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Equity Release Northern Ireland

At Bower, our dedicated team of independent financial specialists in Belfast, Northern Ireland are on hand to provide impartial, whole of market advice about equity release to help customers safely access tax free cash tied up in their property.

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.

If you are interested in potentially unlocking some money from the value of your home, then Bower provide professional services for equity release in Northern Ireland. 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 unlocking some money from the value of your home, then Bower provides professional services for equity release in Northern Ireland. Bower 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 L/Derry to Newry and Enniskillen to Belfast. If you just want a quick phone call, then that’s fine too – call us on 0289 344 6050.

Is Equity Release Right for You?

Equity release is the term given to a range of products that allow customers to access or ‘release’ some of the value in their property. These long-term loans usually come in the form of a mortgage with the benefit of homeowners being able to receive a tax-free lump sum to do with as they wish, but without having to sell up or move home.

There are a number of reasons why homeowners choose to take out equity release. For some, they want to travel and enjoy seeing the world, others are looking to make home improvements, help out their children, clear debts or simply enjoy their retirement. Whatever the reason, equity release can help to provide the financial freedom needed to pay for the things that you need, want or have always dreamed of.

But could equity release be suitable 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 valued at over £70,000
  • 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, reputable equity release providers 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

This is the most common type of equity release plan and allows those over 55 to borrow money secured from the value in their home. Just some of the benefits of this type of equity release include no mandatory monthly repayments and owners are guaranteed to be allowed to remain in the property without having to move. The 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.

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. 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 or end further down the line.

To get a better idea of how much money you might be able to release equity in your home, try our free equity release calculator.