Watch our video to learn more about how much equity you can release
The Equity Release process
During your free, no-obligation appointment with Bower your expert adviser will go through all these factors with you. After your appointment, we’ll find the best plan based on your needs and priorities, and then return to present our report (including a more precise figure of what you could achieve).
The exact amount you can release will then be decided by the provider you choose. They’ll instruct a surveyor to give a professional valuation of your property that will officially define the amount of equity you can release.
Release amounts and plan types
If you’re looking for a ‘maximum release’ then your adviser may recommend an enhanced plan, which is available to people with a qualifying health or lifestyle condition. These plans let you release a larger percentage of your home’s value as your life expectancy is generally assumed to be shorter.
There are over a hundred different qualifying health conditions including past or present case(s) of angina, cancer, high blood pressure, diabetes, Alzheimer’s and kidney disease. You may also qualify for enhanced rates if you have a history of smoking or a high/low Body Mass Index (BMI).
Your Bower Home Finance adviser will talk through all this with you when you meet.
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 £1,695 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.