At Bower Home Finance, our dedicated team of independent equity release specialists cover the entire Northern Ireland, including Antrim, Belfast, Armagh, Down, Fermanagh, Londonderry and Tyrone. Our advisers are on hand to provide impartial, whole of market advice about equity release to help customers in Northern Ireland safely access tax free cash tied up in their property, offering clear and personalized equity release advice to ensure transparency and thorough communication.
Equity release Northern Ireland: Your local experts
At Bower Home Finance, we understand how important it is to find someone local to you, that understands the equity release market whilst being able to help you find the best deal in Northern Ireland.
From helping you understand what equity release plans are available to you in Northern Ireland, to filtering through equity release products to find the best option for you, our team offer specialist advice, taking into consideration potential risks and providing a personalised illustration.
Do you qualify for Equity Release in Northern Ireland?
If you’re considering equity release, your adviser will seek to understand if you’re eligible for equity release and if it’s the right option for you. Every person is unique and so are their homes, lives and financial circumstances which means that equity release can be a great option for some but might not be the right choice for everybody.
In order to be eligible, you will need to be;
- Over the age of 55 (this applies to the youngest applicant if you are a couple)
- Living in the UK
- Own your own property worth £70,000 or more
- The home in question is your main residence
It is important that you do your own research and carefully consider all of your options before making any big decisions regarding your home. For unbiased and impartial help, it is always recommended that you seek independent financial advice from a company such as Bower Home Finance, who have reputable equity release advisers Northern Ireland.
What are the main types of Equity Release in Northern Ireland?
There are two main types of equity release schemes available, lifetime mortgages and home reversion plans.
Lifetime Mortgage
A lifetime mortgage is the most common type of equity release plan and allows those over 55 to borrow money secured from the value in their home. Under the umbrella of lifetime mortgages, there are a range of equity release mortgages, each with their own features, advantages and disadvantages.
Just some of the benefits of a lifetime mortgage include no mandatory monthly repayments and owners are guaranteed to be allowed to remain in the property without having to move. The lifetime mortgage is based on a fixed interest rate which is repaid from the sale of the property which only happens once the owners pass away or move into long term care.
A lifetime mortgage is a loan secured against your home and will need to be repaid, along with any accrued interest, when the homeowner dies or moved into long-term care.
Home Reversion Plan
Aimed at over 65’s, home reversion plans allow homeowners to sell a share or all of their property to a provider in exchange for either a tax-free lump sum or smaller regular payments whilst still retaining the right to live in the home.
When you sell part or all of your home to your home reversion provider, you will receive a percentage of the market value. Upon the homeowner’s death or moving into long term care, your home will need to be sold so the provider can reclaim the percentage you sold to them at market value.
There is no interest to pay and for those who keep a share of the property they are able to benefit from any increase in value that occurs from duration of the plan. It is typically less flexible than a lifetime mortgage though as it can be more difficult to buy back what has been sold to the provider further down the line.
What are the alternatives of equity release?
There are a few alternatives to equity release, each of which will be discussed during your initial consultation with your equity release adviser. These can include:
Downsizing to a smaller property
As you move into retirement, some customers find it beneficial to review their housing options and consider moving into a smaller property. Whether you’d find a bungalow with no stairs more beneficial or simply move to a home with less bedrooms now any children have fled the nest, downsizing to a smaller property can help you release some of the equity stored in your home.
Accessing other savings or investments
If you have any existing savings or investments that can be draw upon, our team will often advise you to access these before taking out a secured loan against your home or other debts.
Borrowing from friends or family members
Some customers benefit from borrowing money from friends or family, this can allow you to raise the funds you’re looking for with a reduced interest rate and no additional fees involved.
Changing your mortgage
If you’re entering retirement with a standard mortgage, you might find changing your mortgage beneficial to free up some of your regular income by reducing or minimizing your monthly payments. Interest only mortgages is one of the options your adviser may consider. A retirement interest only mortgage can allow borrowers to pay only the interest each month and do not have to repay the loan until a significant life event occurs, such as passing away or entering long-term care.
Learn more about the alternatives of equity release.
Independent advice you can trust in Northern Ireland
If you’re of retirement age and considering later life lending, you’ve possibly considered equity release. As independent advisers, we’re here to help you consider if equity release is the right option for you to raise funds, offering you all of the information to make an informed decision.
We understand that making such a big financial commitment is not something that should be taken lightly. Our experts work to deliver a transparent, supportive and comprehensive service, ensuring that every single step of the process is clearly explained so that customers have all the information they need to make the right decision for them and their needs.
What are the safeguards of equity release in Northern Ireland?
At Bower Home Finance, we take our commitment to you seriously, which is why we’re members of the Equity Release Council (ERC) and regulated by the Financial Conduct Authority (FCA).
Regulated by the Financial Conduct Authority (FCA)
At Bower Home Finance, we’re regulated by the Financial Conduct Authority (FCA), this means as a consumer, you’ll be supported and reassured that we’ll deliver clear communication from our team, and recommend products and services that offer fair value.
