Whether you are new to equity release and are interested in finding the best rates for your plan, or you have an existing plan and are looking to compare equity release lenders to find the best deal, we are here to help!
At Bower Home Finance, we search the whole market and compare equity release interest rates and incentives from all lenders to find the very best deals for our customers.
If you are looking to release some much-needed tax free cash to do with as you wish or are in search of a better equity release deal then the one you currently have, trust our experts to compare equity release interest rates, deals and plans for you.
Understanding Equity Release
What is Equity Release?
Equity release allows homeowners aged 55+ to release the equity tied up in their home whilst remaining in their home.
The amount of equity stored in your home is equal to the value of your property minus any outstanding mortgages or loans secured against your home.
The money that you release is tax-free and is available as a lump sum or in a drawdown facility to access at a later date, depending on the plan you choose.
Is equity release right for you?
Equity release isn’t always the right option so it’s important to discuss your options with an equity release adviser who can walk you through the impact of equity release on your personal circumstances and your eligibility for equity release.
Finding the right equity release adviser
If you’re looking to release equity from your home, you must seek independent advice from an equity release adviser.
Things to consider when looking for an equity release adviser:
Whole of market advice
By seeking an equity release adviser that offers whole of market advice, your adviser will be able to offer you a wider range of plans as they will not be tied to any specific lenders.
Equity Release Council Members and regulation
When you’re looking for a provider, we recommend you seek out one that adheres to the Equity Release Council Standards.
The Equity Release Council is an industry body for equity release that has a strict code of conduct for all members.
This can provide you with peace of mind that you are choosing a reputable provider that will put your needs first.
All members are also required to be to be compliant with the Financial Conduct Authority’s rules governing the sale of Equity Release products.
No obligation advice
Finding equity release advisers that offer no obligation advice can help you decide if equity release is right for you without any commitment.
Involving your family
When discussing your options with equity release specialists, we’ll encourage you to involve your family in the conversations. This means any questions your family might have can be answered and you can consider your options with your family.
As an independent broker, we provide impartial, whole of market advice you can trust.
Our professional team are dedicated to delivering open, honest, clear, objective and unbiased advice in order to help you make smart, informed decisions that are best for your individual circumstances.
Learn more about our qualified equity release specialists and find your local adviser today.
Choosing the Right Equity Release Provider
Across the equity release market, there are a range of lenders and products each designed for different circumstances.
Choosing the best equity release plan could potentially save you thousands, or tens of thousands of pounds in fees or interest over the plan’s lifetime.
This is done by taking into consideration product features such as a lower interest rates, low early repayment charges, inheritance protection, and many other options from the products now available.
With so many different equity release providers around all offering different plans, it can be difficult to navigate through them all without expert advice and guidance.
At Bower Home Finance, our team of qualified financial specialists are on hand to assess and evaluate your individual circumstances and compare equity release plans relevant to you from the whole of the market, to find the right fit for your needs.
Your equity release adviser will research and compare different providers to find the best one for your needs.
What equity release providers can I choose?
There are 11 main equity release providers on the market that offer a range of products and lending criteria.
Aviva
As one of the longest lifetime mortgage providers in the market, Aviva’s award-winning equity release products have helped over 200,000 people since 1998.
Canada Life
Since joining the equity release market in 2018, Canada Life’s equity release plans embrace a flexible approach with their equity release products covering voluntary payment schemes, lump sum and drawdown facilities.
Just
Focusing on financial products for retirement, Just pride themselves in their unique and flexible approach to lifetime mortgages that come with medical underwriting across their Just For You Lifetime Mortgage.
Legal and General
Known for their wide range of financial products including pensions and insurance, Legal and General also offer lifetime mortgages to help over 55’s release equity in their home.
LiveMore
Established in 2020 with the goal of helping over 50’s access mortgage options, LiveMore offer lifetime mortgages with no affordability assessment.
LV=
Also known as Liverpool Victoria, their lifetime mortgages are as a drawdown or lump sum, so you can find the product that’s right for you and your circumstances.
More2Life
Committed to later life freedom and peace of mind, More2Life offer a wide range of equity release products for a wide range of circumstances.
Pure Retirement
Passionate about being honest and keeping things simple, Pure Retirement offer a wide range of lifetime mortgages suited to a range of circumstances.
