Equity Release

‘Equity Release’ is the term to cover the options for those homeowners (55 and over) to release equity from their existing UK residential property, without the need to move. The released funds can provide financial flexibility in later life. Typical purposes can be for access to additional income, home improvements, or to financially support family members. We provide in-house advice as well as accessing specialist advice to ensure optimal equity release rates. With our trusted advice, you may be able to access tax-free cash whilst preserving financial security.

Types of Equity Release

There are two main types of funding which fall under the banner of Equity Release. The most common of these being a Lifetime mortgage: this operates as a loan secured against your (UK residential) property. You retain the complete ownership of the property and continue living in it. The interest accrued can be paid or it is ‘rolled-up’ and is repaid when you die or move into long-term care.

The alternative option is a Home Reversion Plan: this is where you sell part (or all) of your (UK residential) property to a provider. You continue to live in the property rent-free for life, or until you move into long-term care.

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Eligibility for Equity Release

All Equity Release plans (Lifetime Mortgage or Home Reversion Plan) have specific criteria beyond that of a traditional mortgage. Eligibility will be determined by age, property value and health of the borrower(s). Usually, they will required to be; 55 years of age or over, own a UK residential property as their main residence (outright or with manageable and affordable mortgage payments) with a value greater than £70,000, which is in good overall condition and of standard construction. Typically, though this is client specific, based on circumstances, borrowing will be between 20 – 60% of the property value.

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Importance of Advice on Equity Release

Due to the potential impact on inheritance and estate planning, it may be that there are alternative options available before considering equity release and our specialists would highlight these ahead of recommending these products. Other option may include downsizing or a traditional mortgage, or retirement interest only (RIO) mortgage, if appropriate. They would also ensure that you are aware of and understand the long-term costs involved, and that any recommended product had the flexibility to meet your longer-term needs, such as; whether the plan needed to be portable, should you wish to move to another property, whether there are early repayment charges if you were to repay ahead of time. Whatever the scenario, our specialist Advisers would ensure that all circumstances were worked through to provide you the best advice and solution.

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Fiona B.
Ben did a very thorough job throughout the entire process and made sure every detail was carefully handled. Communication was excellent from start to finish – they kept me well informed and were always quick to respond to any questions.

Their attention to detail and professionalism really stood out, which made the whole process much smoother and less stressful. I would definitely recommend their services to anyone looking for reliable and knowledgeable mortgage advice.
Misha M.
Very grateful to Ben for the brilliant support throughout the process of securing my first mortgage! As a freelancer and a first time buyer I was really nervous but he was really patient and knowledgeable, taking time to explain the process and discussing my options and how to get myself in the strongest position. Can't recommend Evolve highly enough for anyone looking for financial services!
Brett C.
Would highly recommend. Made what should’ve been an extremely stressful time incredibly simple and straight forward. Very personable service with great communication.
Ross M.
Brilliant experience working with Ben on securing our mortgage. He worked tirelessly to get us the best deal and was always available to discuss, even though we were calling from Australia! His calm, professional, advice left us feeling very confident that we’d secured the best deal. Thanks again, Ben.
Arran M.
Ben was very helpful throughout the entire process of buy a first home, would definitely recommend
Kevin S.
I have used this company for many years now and i cant say anything bad at all about them. I have been dealing with ben and wouldnt use anyone else, he always keeps you right so you know exactly where your at and what to do. He knows his stuff and is happy to help you anytime you need. Not a long review but they are the best mortgage advisors i have dealt with would never change and highly recommend them to anyone who is buyimg or moving house.
Jamie F.
Evolve helped me and my girlfriend purchase our first home. Ben done as much as he possibly could to help us with everything he could, making the whole process run smoothly and would highly recommend to everyone.
Saffy M.
Murray has been amazing helpful in getting me my first mortgage enabling me to buy my first home. He’s also helped set me up with personal protection that works for me.
Lauren S.
We used Evolve to help us with our first mortgage. We dealt with Ben throughout the process and he was amazing, made everything so easy and helped us understand everything, advised us and was always there to answer questions and give help when needed. He went above and beyond and made a normally stressful process easy and stress-free! We would highly recommend Evolve (and have recommended to a friend already!) and would definitely use them again in the future!
George F.
I used Ben Scholefield for taking out a mortgage back in February for the purchase of my first flat and I can’t recommend him enough. Thorough and makes things simple. Thanks Ben!

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