Home/ Equity Release

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What is equity release

Equity release is a type of mortgage that allows you to release money from your home without having to move. The loan is typically repaid only when you pass away or move into long-term care.

Your lender will require you to receive independent legal advice before proceeding. While we can’t advise on whether the product is the best financial fit for you (that’s your mortgage broker’s role), we will ensure you understand:

The legal terms and conditions
Your rights and responsibilities
The long-term impact on your estate and finances

Types of equity release

There are two main types of equity release schemes:

1. Lifetime Mortgage

You borrow money secured against your home
You retain full ownership of the property
Interest is usually fixed and compounded monthly
No repayments are required during your lifetime
The loan is repaid when you die or move into care

2. Home Revision Plan

You sell all or part of your home to a reversion company
In return, you receive a lump sum, income, or both
You can stay in your home rent-free or pay a nominal rent
When the property is sold, the reversion company receives its share of the proceeds

Pros of equity release

Stay in your home for life
Access a tax-free lump sum or income
No monthly repayments required
May help reduce inheritance tax liability

Things to consider

Early repayment charges may apply
Could affect your state benefits
You can’t take out another loan against your home
Reduces the value of your estate and potential inheritance
Compound interest can significantly increase the total amount owed

How we can help

Our equity release solicitors will:

Explain the legal implications in plain English

Ensure your lender’s requirements are met

Work closely with your mortgage broker and financial advisor

Support you from instruction to completion

Michelle Wilson and her conveyancing team at the Poundbury Office were a joy to work with: efficient, courteous and swift, always responding quickly to queries. I heartily recommend them.

Barry

Once again, a fantastic service by Porter Dodson! A big shoutout to all of the team, especially Reena, Beckie and Jennifer. You have guided and been so helpful to my parents throughout the process of a house purchase for them. It’s been a challenging time for them, but you got them through. Highly recommend and would not hesitate to use them in the future. Thank you!

Michelle

Reena and her team provided exceptional support and professionalism in handling the sale of my mother’s house. They made what is often an emotional and stressful process much easier; they dealt with everything promptly and efficiently, and were easy to contact by phone which has been very important to me. I would highly recommend them; in fact I already have - quite a few times!

Susan