How much equity can I release from my home?

There are many variables when calculating how much you may be able to borrow against the value of your property. First Choice will advise you on the basis of your individual circumstances and needs. Because we are a equity release mortgage advisers we will recommend only what is right for you and equity release is not the right option for everyone. If we consider this to be the case then we will tell you in a straightforward way and look at other options that may be available to you.

On the Lifetime Mortgage and Home Reversion pages of this website you will find a summary of the implications of equity release for you. But as always, these would be best explained when we talk to you. PLEASE NOTE: FIRST CHOICE DOES NOT SELL OR ADVISE ON HOME REVERSION PLANS.

The amounts available from Lifetime Mortgages and Home Reversion are different, because the schemes are based on different ways of calculating the amount of money that may be available.

However, both schemes are based on the variables of the value of your property, your age whether you are male or female and your health.

These provide amounts as a starting point, but again First Choice Equity Release Solutions will need to advise you specifically on both the amount of money you could release and how this may affect your future circumstances.

Lifetime Mortgages
Typically at 55 you may get between 10 and 15% of the value. This steps up gradually until at about 65 you may get 20 - 30%. Into your seventies and eighties the numbers increase more quickly to move onto about 55% maximum. Actual figures, which will be provided by a First Choice Equity Release Solutions adviser, will depend on your individual circumstances and specific guidance will be provided. Actual amounts offered will depend on individual lenders and their own criteria. Your credit profile and often your income are not generally a factor when deciding on a lifetime roll up interest mortgage.

To understand the features and risks of a lifetime mortgage ask for a personalized illustration.

Home Reversion
You may get a larger amount up front and at a younger age with these plans. Actual amounts offered will depend on individual lenders and their own criteria. You need to speak to a home reversion specialist adviser to get the correct figures for your scenario.

Things to Consider With Equity Release

Equity release could affect some state benefit entitlements and may also have an effect on your tax position. Your First Choice advisor will help you consider all of the implications for these and other issues during the consultations. Although we are not tax advisers so you need to see a specialist tax adviser in this area. You should always check with your benefit provider to check how equity release will impact upon your current benefits.

All equity release plans will mean that the value of your estate is reduced. First Choice recommend that you involve your family in discussions and we would encourage your family to be present at some point to suit you during our conversations.

It is a very important and lifelong commitment to release money from the value of your home. Any loan is only expected to be repaid upon your death or when you begin residential long term care. Early repayment charges may apply if you want to repay the loan early.

Before entering into an equity release agreement it is important to consider the alternatives: you could, for example, sell your home and move into somewhere cheaper and more affordable. You could ask your family to help you with financial assistance, or you could consider other forms of borrowing. You need to consider whether you can access any other savings or investments you may have.

Equity Release Lifetime Mortgages This is a lifetime mortgage. To understand the features & risks ask for a personalised illustration. Our fee is £985 which is only payable upon completion. THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. CHECK THAT THIS MORTGAGE WILL MEET YOUR NEEDS IF YOU WANT TO MOVE OR SELL YOUR HOME, OR YOU WANT YOUR FAMILY TO INHERIT IT. IF YOU ARE IN ANY DOUBT, SEEK INDEPENDENT ADVICE.

Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk

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First Choice Finance is a trading style of First Choice Funding Limited of 54, Wybersley Road, High Lane, Stockport, SK6 8HB. Copyright protected.