Up from £70,019 in Jan 2024 – increase of 34.18%.
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Are you eligible for equity release?
- 55 years old or above.
- Own a home within the UK.
- Property value of £70,000 or more.
- You want to borrow at least £10,000.
How much cash you can release will vary depending on the amount of equity in your home.
The amount of equity stored in your home is equal to the value of your home minus any outstanding mortgages or secured loans. Our advisers can help you through your equity release journey with honest, whole of market advice.
What is Equity Release?
Equity release is a way to help people over 55 release the money in their home (the equity) without having to move or sell.
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How will you spend your equity release?
Access tax-free cash to clear your existing debts without monthly repayments.
By clearing any existing debts and mortgages, you can free up your retirement income and do the things you love with equity release.
Live in your home for longer with adaptations to suit you and your lifestyle.
From general home improvements to home adaptations, equity release could help fund these changes with tax-free cash.
Continue to enjoy the lifestyle you deserve in retirement
By unlocking the cash tied up in your home, you could boost your retirement income.
Give a gift of money to friends or family
Give a gift of tax-free cash from you home to help family onto the property ladder, with a wedding and much more.
Get a head-start with Equity Release
We’re an award winning Equity Release Broker here to help you on your way to reaching your financial goals. If you’re over 55, find out how much tax-free cash you can release today.
You’ll get your own adviser
Meet your own, personal, dedicated advisor that will be there with you from A-Z.
As a whole of market broker we can source plans from all available lenders, ensuring you get the best deal.
We’ll do all the hard work
We’ll carefully search through the best entities to find the best deals for you
As a whole of market broker we can source plans from all available lenders, ensuring you get the best deal.
We’ll recommend the best deal
We’ll look at your current circumstances and needs and recommend a plan that’s right for you. If equity release isn’t right for you we’ll also let you know.
Things to consider
- You can opt to make voluntary payments to reduce the compound interest with lifetime mortgages
- ‘No-negative guarantee’ means you will never have to repay more than the value of your home
- Inheritance Protection allows part of your home’s value to guarantee inheritance to your loved ones.
- Your Entitlement to certain state could be affected by executing Equity Release on your property.
- Many plans will include early repayment charges. There may be a financial penalty if you wish to repay or end the mortgage early
- Lifetime mortgage loan amount increases with compound interest over time.
FAQ
The Equity Release Council is a consumer-centric trade body that provides protection and reassurance to consumers looking to release equity from their home. All members of the Equity Release Council adhere to the highest standards and ethical practices.
As proud members of the Equity Release Council, we will only recommend Equity Release Council plans or those that have the same set of guarantees. This includes a no negative equity guarantee and the right to remain in your home for life if it remains your main residence.
Learn more about the Equity Release Council safeguards.
The amount of equity you are able to release will depend on several factors such as your age, the type of property you own and its value.
You can use our free equity release calculator above to get an estimate of how much you could release.
In order to be eligible to apply for a lifetime mortgage, you will need to:
- Be at least 55 years old or above.
- Own a home within the UK – excluding the Isle of Man and the Channel Islands.
- The property must be worth £70,000 or more.
- You want to borrow at least £10,000.
- The property is you main, permanent residence and isn’t be unoccupied” change to “the property is your main, permanent residence and isn’t unoccupied for more than six months at a time.
- Ideally you will be mortgage-free, or only have a relatively small mortgage on your property. If you have not paid off your mortgage, then any money received will initially be needed to pay off any outstanding mortgage debt with the balance paid to you.
Bower are independent ‘whole of market’ equity release advisers, which means we have relationships with all equity release product lenders and have access to every regulated company and plan on the market.
The advantage of coming to Bower is that you will have access to all the equity release companies in the UK, not just one company. This means that you could save thousands of pounds by accessing a lower interest rate and a more suitable plan, for instance one with low early repayment charges or the flexibility to make over payments.
Your adviser will take you through the full range of lenders we work with during your free, no-obligation appointment.
Some of these lenders include: Aviva, Legal and General, Just Retirement, Liverpool Victoria (LV), More2Life, Canada Life, Pure Retirement, Royal London, and Crown Equity Release.
There are a number of alternatives to equity release, these can include:
- Utilising savings, investments or other assets that could be drawn on
- Downsizing your property or moving to a less expensive area to access some equity from your home’s value (although the cost of moving and agency/legal fees should be considered)
- Continuing in, or returning to, paid work to top up your income
- Letting out a room in your house to a tenant
- Accepting financial support from a relative or a friend may be an option, although it is understandable that some would prefer not to have to ask to borrow money from loved ones
- Arranging a traditional mortgage
- Looking in to Local Authority home improvement grants
- Ensuring all your entitlements to mean-tested benefits are being claimed (your Bower specialist will check this for you as part of our expert equity release service)
Get in touch and we will happily discuss all your options and can make a recommendation as to which one may be best for you.
Our Customer Reviews
Our Customer Reviews
- Trusted Customer
- Trusted Customer
First class service and advice from the Bower Group. Mr James knighton very courteous and helpful advisor for the Bower group. We were in constant contact and had facts and figures readily available. I can highly recommend all the Agentswho supplied our information..
- Mr & Mrs Hall
From the moment we spoke to Brett Humphries we knew we were in good hands. He came to our home and we told him our situation and the amount we required. Brett gave us good and clear information about the process and what to expect. After a few weeks we received the letter to confirm we had been approved. Brett kept us up to date with the process and finally gave us the thumbs up. We couldn’t have done it without him.
- Trusted Customer
My daughter contacted you on my behalf, Andy O’conner visited us,and was very understanding and helpful, after that everything went very smoothly, with all of the paperwork thank you so much to everyone involved in the this matter
- Trusted Customer
Really happy with the Service, Mike was so helpful, explained everything well, made himself available all times of the day , even in the evenings, Thankyou
- Gina
Excellent personal service, was very informative. Steve Eddols who visited me put me at ease immediately.
