Equity release in the UK refers to a financial arrangement that enables homeowners, typically those aged 55 and older, to unlock a portion of the value tied up in their property. This allows individuals to access tax-free funds, either as a lump sum or in installments, without having to sell their home.

The borrowed amount, along with accrued interest, is typically repaid when the homeowner passes away or moves into long-term care, with the repayment sourced from the sale of the property, however there are options to make voluntary repayments on an adhoc basis to reduce the amount that is owed at the end. Equity release serves as a flexible financial tool, offering older individuals the opportunity to enhance their retirement lifestyle or address specific financial needs while retaining the right to live in their home.

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Important note on Equity Release: This is a lifetime mortgage. To understand the features and risks, please ask for a personalised illustration. Check that this mortgage will meet your needs if you want to move or sell your home or you want your family to inherit it. If you are in any doubt, seek independent advice.