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

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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

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Steve

I have just sold a house and Porter Dodson were my choice of solicitors. I am so glad I chose this firm! Louise from the Poundbury branch was so helpful. All my enquiries were answered very promptly and clearly and I felt the whole sale was dealt with very professionally. I would not hesitate in recommending this company.

Ben

I instructed Ellice Pounder recently to write my Will. She was excellent, very professional and I was well advised throughout the process. I would highly recommend Ellice.

Beth

Used Porter Dodson for conveyancing on my first house and they were brilliant. All staff I came into contact with were supplying me with all the information and patience when I asked many questions. They provided me with regular updates, advice on process and best choices and gave clear guidance on competing the paperwork. Would absolutely recommend.

Daisy