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Equity Release · Advanced Hacks

The Equity Release 100.
Advanced Hacks

Focus: Pro tips for experienced borrowers and complex deals.

12+Questions
100%Expert Answers
FCARegulated
What Happens If My Home Increases in Value After Equity Release in the UK?
TL;DR If your home increases in value after you've taken out an equity release plan in the UK, the good news is that for most common plans, such as a lifetime…
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A Comprehensive Guide: How Can I Ensure My Equity Release Plan is Safe in the UK?
TL;DR Equity release is a major financial decision designed to unlock the value tied up in your home, providing tax-free cash often used during retirement.…
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Understanding How Can House Prices Impact My Equity Release Plan: Key Considerations for UK Homeowners
TL;DR Equity release is a major financial decision, allowing homeowners over the age of 55 to unlock capital tied up in their property. Since the loan amount…
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What is the Equity Release Council (ERC) and Why is it Important?
TL;DR The Equity Release Council (ERC) is the leading trade body for the UK equity release sector. It is responsible for setting and enforcing robust standards…
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What Documents are Needed for Equity Release? A Comprehensive UK Guide
TL;DR Applying for equity release in the UK is a significant financial decision that involves several legal and administrative steps. As a specialist financial…
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Is It Wise to Take Equity Release During a Housing Market Boom?
TL;DR Considering equity release during a housing market boom? Understand the pros, cons, and financial implications. Learn if releasing equity now aligns with your long-term financial goals.
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Can renting out my home be a better option than equity release?
TL;DR Considering renting out your home instead of equity release? This FAQ explores the pros and cons of each, helping you decide which best suits your financial situation and retirement goals. We compare costs, risks, and long-term implications to inf…
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Check Table – Is Equity Release Better Than a Personal Loan?
TL;DR Comparing equity release and personal loans? We break down the differences in cost, risk, eligibility, and repayment methods to help you decide which funding option is right for your need
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How Do I Start the Equity Release Application Process?
TL;DR Ready to start the equity release application process? Learn the essential steps, from initial advice and eligibility checks to valuation and final completion. We guide you through the process clearly.
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Is Equity Release Only For People With No Savings?
TL;DR Many believe equity release is only for those struggling financially. We explain why eligibility is based on property criteria, not saving levels, and how it fits into varied retirement strategies.
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Understanding The Risks of Equity Release When Remortgaging?
TL;DR Considering equity release alongside a remortgage? Understand the risks involved, including compounding interest, inheritance, and charges.
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How can I avoid common pitfalls with equity release?
TL;DR Learn how to navigate equity release safely in the UK. We detail the major pitfalls—from compound interest and inheritance reduction to hidden fees—and provide expert tips for avoiding them.
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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