Frequently Asked Questions
You can meet the team or get in contact to find out more.
If you find what we have sent of interest and wish to go forward, we will make a thorough assessment of your needs and recommend an appropriate lender and mortgage product for you. We will then approach that lender on your behalf, to gain a decision in principle and an indication of their willingness to lend.
We then manage your application through to completion, keeping you in the loop throughout.
This means that we are not tied to any lender or third party, and we have access to the whole mortgage marketplace, allowing us to ensure we get you the right deal.
A fee of £395 is payable on application submission to the lender and a further £995 payable on completion.
We will also be paid commission from the company that lends you money. This is how most Equity Release Specialists operate.
You will receive a key facts illustration when considering a particular Equity Release product, which will tell you about any fees relating to it.
Please be aware, the process is currently taking longer due to Covid-19. Find out more.
Note: Mortgage Marketplace is our main brand. All reviews for both Equity Release and standard mortgage products can be found here.
Many of our clients use us time and time again, and refer us to friends and family.We are regulated by the Financial Conduct Authority, registration number 806832. The company is registered in England - No. 11260088.
All Equity Release Marketplace advisers hold a Certificate in Regulated Equity Release (CeRER) enabling them to advise on the specialist area of Equity Release. All our Mortgage Advisers also hold a Certificate in Mortgage Advice and Practice (CeMAP).
Our experts will advise you on the benefits and risks, but below is a summary.
- You can get a tax-free lump sum and/or smaller regular payments to supplement your income, and can continue to live in your home until you die or move into permanent residential care.
- You may continue to benefit from any rise in the value of your property.
- You can still move to a suitable alternative property in the future, as Equity Release is transferable. It will be subject to your new home meeting the property suitability criteria applicable at the time.
- With a lifetime mortgage, you continue to live in and keep ownership of your home.
Our experts will advise you on the risks and benefits, but below is a summary.
- Equity Release reduces the value of your estate and the amount that will go to the people named as beneficiaries in your will. Your estate is everything you own, including money, property, possessions and investments.
- With a home reversion plan, the reversion company owns all or a part-share of your home.
- Getting a lump sum or taking extra cash to supplement your income may reduce your entitlement to means-tested benefits, now or in the future.
- If you get care at home funded fully or partially by the local council, they may start charging you or ask you to pay more.
There are certain conditions you must meet before being able to take out Equity Release:
- For a lifetime mortgage you (or both of you, if you’re borrowing jointly) need to be at least 55 years old.
- You must own property in the UK, which must be your main residence. If you have a buy-to-let property you can release equity with a buy-to-let mortgage even if you have retired.
- Your property must be in reasonable condition and over a certain value, and there may also be restrictions on the type of property accepted.
- If you have a mortgage or secured loan on your property you may still qualify for Equity Release, but it will depend on the value of your home and the amount outstanding on the existing mortgage or loan. You'll have to pay off any outstanding mortgages or loans secured against your home at the same time as taking Equity Release.
- Equity Release may not be suitable if you have dependants living with you. Any dependants should take separate legal advice. If they wish to remain living with you in the property, they may need to sign a waiver confirming that they understand they don’t have the right to reside there if you die or move into permanent residential care.
Yes. You can continue to live in your home until you pass away or move into permanent residential care.
Your personal representatives will be asked to repay the mortgage.
They will have the opportunity to do this over a twelve-month period in order to gain the best value for the sale. They remain in control of your affairs for this period and will not be subject to interference from the lender.
If the lifetime mortgage is in joint names, the loan does not become payable until the remaining account holder dies or vacates the property.
All firms advising on or selling Equity Release have to be regulated by the Financial Conduct Authority (FCA). This provides protection, security and access to the Financial Services Compensation Scheme if you ever need it. You can refer any complaints that may arise to the Financial Ombudsman Service.
You should choose a product from a lender that is a member of the Equity Release Council (we will advise you on this). This is an industry body and its members agree to abide by a voluntary code of conduct. This includes certain product standards. When these standards are met it means you:
- Can live in your property for life, or until you move into permanent residential care
- Can move your plan to an alternative property (providing it is acceptable to the Equity Release product provider)
- Will never owe more than the value of your home when it is sold after you die or move into permanent residential care
You should choose a product from a lender that is a member of the Equity Release Council. This is an industry body and its members agree to abide by a voluntary code of conduct.
You will need a solicitor to complete your remortgage.
You may consider using a local or family solicitor, but they may not be experienced in Equity Release mortgages. We are pleased to work with Equilaw who only work in the Equity Release market and are approved by the Equity Release Council.We can instruct Equilaw on your behalf and then work as a team to get you through to legal completion as soon as possible. There is no need to visit their offices as Equilaw offer home appointments to complete and sign the paperwork.
Mortgage Marketplace Ltd is our main brand, for standard mortgage products. We keep Equity Release separate to make it easier for you to navigate our website and access our services.