Release Equity From Your Home
Equity release enables homeowners aged 55+ to release money tied up in their property without selling. Think Plutus can help you find the best possible deal to unlock equity from your home to spend as you choose. Speak to one of our expert advisers to learn more.
What is equity release?
Equity release is an option for homeowners aged 55+ to access the money that is tied up in their home. It can be taken as a tax-free lump sum or you can access flexible borrowing to fund things like home improvements, debt management, supplementing your retirement income and more.
The expert advisers at Think Plutus can give you specialist lifetime mortgage advice into your best options for releasing equity from your home. Our focus is on finding the best option that matches your unique circumstances, so contact us today to get on the right path.
How Does Equity Release Work?
Equity release lets you unlock tax-free cash from your home in the form of a lifetime mortgage. The two options for this are a lump sum lifetime mortgage and a drawdown lifetime mortgage. Our advisers can guide you through the options to ensure you are making an informed decision that fits your needs and circumstances.
How does a lifetime mortgage work?
Probably the most popular way to release equity from your home, a lifetime mortgage is a loan where your property is the security. It's available to UK homeowners over the age of 55. With it, you are able to continue owning and living in your home, but you release some of its value as a cash loan which is repaid by selling the property either:
- When you enter long-term care
- When you pass away
Get peace of mind from the no negative equity guarantee. This is designed to ensure your estate never has to repay more than the amount received from the sale of your property, so long as there is no breach of the terms and conditions of the mortgage.
Bear in mind that a lifetime mortgage reduces the value of your estate, and it may impact your entitlement to any means-tested state benefits.
Am I eligible for a lifetime mortgage?
If you are considering a lifetime mortgage, you will need to meet the following conditions:
- You must be aged 55 or older
- You must live in a home you own with little or no mortgage
- The minimum amount you can borrow is £10,000 to £20,000
- You must live in England, Wales or mainland Scotland
- Your house must have a minimum value of £75,000
Lump sum lifetime mortgage
A lump sum lifetime mortgage involves a loan that is secured against your home. It provides you with a single injection of cash that you can spend however you please, and you still retain ownership of your property.
Drawdown lifetime mortgage
A drawdown lifetime mortgage provides you with an initial lump sum, followed by cash that can be withdrawn in stages. You will only pay interest on the money released.
How Equity Release Can Change Your Life
Is there a dream holiday you've been waiting your whole life to take? You only live once, and there's no reason to deprive yourself of the fulfilment of your travel desires. By choosing the right financial option, you can make your travel dreams a reality.
Do you want to breathe some new life into your property by updating it or changing the layout? Perhaps you want to future-proof it for your retirement. Whatever your reasons for undertaking a big home improvements project, by releasing equity you could make the changes you need.
Help family and friends
Our nearest and dearest sometimes need help, and we find ourselves wishing we had the cash to be able to assist in their time of need. By unlocking some of the value of your home, you could give the financial support your loved ones need.
Clear existing debt
Would your quality of life be improved if you could just clear those lingering debts? Monthly loan and credit card repayments can be a constant burden, and equity release just might be able to liberate you from them.
Help with regular bills
Money can be in short supply in later life, but you have financial options that can enable you to get back in control. You shouldn't have to make sacrifices to get by in retirement.
Pay off an existing mortgage
The strain of making those monthly mortgage repayments can be a worrying presence when you retire. Equity release is worth exploring as a way to help alleviate those worries.
About Think Plutus Equity Release
Making a decision about whether or not to release equity from your home is not straightforward. This is why lifetime mortgages must be taken out with the support of a regulated, expert adviser. Our advisers are there to ensure you understand what's happening at every stage of the process. They will explain how every product works, and make you aware of how they might impact the financial future of yourself and your family.
Think Plutus offers specialist, expert advice on lifetime mortgages. We have access to the full market of products, and we always take the time to get to know you and all the relevant information about your circumstances. We want you to make an informed decision, so we will guide you through all the options at your disposal. If a lifetime mortgage is a good option for you, we will offer support and guidance throughout the process of releasing money from your home, giving you and your family the peace of mind that comes with being in safe hands.
Why choose Think Plutus?
With Think Plutus, there are some distinct advantages you get that ensure our advice is right for you.
Impartial, expert insight
The advisers at Think Plutus are qualified and experienced, and they are not compromised by the pursuit of the best possible commission.
A simple, no-nonsense fee
For an uncomplicated, fixed fee of £750, regardless of the size of the loan, you get the full benefit of our expert advice. Many providers will charge you a percentage of the loan, so it's difficult to predict how much it will end up costing you. A higher loan means a higher fee, even though the standard of the advice remains the same.
A whole-of-market adviser
Our expert, impartial equity release advice draws on the whole of market to zero in on the perfect lifetime mortgage for you.