Equity Release Council members
The Equity Release Council is a trade body that promotes high standards of conduct and customer-facing safeguards and each member must adhere to a strict code of conduct. Being members of the Equity Release Council not only ensures we’re following the highest standards, but we’ll only recommend products approved by the Equity Release Council, so you know exactly what safeguards are in place for you.
These safeguards include a no negative equity guarantee, this means you will never owe more than the value of your home.
Read more about the safeguards of equity release.
What are the pros and cons of equity release in Northern Ireland?
Equity release is not always the right option, which is why our equity release specialists will never recommend equity release if it’s not suitable for you and your circumstances.
There are a range of advantages and disadvantages to consider carefully before you release equity from your home. Your equity release adviser will discuss in detail how equity release might affect your circumstances.
Advantages:
- You can continue to live in your own home, rent free, for the rest of your life or until you move into permanent residential care.
- The ‘no-negative equity guarantee’ means that you will never have to repay more than the value of your home and your estate will never owe more than the property is worth when it is sold.
- The tax-free cash that you release can be used for anything you like from home improvements, clearing a mortgage or debt, to the holiday of a lifetime.
- With some plans, there are no regular payments to make, the option is yours.
Disadvantages:
- The value of your estate will decrease, resulting in reduced inheritance; however, you may have the option to protect an element of equity if you wish.
- Your entitlement to certain means tested benefits may be affected.
- There may be financial penalties if you wish to repay or end the mortgage plan early.
- A Lifetime mortgage loan amount increases with compounded interest if the interest is not paid
Read more about the pros and cons of equity release.
Equity Release Northern Ireland Experts
If you are interested in potentially unlocking some money from the value of your home to boost your retirement funds, then Bower Home Finance provides professional services for Northern Ireland equity release. Our expert advisers are based and live in Northern Ireland, and so are able to provide relevant, experienced advice based on the local mortgage market.
If you are potentially interested in releasing equity from your home, then Bower Home Finance provides professional services for equity release in Northern Ireland. Bower Home Finance has specialist equity release advisers living in Northern Ireland who can meet you in person, at a convenient place, with your friends and family if so desired, from Londonderry to Newry and Enniskillen to Belfast.
Get started today with our free online equity release calculator or call us on 02893446050.
The property market in Northern Ireland
Whether you’re looking to raise funds to consolidate existing debt, gift money to family, or go on your dream vacations, equity release can help you release money from your home to achieve your financial goals in Northern Ireland.
Equity release Derry
Commonly known as Derry, Londonderry is the second largest city in Northern Ireland hosting a wide range of culture and heritage for tourist and locals alike. If you’re looking to release equity from your home in Londonderry~Derry, your local adviser is on hand to help. Offering support and a wealth of knowledge, we’re here to help you start your equity release journey today.
Equity release Belfast
As the capital of Northern Ireland, it’s no surprise that Belfast is full of things to do and see including museums and memorials paying homage to Northern Ireland’s rich history. Our specialist equity release advisers in Belfast are here to help you take the first step in your equity release journey. Get started today with our trusted team.
Equity release Lisburn
Located south of Belfast, Lisburn offers the perfect combination of urban and rural landscapes with plenty to do out in the tranquil villages and bustling city centre. If you’re looking for equity release in Lisburn, our team are here to help with advice you can trust. Offering no-obligation advice, our equity release advisers in Lisburn are here to help.
Get started with your local equity release adviser in Northern Ireland
At Bower Home Finance, our advisers are specially trained to offer expert advice tailored to your personal circumstances. If you’re looking for an equity release adviser in Northern Ireland, our team are ready to help you get started.
Find out how much equity you could release from your home with our free online equity release calculator.
Frequently Asked Questions
Can I get equity release in Northern Ireland?
Yes, equity release is available in Northern Ireland and can be a way of accessing the money tied up in your home without having to sell or move out. Equity Release can have a range of uses including supplementing retirement income, paying off an existing mortgage, or funding home improvements.
However, you must meet the eligibility criteria:
- You must be aged 55+
- Own your own home worth £70,000+
- Live in the UK
- It must be your main residence
See how much equity you could release with our free online equity release calculator.
Which banks do equity release?
The banks and providers offering equity release will vary between countries, which is why we’ll match you to an equity release adviser near you. This means we’ll help you in finding the best equity release product and interest rates for your personal circumstances available in your area.
How much does it cost to release equity in Northern Ireland?
Equity release can come with some fees which should always be explained clearly to you upfront. Our advisers will charge you an advice fee if your agreement completes after the application process.
You will also need to pay solicitor fees as independent legal advice is required for equity release. Your solicitor will offer legal advice on the implications of equity release, ensure all legal paperwork is complete, including charges listed against the property, and check that you are able to make this decision for yourself.
Learn more about the cost of equity release.
Can I release equity with an existing mortgage in Northern Ireland?
If you’re not mortgage free, you may still be able to release equity from your home in Northern Ireland. Your equity release adviser will discuss the outstanding balance of your mortgage and if any financial product might be suitable for your circumstances.
Some providers may require you to pay off the remainder of your mortgage with some of the funds you release through equity release. If you wish to pay off your mortgage, you may be subject to early repayment charges.
