If you’re considering releasing equity from your property in London, you’re in the right place.
Here at Bower, we have a dedicated team of advisors that specialise in the London area, so you can be sure the advice you get is 100% relevant and based on in-depth knowledge of the London market.
Whether you are wanting some financial freedom to repay your existing mortgage, take that dream holiday, help your children get on the property ladder, or just have a more comfortable retirement, our Financial Conduct Authority (FCA) authorised and regulated equity release specialists can provide you with a safe way to unlock cash from your home.
We understand this is a big decision to make, and it can easily be confusing to know where to start.
Our FCA registered advisors will provide unbiased, transparent advice to determine which equity release product is right for you, and we will be there every step of the way to support you throughout the process, ensuring you are happy and confident with your decision.
Call one of our advisors on 0800 411 8668
How does equity release work?
Equity release works by providing you with a way to access the equity that’s tied up in your home. Below is a simplified example of how much equity release you could potentially release. However, as everyone’s circumstances are unique, please contact our experienced advisors, who will be able to give you tailored advice.
EXAMPLE: “Based on a homeowner aged 77 with a property value of £500,000 and no mortgage, you could access up to £285,000. If you did have a mortgage, the amount you could release would be reduced.
In the instance that you still have an existing mortgage or other secured debt on your home, this will either need to be cleared prior to the equity release or taken from the funds of the equity release. The remainder of the amount released is then yours, tax-free, to use however you choose.
The two main equity release products are:
A lifetime mortgage: This is the most common type of equity release available to homeowners over the age of 55. Essentially, it is a loan secured against your home that is usually repaid from the sale of your home when you pass away or move permanently into residential care. This option is the most popular as it doesn’t involve you selling your home.
A home reversion plan: This less common type of equity release is available to homeowners over the age of 65. It requires you to sell all or part of your home; however, you can stay in your home without paying any rent until you pass away or move permanently into residential care.
Is equity release right for you?
If you are a homeowner over the age of 55, equity release is a way for you to access some of the equity in your home to give you a tax-free lump sum that can be used however you choose. However, it is a big decision, so it’s important you have all the correct information before you make a choice.
Furthermore, whilst there are standard eligibility requirements for equity release, no two people will have the exact same circumstances. That’s why we strongly recommend you do solid research and work with an FCA-regulated company, such as Bower, that you can trust to give you the most open and honest advice.
Read more about the pros and cons of equity release here.
Bower provides independent, impartial whole of market 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 £1,495 be payable.
If you are considering equity release, we strongly recommend that you read our ‘Advantages and disadvantages of Equity Release’ page carefully and talk to one of our specialists before deciding if you wish to proceed.
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 affect potential inheritance and your entitlement to means-tested benefits both now and in the future.
Equity release may involve a home reversion plan or lifetime mortgage which is secured against your property. To understand the features and risks, please ask us for a personalised illustration.