Whether you’re planning home improvements, helping your children onto the property ladder, or funding a well-earned holiday, we can help you unlock the value of your home via equity release. So, if you’re a UK homeowner aged 55 or over, keep reading to find out how you could open new doors later in life…
You may choose to make home improvements to suit your tastes, but in later life many people make changes to suit their needs. This might be due to health issues that call for a more accessible home, or unexpected circumstances that mean you need to provide for others, such as children and grandchildren.
With rising house prices making it harder for many young people to get on the property ladder, equity release lets you unlock some of the value tied up in your own home and gift it as a deposit, helping your children or grandchildren buy a place of their own, while you continue to live in yours.
You’ve spent decades working hard, and now could be the time to do something for yourself. Whether it’s a safari in South Africa, a cruise around the Mediterranean, or months worth of travelling in your favourite continent, equity release can help fund the holiday you’ve always wanted.
Equity release is a way for homeowners, who are aged 55 and over, to access the money tied up in their property without having to sell up. You receive the funds as a tax-free lump sum, in smaller amounts over time, or a combination of both, and how you spend it is entirely up to you.
The most common form of equity release is a lifetime mortgage. This is where you borrow against the value of your home while retaining full ownership, and there are usually no monthly repayments to worry about. Instead, the loan plus interest is repaid when you pass away or move into long-term care, usually from the sale of the property.
To find out more about equity release, book a free, no-obligation chat with one of our advisors…
We don’t hire brokers based on how much they can earn us. They’re chosen because they genuinely understand the stress people can experience when making financial decisions and want to do everything in their power to take that stress off your shoulders.
It’s obviously easy for us to just say that, but fortunately, we can also prove it. Last year, we were officially named the best mortgage broker in the South West for customer service and second best in the whole of the UK. And these aren’t awards handed out by stuffy judges picking their favourites. They’re decided entirely by rigorously verified reviews from real people who have used our services.
Everything was explained to me clearly and broken down into language I could understand. All my questions, however small, were answered in a timely fashion and communication was easy and quick. I felt that I received personal service. I wouldn't hesitate to recommend The Levels Financial. I dealt with Janek and Helen, both of whom were knowledgeable, patient and efficient.
Belinda Vennings
Remortgaging
We couldn’t be happier with the service we received. From start to finish, the whole process was handled professionally and with genuine care. Every step was explained in simple terms, making what could have been a stressful experience feel smooth and straightforward. Their communication was excellent, their expertise obvious, and they went above and beyond to secure the best mortgage for us. We highly recommend them to anyone looking for a team that is truly committed to their clients.
Katie Forrester
Remortgaging
This is the second time Edd has sorted our mortgage, and once again he has secured us the best deal possible. He kept in regular contact with us throughout the entire process, which made everything feel manageable and far less stressful. During what can be a very worrying time, Edd provided reassurance at every step. He took the time to find the best lender for our circumstances and secured us the most competitive rate. We genuinely couldn’t have done it without him.
Hassan & Jane Sakka Amini
Remortgaging
Having never been through the remortgaging process before, the levels walked us through everything with patience and understanding, whilst getting things turned around super quick. Would highly recommend to anyone looking to move / remortgage! In short, Jess smashed it. We were super keen to get everything locked in as quickly as possible due to interest rate rises, and she got everything across the line for us in the time frame we needed. Jess, thank you so much. You smashed it!
David Hughes
Remortgaging
Everyone at The Levels has been friendly, professional and extremely helpful throughout a remortgage process. I'm not sure they ever stop working, as they always seem to be available on the end of a phone!! would not hesitate to recommend The Levels to anyone needing a mortgage or remortgage. The service provided is truly excellent and I will definitely be using them again.
Jay B
Remortgaging
You should always think carefully before securing a loan against your property.
Clearing an existing mortgage with a lifetime mortgage may result in higher cost of borrowing.
The Levels Financial charges a fee for later life mortgage advice. The fee is up to £995.
There are two types of equity release plan. The first lets you keep 100% ownership of your home; this is the most popular option, known as a Lifetime Mortgage. The second involves selling a share, or all, of your home’s equity to raise capital; this is a Home Reversion plan.
Equity release can affect your inheritance tax.
If you gift money to family or friends, an inheritance tax liability may arise should you (or the last surviving borrower) die within seven years of making the gift. How much is due depends on two things: how long ago you gave the gift, and the size of your estate.
Learn more at gov.uk/inheritance-tax.
Releasing equity from your home won’t affect your State Pension, but it can affect other state benefits you’re receiving. That includes Universal Credit, Council Tax reduction and Cold Weather Payments, as well as any help you get from NHS and local council care services.
Yes, you can release equity from a shared ownership property. The catch is that the amount you release must be enough to buy the rest of the property, so you own 100% of it when the loan completes. After that, any extra money is yours to spend however you like.
Yes, you can release equity from your home if you have a residential mortgage. The one condition is that you’ll need to pay off your existing mortgage, plus any early repayment charges, using the money you release.
Still have questions?
Reach out to us anytime for assistance.