Royal London
Since joining the equity release landscape in 2023, Royal London have committed to improving choice for customers in later life by introducing a range of equity release products.
Scottish Widows
After re-entering the equity release market in 2020, Scottish Widows have been providing lifetime mortgages with lump sum and drawdown options with customers in mind.
Standard Life
Offering a unique set of lifetime mortgages, Standard Life have introduced the ‘Horizon Interest Reward Lifetime Mortgage’, offering customers the ability to make monthly payments in exchange for a more beneficial interest rate.
Understanding equity release plans and interest rates
Types of Equity Release Plans
There are two main types of equity release plans, a lifetime mortgage and home reversion plan, each plan comes with it’s own eligibility criteria and interest rate.
Lifetime mortgage
A lifetime mortgage is a loan secured against your home and will allow you to release a tax free lump sum from your home.
This can be available as a larger lump sum or as a smaller lump sum with the rest in a drawdown facility to access at a later date.
Your lifetime mortgage will need to be repaid when you pass away or move into long-term care, often through the sale of your home.
Home reversion plan
Home reversion schemes involve selling all or part of your property to a provider, with the right to remain in your home ‘rent-free’ until you die or move into long-term care.
Equity release interest rates
How much interest you pay with your equity release plan will depend on a range of factors including which provider your plan is with, your age and your property value.
Your equity release adviser will research and compare the best deals for your circumstances and discuss what each plan might look like, including the interest roll up and if you decide to make monthly repayments.
Fees and charges to consider
If you decide that equity release is right for you, there are a few fees you should consider before you take out your equity release product.
Some fees you may be charged include solicitor fees and adviser fees, which will be discussed upfront so you understand the overall cost of equity release.
If you wish to repay your equity release early, you may be subject to early repayment charges, so it’s important to discuss with your adviser if you wish to pay off your equity release early so they can find the best plan.
Not all lenders will have the same charging structure, so your adviser will compare and discuss any fees with you when comparing new equity release plans.
The effect on your benefits and pension entitlement
Equity release can have implications on your entitlement for some means tested benefits and pensions.
When seeking equity release advice, your adviser will discuss any implications equity release may have on your personal circumstances and if your entitlement may be affected for certain means tested benefits including state pension credit and council tax reductions.
Start your equity release journey today
With a wealth of knowledge and experience, our equity release specialists are here to help you get started with your equity release journey.
We’ll help you every step of the way, comparing plans and helping you find the best equity release interest rates for your personal circumstances.
Get started today with our free online equity release calculator.
Frequently asked questions
What is an Equity Release broker/adviser?
An Equity Release broker or adviser is a trained and qualified professional who understands all the products and is authorised to give advice in equity release and who will guide you through the process.
A good adviser will also be able to help you decide which type of Equity Release plan is right for your individual circumstances, as there are different types available depending on your needs and circumstances.
Can a financial adviser help with Equity Release?
A standard financial adviser can help you with your own financial plans and queries, but you must take advice from a specialist Equity Release adviser in order to get the right advice before committing to an equity release plan.
As a further safeguard, a specialist solicitor will advise you to ensure that you fully understand the details and have full understanding and confidence in the process.
Which provider is best for Equity Release?
There are many providers available, so choosing a company you can trust can be hard when you have so many to choose from.
At Bower Home Finance, our advisers work tirelessly to give the highest quality advice and support from day one.
We don’t pressure our customers and we ensure that the provider and plan is right for you before making a recommendation.
As members of the Equity Release Council, we adhere to a stringent code of conduct that puts you in the driving seat, so you can agree a plan with confidence.
How do I find the best equity release deal?
Equity release can get complicated so knowing who to turn to for help is important. After all, you may be considering equity release but have unanswered concerns.
In such situations, use a reputable and knowledgeable equity release adviser.
They will know the industry inside out and will select an appropriate plan from one of the suitable equity release companies, thoroughly explaining why they made that selection.
Where can I find reliable equity release information and advice?
You can find reliable information and advice on equity release from regulated bodies including the Equity Release Council’s website.
At Bower, 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.
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.
Bower Home Finance 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 £1,695 be payable.
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 join our live chat you’ll find 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.
