How to release tax-free cash to pay for home improvements | Personal Finance | Finance

Find out how much you could release

In order to release equity, the youngest homeowner must be at least 55 years of age and your home must be worth at least £70,000.

Whilst it’s true that equity release can eat into an inheritance, you can also ring-fence a portion of the equity in your property so that it’s protected. This is known as an “inheritance protection guarantee”.

As part of the UK’s No 1 equity release broker*, Age Partnership, can provide you with a free equity release quotation outlining what equity release could mean for you. You’re under no obligation to proceed with anything that is recommended to you.

Age Partnership will tell you everything you need to know about the effect on the amount of inheritance you can leave and if your entitlement to means-tested benefits could be affected now or in the future.

Only if you choose to proceed and your case completes would a typical fee of £1,795 be payable.

What’s involved?

Equity release may involve a home reversion plan or a lifetime mortgage, which is secured against your property. To understand the features and risks, ask for a personalised illustration.

Although there are no monthly repayments required with equity release, any money released, plus accrued interest, would be repaid upon death or moving into long-term care.

Source: Age Partnership data.  Reasons to release year on year. Reasons to release 2020.

* Based on the volume of plans from a panel of lenders Q1 2021 – Q3 2021

Touchstone data, no. of equity release plans 2018 – Q3 2020

Correct at time of publication. The Express Equity Release service is provided by Age Partnership Limited, 2200 Century Way, Thorpe Park, Leeds LS15 8ZB. Company registered in England and Wales No. 5265969. VAT registration number 162 9355 92. Age Partnership Limited is authorised and regulated by the Financial Conduct Authority. FCA registered number 425432 and is trading as Age Partnership. We offer a comprehensive range of equity release products from across the market.

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