Equity Release

Access some of the value of your home tax free.

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Find out if Equity Release is right for you

Our advisers will look at all your later life borrowing options to find you the right product suited to your needs.

What is Equity Release?

The equity in your home is the market value of your property minus any outstanding mortgage or other debt secured against it. In other words, it is the amount of money you’d get if you sold your home for cash. And with recent years’ property price increases, if you bought your home a while back, you may find that you have a large amount of equity in it! If you did not want to sell your home, equity release allows you to access this equity while continuing to live in your home and without having to make any monthly repayments.

The main advantages of equity release are:

You don’t need to have paid off your mortgage in full to be eligible for equity release
You still own your home and you will continue to live in it
There are no monthly repayments
The money you release is tax free
You can take the money in one lump sum or smaller instalments

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Your dedicated broker will be your point of contact through the entire mortgage process

Why release equity from your home?

Equity release should not be a decision to take lightly and you should weigh up all the advantages and disadvantages. You may want to consider first if downsizing your property may be an option. There are of course situations when downsizing is not an option and equity release can play a crucial role in funding a comfortable retirement. There are many reasons why people consider equity release:

funding home improvements,

gifting money to a family member

getting rid of existing debts or mortgages or,

simply for living a better retirement life.

Very often, equity release can provide a financial lifeline for those with an interest-only mortgage but without a repayment strategy in place to pay it off. Equity release could provide a solution to this problem.

Lifetime Mortgages

This is the most popular type of equity release for those aged 55 or over. Here are some things you should consider about lifetime mortgages:

You can release up to around 60% of the value of your home. How much you can release depends on your age and the value of your property.
You have the right to continue to live in your property until you die or move into long-term care, as long as the property is your main residence.
If you receive any means-tested benefits or want to apply for these in the future, the amount of benefits you may receive will be affected by equity release or you may even no longer be eligible for them. Benefits that can be affected are pension credits, universal credit, job-seekers allowance, council tax support, income support.
Lifetime mortgages come with a “no negative equity guarantee” which means that when your home is sold and all the fees have been paid, if the amount left is not enough to pay off the outstanding loan, you or your inheritors will not be liable to pay the difference. In other words, whatever happens to the value of your property, you will never owe more than the price it is sold for.
You may pay off the interest or even make repayments, depending on the product you chose. The amount you can repay is based on your income and this will be assessed by the lender.
If you decide to pay off the loan early you may be charged early repayment fees which can be quite high.
The interest on life-time mortgages is “compounded” or rolled up every year: this is calculated based on the loan amount plus all the interest accrued in previous years. This can significantly increase the amount owed over a long period of time.
You may move to another property as long as the new property is accepted by your equity release provider as security for the loan you have taken out.
Lifetime mortgages are regulated by the Financial Conduct Authority.

THIS IS A LIFETIME MORTGAGE. TO UNDERSTAND THE FEATURES AND RISKS, PLEASE ASK FOR A PERSONALISED ILLUSTRATION. CHECK THAT THIS MORTGAGE WILL MEET YOUR NEEDS IF YOU WANT TO MOVE OR SELL YOUR HOME OR YOU WANT YOUR FAMILY TO INHERIT IT. IF YOU ARE IN ANY DOUBT, SEEK INDEPENDENT ADVICE.

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Get more out of retirement with Equity Release

There are many things to consider before an adviser can recommend you the right equity release product and that is why you need to be prepared for a thorough process.

Our advisers:

Can research the whole of market to find the equity release product that is right for you.
Are qualified experts who will take their time to understand your circumstances and support you through the entire process.
Can offer face-to-face appointments in the comfort of your own home, so you can involve your family in the process if you wish to do so. We can also speak to you over the phone or meet you in our office in the heart of Cheltenham, whichever is more convenient for you.
Will provide initial advice for free and without obligation. Only if you choose to proceed and your mortgage completes a fee of £795 is payable for our services.
Can research all the later life borrowing options available to you based on your circumstances - if equity release isn’t right for you, our advisers will tell you and assist with more suitable borrowing options.
Are regulated by the Financial Conduct Authority.
Are members of the Equity Release Council.

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Proud members of the Equity Release Council

For you, this is a guarantee that we offer products and services which conform to the best practices of the equity release sector. As members, we comply with the council’s principles:

We will ensure that all our actions promote public confidence in equity release.
We will act at all times in utmost good faith, with our clients’ best interests being paramount.
We will offer our clients the products and services that best suit their needs and which are fairly priced.
We seek to identify and provide appropriate support to customers who may be exposed to physical, mental and financial vulnerability at any point of contact.
Our customers will be confident that they will be able to live in their own home for as long as they wish, or move to a suitable alternative property, as long as they abide by the terms and conditions of their contract.

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Fairview Financial Ltd is an appointed representative of The Right Mortgage Limited, which is authorised and regulated by the Financial Conduct Authority. Fairview Financial Ltd is registered in England and Wales no: 10912424. Registered office: 107 Promenade, Cheltenham, GL50 1NW.

The guidance and/or advice contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.

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Our Fees

A fee may be charged for mortgage advice. The exact amount will depend on your circumstances.

Our standard fee for mortgages is £395 and this is paid when the mortgage is offered. We charge a fee of £295 First-Time Buyers. Other fees may apply depending on the complexity of the work involved or loan amount. The maximum fee we can charge is £795.

Our standard fee for Equity Release is £895 and this is paid on completion.

We also receive a commission from the lender that will vary depending on the lender, product or other permissible factors. The nature of any commission model will be confirmed to you before you proceed. If we receive a commission, this will not affect the cost payable by you.

THINK CAREFULLY ABOUT SECURING OTHER DEBTS AGAINST YOUR HOME.

YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBTS SECURED ON IT.

BUY TO LET MORTGAGES ARE NOT REGULATED BY THE FINANCIAL CONDUCT AUTHORITY.

EQUITY RELEASE: THIS IS A LIFETIME MORTGAGE. TO UNDERSTAND THE FEATURES AND RISKS, PLEASE ASK FOR A PERSONALISED ILLUSTRATION. CHECK THAT THIS MORTGAGE WILL MEET YOUR NEEDS IF YOU WANT TO MOVE OR SELL YOUR HOME OR YOU WANT YOUR FAMILY TO INHERIT IT. IF YOU ARE IN ANY DOUBT, SEEK INDEPENDENT ADVICE.