Equity Release & Lifetime Mortgages

Fantastic borrowing options available for those aged 55 and over.

For many people, their property is their biggest asset. You can unlock some of the value of your home as a tax-free lump sum, an option that is becoming more and more popular.

We can help :)

  • Release tax-free cash with the option of no monthly payments
  • Access to the whole of market to find you the most competitive rates
  • Dedicated, experienced and down to earth adviser support
Let's talk.  

Equity Release & Lifetime Mortgages

Fantastic borrowing options available for those aged 55 and over.

For many people, their property is their biggest asset. You can unlock some of the value of your home as a tax-free lump sum, an option that is becoming more and more popular.

We can help :)

  • Release tax-free cash with the option of no monthly payments
  • Access to the whole of market to find you the most competitive rates
  • Dedicated, experienced and down to earth adviser support

What is a 'Lifetime Mortgage'?

There are two main types of Equity Release; Home Reversion Plans and Lifetime Mortgages. At Need Financial Planning we specialise in Lifetime Mortgages.

A Lifetime Mortgage is a type of mortgage, regulated by the Financial Conduct Authority, that doesn't require monthly payments (although with some plans you can opt to make monthly payments rather than roll up the interest). You keep ownership of your home, and the loan plus rolled up interest is repaid by your estate when you die or if you move into permanent long-term care. If you make the application as a couple, repayment is only due when the last remaining applicant living in the home either dies or moves into long term care.

How much can I borrow?

There are a few factors that will impact how much you can borrow through equity release such as your age and how much your property is worth. Your adviser will be able to give you specific figures and illustrations after going through some initial questions with you.

How will I receive the money?

You can choose to receive your money as a tax-free lump sum or in smaller, regular amounts. You may also choose to apply for a further amount up to the maximum limit agreed with the lender.

What can I use the money for?

Anything you like! Some of the most common reasons our clients choose equity release are;

  • Home Improvements or adaptions to aid independent living
  • Pay off debts such as an outstanding mortgage, credit cards and personal loans
  • Making up pension shortfalls and improving quality of life in retirement
  • Lifestyle purchases such as a new car, a once in a lifetime holiday etc
  • Helping a family member onto the property ladder by gifting a deposit.

I'm interested in equity release

It is so important that you speak with and ideally meet with a qualified, experienced equity release adviser. There are other options that you should explore that could be a more suitable route for you. Your adviser will also be able to discuss the impact that equity release could have on any state benefits that you're entitled to.

Talk to your family and/or friends about it - if you feel comfortable doing so. Our advisers are more than happy for your loved ones to join any meetings so that all questions and concerns can be addressed properly. Ultimately, we want you to be entirely comfortable with the decision you make.

You're in safe hands;

We will take as much time as you need to go through any questions and ensure you feel absolutely comfortable with all that equity release entails. We highly recommend that you speak with friends and family and welcome them to be a part of the meetings and process if preferred. We specialise specifically on the lifetime mortgage route of equity release rather than home reversion plans.

Face to face meetings, in the comfort of your own home.

We think it's important that our discussions take place in an environment that you are comfortable in. Of course you're more than welcome to come to us if you'd prefer :)

No question is too small or silly.

Equity Release is a big choice and one that you have to be completely comfortable with. Never shy away from asking us anything, no matter how small you feel it might be - it's exactly what we're here for.

No bias, just sound advice.

We have access to the whole of market so no bias to an individual lender. You'll be matched with the very best rate and most appropriate product on the market.

"Brilliant service from Need Financial Planning. Arranged my equity release from start to finish in less than 6 weeks and that included Christmas and New Year break. Stress free and they made it all really easy."

— Lesley C

Ready to speak with an adviser?

Give us a call today or drop us a quick message here and we'll be more than happy to help.

01843 228800

Equity Release will reduce the value of your estate and can affect your eligibility for means tested benefits.