Equity Release

An equity release mortgage allows you to take the equity out of your property without the need to sell it. There is an eligibility test attached to these mortgages and typically you need to be a UK homeowner aged between 55 and 95.

Equity release mortgages are regulated by the Financial Conduct Authority and specialist advice is key. You should ensure that you have been advised thoroughly about the pros and cons of going down this route before proceeding.

Generally speaking, the mortgage will be secured against your property and you will receive the advance in one lump sum. There will be no monthly repayments but you should be aware that instead, interest will accrue over the term and become payable on your death when the property is sold.

It is therefore imperative that you are properly advised to ensure your needs and those of your family are being met. Taking out this type of mortgage may affect your eligibility for certain means tested state benefits, and will invariably reduce the value of your estate which you may wish to leave to your family in your will.

By instructing Sintons you can be confident that we will handle your matter diligently, providing you with all the information you need to understand the process from start to finish.

If you require any further information please feel free to contact us.