Main Menu Button
Login
Equity Release · The Basics

The Equity Release 100.
The Basics

Focus: Definitions, core concepts, and suitability.

13+Questions
100%Expert Answers
FCARegulated
What happens if my home increases in value after equity release?
TL;DR Explore what happens when your UK home's value rises after equity release. Understand how lifetime mortgages are unaffected and the impact on your remaining equity.
Read Full Article →
How much can I release from my home through equity release?
TL;DR How much can you release from your home through equity release? Find out how much cash you could access with equity release, the factors affecting the amount, and the potential risks involved. Get expert advice before making a decision.
Read Full Article →
Can I negotiate fees with an equity release provider?
TL;DR Discover if you can negotiate equity release fees, including adviser, valuation, and legal costs. Learn how providers structure charges and the best strategies for reducing your overall borrowing cost.
Read Full Article →
Are family loans an alternative to equity release?
TL;DR Exploring whether family loans can replace equity release for funding retirement or needs. We compare the benefits, risks, legal requirements, and financial implications of each option for homeowners and their families.
Read Full Article →
Can my family be involved in the equity release process?
TL;DR Equity release affects future inheritance. Find out how your family can be involved in the process, from initial consultations and understanding the risks to advising on lifetime mortgages.
Read Full Article →
Is equity release regulated by the Financial Conduct Authority (FCA)?
TL;DR Yes, equity release is regulated by the FCA, but the level of protection depends on the product type. Learn how lifetime mortgages and home reversion plans are protected in the UK.
Read Full Article →
Can I use equity release to help with long-term care costs?
TL;DR Can I use equity release to help with long-term care costs? Understand how Lifetime Mortgages impact means testing for care funding, the alternatives available, and the crucial financial risks involved.
Read Full Article →
What documents are needed for equity release?
TL;DR Applying for equity release requires careful preparation. We detail the essential documents, including ID, property deeds, proof of income, and legal paperwork, necessary for a smooth UK application process.
Read Full Article →
Can I release equity if I still have a mortgage?
TL;DR Releasing equity from your home while still having a mortgage is possible through several methods, each with its own advantages and risks. Learn about equity release options, including remortgaging, and understand the potential impact on your fina…
Read Full Article →
Is equity release safe for homeowners?
TL;DR Is equity release safe? Learn about the risks and benefits of equity release for homeowners in the UK. Understand how it works, who it's suitable for, and the potential downsides before making a decision. Explore alternative options and get expert…
Read Full Article →
What types of equity release are available?
TL;DR Unlocking your property's value? Discover the different types of equity release plans available in the UK, including lump sums, drawdown, and inheritance protection options. Understand the potential benefits and risks involved before making a deci…
Read Full Article →
Does equity release affect my state benefits?
TL;DR Does equity release affect my state benefits? Find out how releasing equity from your home might impact your pension, housing benefit, and other government support. We explain the potential implications and offer guidance. Learn more and make info…
Read Full Article →
What is a lifetime mortgage?
TL;DR Unlocking your home's equity: A lifetime mortgage explained. Learn how a lifetime mortgage works, its benefits, risks (including potential repossession if repayments aren't met), and whether it's right for you. Find answers to common questions and…
Read Full Article →

Promise Money is a broker not a lender. Therefore we offer lenders representing the whole of market for mortgages, secured loans, bridging finance, commercial mortgages and development finance. These loans are secured on property and subject to the borrowers status. We may receive commissions that will vary depending on the lender, product, or other permissable factors. The nature of any commission will be confirmed to you before you proceed.

More than 50% of borrowers receive offers better than our representative examples

The %APR rate you will be offered is dependent on your personal circumstances.

Mortgages and Remortgages

Representative example

Borrow £270,000 over 300 months at 7.1% APRC representative at a fixed rate of 4.79% for 60 months at £1,539.39 per month and thereafter 240 instalments of £2050.55 at 8.49% or the lender’s current variable rate at the time. The total charge for credit is £317,807.66 which includes £2,500 advice / processing fees and £125 application fee. Total repayable £587,807.66

Secured / Second Charge Loans

Representative example

Borrow £62,000 over 180 months at 9.9% APRC representative at a fixed rate of 7.85% for 60 months at £622.09 per month and thereafter 120 instalments of £667.54 at 9.49% or the lender’s current variable rate at the time. The total charge for credit is £55,730.20 which includes £2,660 advice / processing fees and £125 application fee. Total repayable £117,730.20

Unsecured Loans

Representative example

Annual Interest Rate (fixed) is 49.7% p.a. with a Representative 49.7% APR, based on borrowing £5,000 and repaying this over 36 monthly repayments. Monthly repayment is £243.57 with a total amount repayable of £8,768.52 which includes the total interest repayable of £3,768.52.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME

REPAYING YOUR DEBTS OVER A LONGER PERIOD CAN REDUCE YOUR PAYMENTS BUT COULD INCREASE THE TOTAL INTEREST YOU PAY. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

Promise Money is a trading style of Promise Solutions Ltd – Company number 04822774
Promise Solutions, Fullard House, Neachells Lane, Wolverhampton, WV11 3QG

Authorised and regulated by the Financial Conduct Authority – Number 681423
The Financial Conduct Authority does not regulate some forms of commercial / buy-to-let mortgages

Website www.promisemoney.co.uk