Equity Release
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What is Equity Release?
Equity release is a unique way for homeowners, usually aged 55 and over, to unlock the value of their property, without the need to move. Equity Release provides access to a tax-free lump sum, or regular income, which can be used to enjoy retirement, fund home improvements, support family, or simply give you extra financial freedom. Boon Brokers is a member of the Equity Release Council, offering expert fee-free, whole-of-market advice, to help you decide on the right plan for you.
- Fee-Free advice
- Whole-of-market access
- Member of the Equity Release Council
- Regulated and authorised by the FCA
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Release Calculation
Use our quick, easy-to-use calculator to see how much you could release from your property, with a clear estimate based on your age and home value.
Learn about Lifetime Mortgage
Discover how a lifetime mortgage lets you access money tied up in your property, helping you fund retirement, home improvements, or other financial goals.
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Frequently Asked Questions
What Is Equity Release?
Equity release is most commonly referred to as a lifetime mortgage and allows homeowners, usually aged 55 and over, to access some of the value that is tied up in their property without the need to sell or move. It can provide a lump sum or regular income to supplement retirement, pay for home improvements, or cover other expenses.
For a full guide on how equity release works in practice, the options available, and key considerations you need to know, read our complete guide on everything you need to know about equity release.
For a full guide on how equity release works in practice, the options available, and key considerations you need to know, read our complete guide on everything you need to know about equity release.
How Much Equity Can I Release?
The amount of equity you can release will depend on several factors, including your age, the value of your home, and the type of plan you choose. Generally, the older you are, the larger the percentage of your home’s value a lender may allow you to release. Additionally, other factors, such as outstanding mortgage balances and your chosen lender’s criteria, can also have an effect on the maximum amount of equity that can be released.
To help you get started, try out our online equity release calculator to find an estimate of what may be possible for your situation.
To help you get started, try out our online equity release calculator to find an estimate of what may be possible for your situation.
What Are the Different Types of Equity Release?
There are two main types of equity release:
Each option works differently and can have different long-term effects, and so it is crucial to understand which is most suitable for your situation.
At Boon Brokers, our dedicated advisers can provide you with the guidance and support needed to ensure your equity release plan works for you. We will explain all the facts and options in simple terms and help you make an informed decision that fits your needs.
- Lifetime mortgages: You borrow against your home while keeping ownership. Interest is added over time and repaid when the property is sold, typically when you pass away or move into long-term care.
- Home reversion plans: You sell part of your home to a provider for a lump sum or regular payments, while keeping the right to live there for life.
Each option works differently and can have different long-term effects, and so it is crucial to understand which is most suitable for your situation.
At Boon Brokers, our dedicated advisers can provide you with the guidance and support needed to ensure your equity release plan works for you. We will explain all the facts and options in simple terms and help you make an informed decision that fits your needs.
Who Can Get Equity Release?
Equity release is generally available to homeowners aged 55 or older. You usually need to either own your home outright or have only a small mortgage remaining, as any outstanding mortgage balance is typically repaid first.
Lenders will also consider the value of your property, your health, and your personal circumstances when deciding if a plan is suitable. Some types of property may not qualify, and your local council or housing association may have specific rules.
At Boon Brokers, we can help review your situation, explain eligibility criteria clearly, and guide you toward the options that best match your needs.
Lenders will also consider the value of your property, your health, and your personal circumstances when deciding if a plan is suitable. Some types of property may not qualify, and your local council or housing association may have specific rules.
At Boon Brokers, we can help review your situation, explain eligibility criteria clearly, and guide you toward the options that best match your needs.
How Does Interest Work on Equity Release?
With lifetime mortgages, interest is usually added to the amount you release over time, so your loan grows gradually rather than requiring monthly payments. The total amount owed is typically repaid when your property is sold, often when you pass away or move into long-term care.
It’s important to understand that the longer the loan runs, the more interest can accumulate, which may affect the value left in your estate. At Boon Brokers, our experts will explain exactly how the interest on equity release plans work, showing you the practical and potential long-term impacts so that you can make an informed decision to find a plan that works for you.
It’s important to understand that the longer the loan runs, the more interest can accumulate, which may affect the value left in your estate. At Boon Brokers, our experts will explain exactly how the interest on equity release plans work, showing you the practical and potential long-term impacts so that you can make an informed decision to find a plan that works for you.
Can I Make Repayments If I Want To?
Yes, many equity release plans allow you to make voluntary or regular repayments. Doing so can reduce the interest that builds up over time and help protect more of your home’s value for your beneficiaries.
At Boon Brokers, we can explain which plans offer repayment options and help you understand how different repayment strategies may affect your long-term finances and estate.
At Boon Brokers, we can explain which plans offer repayment options and help you understand how different repayment strategies may affect your long-term finances and estate.
Should I Pay a Broker Fee for Equity Release?
No. While some equity release advisers may charge a fee for their services, here at Boon Brokers, we believe advice should be free. That’s why all of our equity release guidance is completely free.
Can I Get Equity Release If I Still Have a Mortgage?
Yes, it is possible to release equity even if you still have a mortgage. In most cases, any outstanding mortgage balance will need to be repaid first, either from the funds released or by other means. Lenders will also assess how the new plan fits with your existing mortgage and overall financial situation to make sure it’s suitable.
For a detailed breakdown of how equity release works alongside your mortgage, read our free guide on equity release with a mortgage.
For a detailed breakdown of how equity release works alongside your mortgage, read our free guide on equity release with a mortgage.
Is Equity Release Right for Me?
Equity release can be a useful way to access money tied up in your home, but it isn’t the right choice for everyone. It can affect your estate, inheritance plans, and eligibility for certain benefits, so it’s important to consider the long-term implications.
At Boon Brokers, we provide free, impartial guidance to help you understand whether equity release suits your needs and circumstances. We can explain the options clearly, highlight potential impacts, and help you make an informed decision.
At Boon Brokers, we provide free, impartial guidance to help you understand whether equity release suits your needs and circumstances. We can explain the options clearly, highlight potential impacts, and help you make an informed decision.
