner pass away or move into long term care.
From application to completion, arranging an equity release plan will typically take 8-12 weeks. This timescale is not guaranteed, and in some circumstances, it may take longer.
Yes, you are able to move house in the future if you wish. You can either repay the amount owed plus any early repayment charges or transfer the plan to your new home. Each provider has specific criteria that applies concerning moving home, so you should check this when you take out a plan.
Yes, the providers we work alongside would recommend plans that have this guarantee, so you can stay in your home as long as you wish. This feature applies to both lifetime mortgages and home revision plans, but is also subject to your adherence to the terms and conditions of the plan.
No, if you choose to take out an interest payment plan, there are typically no monthly repayments to make. This is because the loan, plus roll up interest, is repaid when the plan comes to an end. The total amount owing to the provider will then be paid from the sale of your home.
Yes, it is important to involve your family in any financial decision which will reduce the value of the inheritance left to them. Most families are incredibly supportive of their loved ones’ decision to take out an equity release plan to boost their retirement finances. Our providers actively encourage each of their customers to invite as many family members or friends that they wish to their equity release consultation, enabling everyone to get a full picture of equity release before any decisions are made.
If you have a joint plan and your partner survives you, then your equity release will not be affected and they will be able to remain in their home for as long as they choose. If your equity release plan is in your name only, your house will be sold and the equity release provider will take their money from the sale proceeds. The remainder will go to your estate.
How much equity can be released will depend on a number of factors one of those being your health.