Equity Release

Equity release is a process that allows you to unlock some of the value in your property. A lending company will enter into an agreement to pay you a fixed sum of money, which you can use how you wish i.e. living expenses, home improvements, a holiday, a caravan etc. The lender is granted a legal charge over your property, which is registered at HM Land Registry. The legal charge will detail the amount you have borrowed and the agreed interest that will have to be repaid upon your death.

The benefit of this arrangement is that you do not have to make any repayments as this is covered by the value in your property, which on your death, is sold to repay the lender, with the remainder of the value going to those named in your will, or as per the Intestacy Rules.