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  • Introduction and contents index
  • What is equity release? Do i qualify? How can you spend it?
  • Which plan is best for needs? About lifetime mortgages and home reversion plans.
  • How Bower can help.
  • Protection and security infomation
  • Customer feedback and reviews
  • Case study example
  • Our process explained step by step
  • Frequently asked questions
  • Switching your equity release plan, the reasons for and the benefits of switching
  • Bower mortgages, what we can offer, case study, FAQ’s
  • Life insurance and mortgage protection
  • Wills and lasting power of attorney
  • Why chose Bower
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What To Expect Within Your Brochure

At Bower Home Finance, we’ve created a helpful equity release brochure that provides all of the facts and information needed to understand equity release and how it all works.

 

Whether you are looking to release some of the equity tied up in your home or already have an existing lifetime mortgage or equity release plan and are thinking about switching to a more competitive plan, we can help.

 

This comprehensive equity release and mortgage brochure covers everything you need to know to help decide if equity release is right for you and whether it could be the key to a happy and fulfilling retirement.

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About Bower Home Finance

At Bower, our experienced and dedicated team of equity release experts provide high quality financial guidance and support, ensuring that customers receive impartial, whole of market advice that is always in their best interest.

 

We believe that the most important part of what we do is to ensure that homeowners have all of the knowledge and understanding that they need to fully understand equity release, what it entails and whether it is the right decision for them, their lives and individual circumstances.

 

Our family of equity release specialists are dedicated to providing customers with unbiased, transparent and reliable information, guidance, support and advice that they can trust.

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What Types Of Equity Release Are There? 

Lifetime Mortgage

A lifetime mortgage lets you release a tax-free lump sum while keeping ownership of your home. No monthly repayments are required, as the loan and interest are repaid when you pass away or move into long-term care. Some plans also allow voluntary repayments or moving home, subject to lender terms. It offers flexibility and peace of mind, allowing you to enjoy your retirement without giving up your home.

Home reversion plan

A home reversion plan lets you sell all or part of your property (usually below market value) in return for a tax-free lump sum or regular payments. You can stay in your home for life, and when it’s sold, the proceeds are shared according to the ownership split. It can be a suitable option for those who prefer certainty over the amount they’ll receive and don’t mind giving up full ownership.

What is Equity Release?

Equity release can be a great way for homeowners to access some of the cash tied up in their property to spend as they wish; whether it’s paying off debt, home improvements, holidays or simply enjoying a comfortable retirement.

 

However, sometimes all of the terminology, jargon and finance lingo can be confusing which makes it hard for people to understand exactly what equity release is and whether it is right for them. At Bower Home Finance, we have cut out all of the nonsense and created a simple, informative and easy to understand guide to equity release to help answer the key questions that you need answers to.

 

Equity release is the term used for a ‘product’ which allows homeowners to release tax-free cash from the equity they’ve accumulated in their property without the hassle or stress of having to move. The ‘equity’ is based on the amount that the property could sell for, minus any mortgage or loans secured against it.

 

Most equity release products offer different options for how the money is released including one lump sum, in a drawdown facility or a combination of the two.

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Equity Release Council

Equity Release

Is Equity Release a good idea?

There is no one size fits all with equity release, which is why the right financial adviser will take into consideration your personal circumstances and explain alternative options if equity release isn’t right for you.

At Bower Home Finance, we offer independent, unbiased financial advice which means if we think some, or all, equity release products aren’t right for you, we will not recommend them.\

 

Our Equity Release Council membership

 

As members of the Equity Release Council, our fully qualified advisers will only recommend equity release products that follow the Equity Release Council Standards.

 

Some of these standards include:

  • The right to live rent-free in your property until you pass away or move into long-term care. This type of security is something that isn’t available with retirement interest-only mortgages (RIOs).
  • The “no negative equity” guarantee ensures that the amount you owe will not exceed the value of your property.
  • You must have the right to make penalty free payments, subject to lending criteria.

