Equity Release FAQs

Most equity release plans require the youngest applicant to be at least 55. Some lenders set a minimum of 60 or 65, particularly for certain plan types. The older you are, the more you can typically borrow. We will tell you exactly what is available for your age and circumstances.

It depends on your age, your property value and the lender. As a general guide, younger applicants in their mid-50s might release 20 to 25% of their property's value, while older applicants can often release 50% or more. We will give you a personalised figure based on your situation before you commit to anything. Find out more about how equity release works

Yes. With a lifetime mortgage, which is the most common type of equity release, you retain full ownership of your property. You have the legal right to remain in your home for the rest of your life or until you move into long-term care.

In most cases, yes. Plans regulated by the Equity Release Council include a guaranteed right to transfer your plan to a suitable new property. The new property needs to meet the lender's criteria. If you downsize to a lower-value property, you may need to repay part of the loan. Read more about equity release safeguards

The loan is repaid from the sale of your property. Your estate or executors arrange the sale and the lender is repaid from the proceeds. Any remaining equity passes to your beneficiaries. Lenders typically allow 12 months for the property to be sold after the plan ends.

This depends on your property value at the time, the size of the loan plus rolled-up interest, and how long the plan has been running. Many clients use drawdown plans, inheritance-protection plans or make voluntary interest payments to protect a portion of their estate. We will show you projections so you can see the impact clearly before you decide. Read more about equity release and inheritance.

All plans approved by the Equity Release Council include a no negative equity guarantee. This means you will never owe more than your home is worth, regardless of how long the plan runs or how property values change. Your estate cannot be left with a debt. Read more about equity release safeguards and protections.

Yes. Many modern lifetime mortgages allow you to make voluntary interest payments, which stops the balance from rolling up. Some plans also allow capital repayments up to a set limit each year without incurring early repayment charges. We will identify plans that give you this flexibility if it matters to you.

It can do. Releasing a lump sum may affect means-tested benefits such as Pension Credit, Council Tax Reduction or Universal Credit, as it could push your savings above the threshold. Taking funds via a drawdown facility rather than a single lump sum can sometimes help manage this. We will flag any benefit implications as part of our advice. Read our guide to equity release and benefits.

Yes. Independent legal advice is a requirement for all equity release plans. Your solicitor acts solely for you, not the lender. We can recommend solicitors experienced in equity release if you do not have one.

Typically eight to twelve weeks from initial advice to receiving your funds. The main variables are how quickly valuations and legal work can be completed. We will keep you updated throughout and chase on your behalf where needed. Read our full guide to equity release timescales.

If your plan is in joint names, nothing changes. The surviving partner retains the right to stay in the property and the plan continues under the same terms. The loan is only repaid when the surviving partner dies or moves into long-term care.

Yes, but early repayment charges usually apply if you repay within the first few years. The charges vary by lender and plan. Some plans offer more flexibility than others, including fixed early repayment charge periods after which you can repay without penalty. We will explain the early repayment terms of any plan we recommend before you proceed.

Yes. Equity release in the UK is regulated by the Financial Conduct Authority. Aspect Mortgages is FCA-regulated and a member of the Equity Release Council, which sets additional standards of practice above the regulatory minimum.

Our advice fee is £1,495, which covers the full advice and recommendation process. There are also lender and legal costs to factor in, which we will outline clearly at the outset so you know the full picture before you proceed.

With a standard mortgage you make monthly repayments throughout the term. With a lifetime mortgage there are typically no mandatory monthly repayments. Instead, interest rolls up and is added to the loan, which is repaid when the plan ends. Some plans do allow voluntary repayments if you prefer to manage the balance. Read our plain English guide to equity release.

Yes. A drawdown lifetime mortgage lets you release an initial amount and draw further funds as and when you need them. Interest only accrues on the money you have actually taken, which can be more cost-effective than releasing everything upfront.

You can still apply for equity release, but any existing mortgage must usually be repaid from the funds released. We will check whether your property has sufficient equity to cover both the outstanding mortgage and the amount you are looking to release.