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What is Equity Release?
Equity release is a way to help people over 55 release the money in their home (the equity) without having to move or sell.
The amount of money you can get depends on how much your house is worth, minus any money you still owe on your mortgage.
And it’s good to know that unlike some other companies, we are not tied to any lenders. So, we search the whole of the market to find you the best plan.
Award Winning Equity Release Advice
Members of the Equity
Release Council, with our CEO
also on the Standards
Board.
Established in 2006, we have
years of experience
specialising in equity
release.
Our carbon-neutral policy
focuses on a greener future
for generations to
come.
As independent “whole of market” financial advisers, Bower will compare the entire market to access the lowest rates and most flexible/suitable product
Frequently Asked Questions
Bower are independent ‘whole of market’ equity release advisers, which means we have relationships with all equity release product lenders and have access to every regulated company and plan on the market. Most of the equity release lenders are the large pension companies in the UK and they are all regulated by the Financial Conduct Authority (FCA). These companies provide the money for equity release, lifetime mortgages and home reversion plans, not the banks.
In the UK you are required to have advice from a FCA regulated company before taking out an equity release plan, that is where we come in. The advantage of coming to Bower is that you will have access to all the equity release companies in the UK, not just one company. This means that you could save thousands of pounds by accessing a lower interest rate and a more suitable plan, for instance one with low early repayment charges or the flexibility to make over payments.
There are also some companies who deal exclusively with one or a panel of equity release lenders, so members of the public do not receive whole of market advice from them. If you don’t use an independent, whole of market adviser such as Bower, then you could miss out on the perfect plan for you that has more of your requirements and a lower interest rate, potentially costing you tens of thousands of pounds over the life of your plan. For those with an existing plan, it may be better for you to stay with your existing provider. We can advise you whether it will be cheaper and better to move companies or stay where you are and take a further advance for instance. This will all depend on the plan you are on, the amount you owe and your property value. No matter how old your plan, we can help.
Bower works for you and is fully independent so we always put your interests first.
Your adviser will take you through the full range of lenders we work with during your free, no-obligation appointment.
Some of these lenders include:
- Aviva
- Scottish Widows
- Hodge Lifetime
- Legal and General
- Just Retirement
- Liverpool Victoria (LV)
- More2life
- Partnership
- Canada Life
- Pure Retirement
- One Family
- Bridgewater
- Home & Capital
- Crown Equity Release
The Equity Release Council Standards Board makes sure that all lenders and advisers adhere to a strict code of conduct that includes a number of safeguards for customers.
Members of the ERC can guarantee that their customer’s products and services conform to the best practices of the sector, ensuring they are fully informed and continually protected.
Bower is a member of the Equity Release Council and only recommends Equity Release Council plans, or those with the same set of guarantees.
These guarantees are in your best interests and include the following promises:
- No Negative Equity Guarantee — this means you or your family will never owe more than the value of your home
- You retain the right to remain in your home for life providing it remains your main residence
- For lifetime mortgages, interest rates must be fixed or, if they are variable, there must be a “cap” (upper limit) which is fixed for the life of the loan
- You can move to another suitable property (subject to the new property meeting the lender’s acceptable property criteria)
It is your right to seek independent legal advice from an equity release solicitor of your choice
This depends on the value of your property and your age. In certain circumstances, your health is also taken into account as it may allow you to release more equity.
There are a number of alternatives, including downsizing to a smaller property or moving to a less expensive area, using savings, borrowing in the form of a loan or by asking a relative or friend.
These are some of the alternatives to equity release:
- Savings, investments or other assets that could be drawn on
- Downsizing your property or moving to a less expensive area to access some equity from your home’s value (although the cost of moving and agency/legal fees should be considered)
- Continuing in, or returning to, paid work to top up your income
- Letting out a room in your house to a tenant
- Accepting financial support from a relative or a friend may be an option, although it is understandable that some would prefer not to have to ask to borrow money from loved ones
- Arranging a traditional mortgage
- Looking in to Local Authority home improvement grants
- Ensuring all your entitlements to mean-tested benefits are being claimed (your Bower specialist will check this for you as part of our expert equity release service)
While there are different types of equity release plan to suit different individual needs, it’s not always the right option for everyone. Before taking out an equity release plan our advisers will go through all the advantages and disadvantages, and also the alternatives that could let you raise the money in another way. Get in touch and we will happily discuss all your options and can make a recommendation as to which one may be best for you.