Equity release is transferable which means that you can still move home in the future if you wish as long as the new home meets the suitability criteria

Calculate Your Release

Equity release is transferable which means that you can still move home in the future if you wish as long as the new home meets the suitability criteria

Calculate Your Release

Equity release isn’t always going to be the perfect solution and whether equity release is right or not will depend on your personal situation.
For those who the following applies to, equity release could be a good option;
If your current sources of income and savings are not going to be enough to meet your retirement needs.

Calculate Your Release

In order to be eligible for equity release there are certain conditions that you must meet including; For lifetime mortgages the individual or pair borrowing need to be at least 55 years of age.
With home reversion plans those borrowing jointly or individually need to be at least 65 years old.

Equity release is transferable which means that you can still move home in the future if you wish as long as the new home meets the suitability criteria

Calculate Your Release

Equity release is transferable which means that you can still move home in the future if you wish as long as the new home meets the suitability criteria

Calculate Your Release

Equity release is transferable which means that you can still move home in the future if you wish as long as the new home meets the suitability criteria

Is equity release right for me? 

Equity release isn’t always going to be the perfect solution and whether equity release is right or not will depend on your personal situation.
For those who the following applies to, equity release could be a good option;

  • If your current sources of income and savings are not going to be enough to meet your retirement needs.
  • You cannot or do not want to downsize.
  • You either have no beneficiaries or don’t mind reducing the amount of inheritance your family will receive.
  • An independent financial adviser has assessed your case and concluded that equity release is a good fit for your needs.
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Who is eligable for Equity Release?

In order to be eligible for equity release there are certain conditions that you must meet including;

 

  • For lifetime mortgages the individual or pair borrowing need to be at least 55 years of age.
  • With home reversion plans those borrowing jointly or individually need to be at least 65 years old.
  • The property you own must be in the UK and your main residence.
  • Your home must be over a certain value and in reasonable condition. With different lenders and plans there can also be restrictions on the type of property that is accepted.

 

If you have an existing mortgage or secured loan on your property, then you could still qualify for equity release. However, this will depend on the value of your home and the total outstanding on the existing loan or mortgage as you will have to pay them off at the same time as taking equity release.

 

For those who have dependents living with them then equity release may not be suitable but this can be clarified with independent legal advice. It might be that if the dependants want to continue to live in the property that they need sign a waiver verifying that they understand if the homeowners die or move into permanent residential care, that they no longer have the right to live there.

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How much can I release? 

The lender will look at a number of factors to help determine how much equity they can release such as;

  • The persons age
  • How much the property is worth
  • The state of the homeowners health

 

The maximum amount of equity that can be released will depend on the factors listed above.

As mentioned, some equity release plans are medically underwritten which means that you could access additional funds as well as obtain a lower interest rate, if you meet any of the lenders listed medical conditions or lifestyle factors.
If you would like to find out how much tax free cash you could unlock from your home then try our free equity release calculator.

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Equity Release Advisers Near You.

All Locations

Select an adviser to request a callback or learn more about how our equity release adviser in your area can help you.

Isle of Wight

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North East England

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North West England

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Northern Ireland

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Scotland

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South East England

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South West England

Select an adviser to request a callback or learn more about how our equity release advisor in your area can help you.

Is equity release safe

Is equity release safe?

Equity release is a big decision, and you should consider it very carefully before you make anything official or sign any paperwork.

 

As well as reading this guide to equity release, it is always recommended expert advice first so you can get the best advice, guidance and support surrounding what is the best option for your circumstances and how to proceed with the next steps.

 

In addition to our guide, we’ve put together some information about the safeguards with equity release in addition to the pros and cons of equity release.

 

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 0808 175 6207, 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.

 

All equity release plans are regulated by the FCA that are called Lifetime Mortgages or Home Reversion Plans. Bower Home Finance is also regulated by the FCA to give Equity Release advice as stated on the FCA register under our firm registration number 451607.

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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.