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 moneyin 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
Excellent, good communication, smooth process, used their recommended solicitors. Took about 5-6 weeks
- Ms Benson & Mr Head
Very good service Paul was brilliant from day one. Highly recommend you
- Mr & Mrs Burr
David George who we dealt with personally (no remote phone call) was excellent, keeping us fully informed through the whole process. Thanks to that its been quite a stress free experience, would 100% recommend no issue, im sure Equity release is not for everyone but to help family we felt it a great way to release cash.
- Trusted Customer
The complete procedure and experience could not have gone better. From the initial telephone call through to the funds being available everything went seamlessly with special thanks to Brett of Bower who guided us through the various steps in our own home at our convenience. He could not have given a better service. The other staff at Bower were wonderful as was Abi who was the solicitor appointed by Bower. I would highly recommend Bower to anyone who is considering a lifetime mortgage.
- Mr Pedley
Right from the first phone call to your office then meeting Hazel Carter was first class, couldn't of wished for a more professional service. Wouldn't hesitate to recommend you to family or friends.
- Mr & Mr Clark
Very thorough and explained very well.excellent lady called maxine went through everything with us nothing too much trouble for her.
- Mrs Monte
Very happy with the service from Bower Home Finance. It was thorough, and everyone was polite and helpful. Everything went well with no problems.
- Mr Blackmore & Mr Layden
Very professional and friendly service. Great communication! Would definitely recommend them.
- Mr & Mrs Sargent
Excellent, Tracy acted professionally at all times throughout the process. She was always friendly, even in stressful times when it looked like it was all going wrong. If all of your operatives are as good as Tracy I would be happy to recommend Bower at every opportunity
- Trusted Customer
Excellent service from the very beginning to end I highly recommend this company particularly the lady that helped me Vanessa Carver extremely kind patient and helpful
- Trusted Customer
I have had excellent service from Bower Home Finance from start to finish. In particular, I would like to commend Jan McLaughlan, the agent who took me through the application process. She was unfailingly helpful, friendly, and attentive. Jan was at pains to understand my requirements and present clear written proposals to address them. Throughout, she was readily available by phone or email to answer questions and provide clarification as necessary. Her professionalism was what decided me to place my business with Bower.
- Trusted Customer
Very good and prompt service from beginning to end of the equity release,
- Trusted Customer
Patrick Mcaarey offered an excellent service throughout my experience with Bower. Would recommend him to anyone who needed A similar enquiry
- John Jarvie and Fernley Thompson
Excellent personal advice and professionally delivered.
- Trusted Customer
Excellent service. Clear communication professional and efficient service provided by Patrick Mc Carry .
- Trusted Customer
PATRICK MCCARRY WAS HELPFUL GOT ME THRUE THE PAPER WORK AND WENT IT WELL
- Trusted Customer
The services that we both received from bower were excellent from start to finish thanks to "Patrick mcCarry",who was most helpful and understanding from start to finish.
- Trusted Customer
The service was very very good our advisor Patrick explained every detail and nothing was to much trouble. Very professional ,courteous and excellent knowledge of the subject.
- Trusted Customer
Simple process. Nice staff. All questions answered. Relatively quick from beginning to completion.
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.
What can I say the service the professionalism the people you spoke too the speed of the process was all perfect. David George the Equity Release Specialist was excellent he went through everything thoroughly explaining every part of the process and answered every question we had perfectly a lovely man. The solicitors Gilroy Smith was excellent with every part of the procedure and professionalism and was very easy to deal with