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.
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
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.
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 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.
