At Bower Home Finance, our dedicated team of independent equity release specialists cover the north east of England including Sunderland, Newcastle upon Tyne and South Shields. With over 18 years of experience, we pride ourselves in our impartial, whole-of-market equity release advice, helping our customers unlock tax-free cash from their homes in Sunderland. Our personalised equity release advice is specifically tailored for homeowners aged 55 and above, ensuring they find the best solutions that suit their individual needs and circumstances.
John Milner
CeMAP, CeRER
0808 175 0392
Seaham, Sunderland, and Tyne & Wear
What is Equity Release?
Equity release is a financial solution designed for homeowners aged 55 and over, allowing them to unlock the wealth tied up in their property. This means you can access a lump sum or receive regular payments from the value of your home without the need to sell or move. Whether you want to pay off existing debts, boost your income to enjoy a more comfortable retirement, or help family and friends, equity release offers a flexible way to use the equity you have built up over the years. It’s an increasingly popular option for those who wish to stay in their home while benefiting from the financial value it holds.
Your local equity release specialist in Sunderland
At Bower Home Finance, we pride ourselves in a customer first approach to everything we do which is why we are proud to match you with an adviser local to you.
Your local adviser, John Milner, will help you every step of the way from researching and explaining what plans are available to you, to supporting you through the application process. As one of our knowledgeable equity release advisers, John provides you with personalised advice outlining the risks and alternatives.
Are you eligible for equity release in Sunderland?
Whilst equity release can look different depending on your personal circumstances, there are some common eligibility criteria that will remain the same across equity release providers.
If you are looking to release equity from you home, you will need to meet the eligibility criteria. To be eligible you will need:
- Over the age of 55 (this applies to the youngest applicant if you are a couple)
- Living in the UK
- Own your property valued at over £70,000
- The home in question is your main residence
Learn more about the eligibility criteria in Sunderland for equity release schemes.
The types of equity release available in Sunderland
There are two main types of equity release available in Sunderland, lifetime mortgages and home reversion plans.
Lifetime mortgages in Sunderland
A lifetime mortgages are available in Sunderland to homeowners aged 55+ who meet the eligibility criteria, offering a way to access the tied-up equity from your property.
Lifetime mortgages allow you to access the equity in your home by releasing cash as a loan secured against your home which will be repaid, in addition to any interest, when you pass away or move into long term care. You can receive your tax-free cash in the form of a lump sum or in a drawdown facility to access further funds at a later date.
Sunderland Home reversion schemes
Home reversion schemes are another type of equity release plan that is available in Sunderland.
A home reversion plan involves selling part or all of your home to an equity release provider at a discounted rate in exchange for a tax-free lump sum or drawdown facility. This allows for releasing cash tied up in your property, providing financial solutions for a range of situations including debt repayment, income boosting, and helping family and friends.
You will be able to remain ‘rent-free’ in your home until you pass away or move into long term care, in which case the plan will need to be repaid. This is often through the sale of your home, where the provider will then reclaim the percentage sold at market value.
Equity Release Providers in Sunderland
In Sunderland, we work with the whole of the market to help find you the best solution for your circumstances. Some of these providers include Aviva, Canada Life, More2Life, Hodge, Legal & General, Pure Retirement, Liverpool Victoria, and more.
The alternatives of equity release
Equity release is not always the right solution, in which case, your equity release adviser may suggest an alternative to raise the funds you are looking for.
These alternatives can include:
- Remortgaging your home
- Switching to a retirement interest only mortgage
- Downsizing to a smaller property
- Getting a lodger and renting out a room
Read more about the alternatives of equity release.
The safeguards of equity release in Sunderland: No negative equity guarantee
As equity release experts in Sunderland, we’re proud to be members of the Equity Release Council. This means we follow the Equity Release Councils guidelines and each product we recommend follows their standards.
The Equity Release Council Standards include a no negative equity guarantee, which means your estate will never owe more than the value of your property. Learn more about the safeguards of equity release in Sunderland.
Your local Sunderland equity release adviser
At Bower Home Finance, we’re here to help you every step of the way. If you are looking to understand equity release in more detail or would like to learn more about if equity release is suitable for your circumstances, your local adviser in Sunderland is on hand to answer your questions.
We believe local advisers = local knowledge and matching you with a a seasoned equity release adviser who can offer local knowledge can help find various equity release schemes available to you.
Get started today and find out how much equity you could release from your home or request a callback from a member of our team.
FAQ’s
How much does it cost to release equity in the UK?
Whilst the costs of equity release will vary depending on your circumstances, it is important to consider the long term and short term cost of equity release.
The short term set up costs of equity release can include:
- Arrangement fees
- Legal fees
- Valuation fee
- Advice fee
Learn more about the cost of equity release.
Can I use equity release to pay off debt?
Yes. Equity release can be used for a range of things, this can include:
- Paying off existing mortgages & debt
- Home improvements
- Helping family
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.
