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We’ll explain what equity release is and how it works, outline the considerations and answer frequently asked questions so you can decide if it could be right for you.
Equity release is a way of releasing some of the value from your home so you can enjoy tax-free cash for other things. You need to be 55 or over but don’t need to have paid off your existing mortgage and can stay in your home.
Equity release enables you to access some of the value in your home without worrying about monthly repayments. You could use the money to pay off debts, make home improvements, help a family member to buy their first home or go on holiday.
If you decide to release equity, you can do so:
The amount you can release from your property is based on your age and how much your home is worth.
To estimate how much equity is in your home, you can look at local house prices for properties similar to your own. A lifetime mortgage from Scottish Widows Bank includes a free property valuation.
The amount you release will be based on your age and property value. To find out how much equity you might be able to release, talk to a Scottish Widows Bank Later Life Lending Adviser who will assess your individual needs and circumstances and talk through your options.
If you take out a lifetime mortgage , there are upfront costs to factor in, just as with a normal mortgage. Your adviser or lender will discuss what fees may be applicable. However, with a Scottish Widows Lifetime Mortgage you receive;
Our lifetime mortgage interest rates are based on your individual circumstances such as your age and property value and how much cash you would like to release. Interest is charged on the total borrowing, which increases the amount you owe (which is known as compound interest). Our expert mortgage advisers will explain how interest is calculated and arrange a personalised illustration, which will show you your interest rate.
It normally takes around eight weeks from application to when you receive your funds. However this could be longer or shorter depending on your circumstances.