- Trusted Customer
Having recently used the services of the Bower group I can wholeheartedly recommend them! My FA (Steve Eddolls) was not only very professional, but also patient and extremely helpful in making sure my requirements were heard and accepted. I do believe without Steve’s help I wouldn’t have been successful in finalising my mortgage: However - the whole service was seamless and was completed very quickly, so thank you to everyone involved!
- Trusted Customer
My contact at Bower kept me informed of the progress of my application and I felt that he also gave me good impartial advice
- Trusted Customer
like a lot of people I was very nervous about looking into equity release and I have heard some horror stories too. So I contacted 3 companies which is my standard operating procedure when I'm not familiar with the industry or the product. I have to say Steve Eddolls at Bower was head and shoulders above the other two people we spoke to. he took his time to listen to our concerns and understood what we wanted and he went through the process in great detail and kept us updated every step of the way.
- Mr & Mrs Neville
Andy was so informative all the way cannot fault explaining all of our questions. Everyone who we spoke to on the phone were so helpful including the solicitors made things easy thank you all so much 😊
- Trusted Customer
A Good service. Very smooth without any problems. Explained everything very well and answered all questions fully.
- Trusted Customer
John was very helpful and guided us through what could have been a complicated lengthy process. Any questions were answered clearly and quickly so that we felt we knew what was happening at each stage. An initial issue with the mortgage company was resolved promptly and he helped us find a more suitable company to replace them. Overall, very happy with the assistance we were given, the people involved and the eventual outcome.
- Trusted Customer
Very good service. Kept up to date on everything as it happened. Helpful, polite and professional team of people that handle everything and answer all of your questions. Making sure that you are happy with everything at each step. Was contacted regularly to make sure that I was happy with what was happening. Prompt answering of emails… was never left waiting.. Amazing company very caring and thoughtful team.
- Mr & Mrs Smith
No complaints what so ever. Our financil advisor visited us several times and clearly explained our options and, once we had decided to move forward, the remainder of the process moved very quickly. The requested funds were deposited into our account within days. Well done to the whole team.
- Mr & Mrs Gray
The concept of Equity Release is straight forward enough but, the many areas of detail attached to the final package require careful and thoughtful guidance. Vanessa Carver, our chosen Bower advisor could not have been more supportive and helpful. Her knowledge of her subject far exceeded our expectations and gave us total confidence in her advice and guidance. Our Equity Release went through without a single hitch and for that we have Vanessa to thank.
- Trusted Customer
Polite, efficient and did a great job quickly. James Knighton explained the whole process very well giving us the confidence to proceed without worrying about anything. He updated us at the key moments throughout the transaction. I would highly recommend Bower Finance.
- Trusted Customer
We were terrified about trying equity release with all the tales of disaster just around the corner but this was the only way to access money for us. Bower was recommended to us by a friend who had used them. One phone call and Vanessa from Bower called to arrange an appointment with us. She is incredibly professional, very knowledgeable and extremely able to clearly communicate the process of equity release. She has metaphoricaly held our hands all the way through the process and now the money is in our bank. She has and is always on the of the phone to answer our fears and concerns with a calm and clear head. Can’t recommend Bower more highly.
- Mr & Mrs Creighton
Financial adviser Patrick McCarry excellent throughout, easily contactable and professional
- Mrs & Mr Cox
Very informative and explained with patience anything that was not understood. Personalized the process to our needs and advised negatives and positives very clearly. Nothing was to much trouble and always a phone call or email away when needed. The responses were quick and we were never rushed. Excellent professional service, thank you.
- Trusted Customer
The Service we received from Brett was excellent, he took us through the paperwork not in a rush and explained everything that we needed to know. We would recommend him to any new clients. Also the Solicitors we used through Brett and Bower were 5 Star and all went very smoothly without having to go to an office, everything was carried out in our house.
IMPORTANT TO KNOW
At Bower Home Finance, we will understand your unique circumstances and advise you to ensure you are receiving the best plan to meet your objectives. There are plans that allow you to make voluntary repayments and move home, subject to lender criteria. However, early repayment charges may apply in certain circumstances.
Bower Home Finance provides independent, impartial whole of market equity release advice with an award-winning customer service experience. Initial advice is provided at no cost to you and without obligation. Only if you choose to proceed and your plan completes, would a typical advice and administration fee of £1,895 be payable.
Equity release requires paying off any existing mortgage. Any money released, plus accrued interest to be repaid upon death, or moving into long-term care. Equity release will reduce the value of your estate and your entitlement to means-tested benefits now or in the future, and impact long-term care funding. If you are considering equity release, we strongly recommend that you read our Equity Release page carefully and talk to one of our specialists before deciding if you wish to proceed.
To find out more about any of the products and the service we provide, please call us on freephone 0800 411 8668, request a call back, email us, or use our live chat on our website.
Please be aware that equity release may involve a home reversion plan or lifetime mortgage which is secured against your property. All features and risks are thoroughly explained in your free personalised illustration.
We were in despair as our mortgage was expiring, but Bower Home Finance truly proved to be a beacon of hope. We received several equity release offers from different brokers, yet none even came close to the exceptional service, professionalism, and care provided by Bower Home Finance. Their expertise in equity release is unparalleled, and we recommend them wholeheartedly and without reservation. Andrew and Nicky are not only consummate professionals, but also genuinely compassionate people who made the entire process seamless and stress-free. Thanks to Bower we enjoyed a tranquil summer holiday, free from worry and full of gratitude. Thank you, Bower Home Finence and thank you, Andrew and Nicky, from the bottom of our hearts for your unwavering support and outstanding service.