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You can use it for almost anything, including home improvements, gifts to family, travel, or consolidating debts.

Yes, with a lifetime mortgage—the most popular type of equity release—you retain full ownership.

Equity release is a regulated solution in the UK. All providers we work with are FCA-accredited, ensuring your financial safety.

Fixed-rate equity release plans generally cost more than variable-rate plans, especially in the early years. The interest rate is locked in for the duration of the plan, offering security, but this certainty can come at a higher price. The rates tend to be higher than those on variable-rate plans, where the interest rate can fluctuate depending on market conditions. However, the trade-off is that with a fixed rate, your payments won’t rise, giving you peace of mind over the term of the loan.

No, equity release interest rates are not always fixed. There are two main types of interest rates available: fixed and variable. With a fixed-rate plan, the interest rate stays the same for the entire duration of the loan. In a variable-rate plan, the interest rate can change over time, typically linked to an index such as the Bank of England base rate. Variable-rate plans might offer lower initial rates, but the cost can increase if the interest rate rises.

The equity release interest rates typically starts from around 6%, depending on various factors like the type of plan, the lender, and the borrower’s age. Generally, older borrowers can access lower rates. The rate you are offered may also depend on the amount you wish to release and the value of your home.

Several factors can influence the interest rate on equity release: Age of the borrower: Older borrowers may receive more favorable rates, as they are expected to have a shorter life expectancy. Type of plan: Fixed-rate plans tend to have higher interest rates than variable-rate plans, which may be influenced by market conditions. Lender: Different lenders offer different rates based on their business strategies, costs, and risk assessments. Loan amount and property value: Larger loan amounts or properties in high-demand areas may attract different rates. Economic conditions: General interest rates in the economy and inflation levels can also affect the rate of equity release.

If you have a fixed-rate equity release plan, you do not need to renew the interest rate; it is locked in for the duration of the loan. However, for variable-rate plans, the interest rate is subject to change and typically follows fluctuations in the market. If your plan has a variable rate, you may have to accept higher rates if the market rate increases. You won’t need to “renew” the rate, but you could refinance your plan if you wish to change the terms.

Yes, many equity release plans allow you to make monthly interest payments if you choose to do so. This is known as a "repayment" option, where you pay off the interest monthly to prevent it from accumulating. However, many equity release plans are designed with a "no monthly payments" option, where the interest is added to the loan and compounds over time, meaning the debt grows until it is repaid when the home is sold. The option to make payments on the interest depends on the specific terms of your plan.

Some plans allow partial repayments, but terms vary. This can reduce the loan’s overall cost.

Every situation is unique. Speak with an advisor to discuss your needs and determine if it’s the right fit.