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Equity release is a form of retirement lending that can grant you access to the capital you’ve built up in your property over the years.

These products can be divided into two broad categories:

  • Lifetime mortgages
  • Home reversion plans

The advisors we work with are experts in both.

Taking out equity release can provide you with essential funds for all kinds of purposes and help you live more comfortably in retirement. The wide range of articles we have on this subject can help you decide whether it’s the right option for you, and our broker-matching service can ensure you’ll end up with the right advice on retirement mortgages.

What is equity release?

Equity release is a form of retirement lending that lets homeowners over 55 access the equity in their property in the form of a loan.

It comes in two variations…

  • Lifetime mortgages: A loan secured against your property that either pays out as a lump sum, in instalments or a combination of both. Interest is accumulated over the course of the term but neither the interest or the debt needs to be paid until the end of the term, usually when the borrower dies or enters long-term care.
  • Home reversion plans: These products, for over 65s, involve selling all or part of your home to the equity release provider in exchange for a lump sum or monthly instalments. You can continue living at the property as co-owner but most reverse mortgage customers only end up receiving 20-60% of their property’s market value.

You can read more about equity release and how it works in our detailed guide detailed guide.

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How do I qualify for equity release?

The key factors when it comes to eligibility are being over 55 (or 65 for home reversion) and owning your home outright. Some lenders also have minimum property values and won’t approve an application unless your home is worth at least £75,000 on the market.

The amount that you can borrow is usually capped based on a percentage of your home’s value, with between 20% and 50% being standard. Some providers go higher than this and others lower – they will base the actual amount you qualify for on the following…

  • Your age: Older borrowers can usually borrow more
  • Your health: Those with serious health issues often qualify for higher loans
  • Your property: The lender will cap your loan based on a percentage of its market value

Making an application

Here’s how you can do it in three easy steps…

  • Make an enquiry with us and we’ll match you with an expert broker who can offer you bespoke advice and help you decide whether equity release is right for you
  • If, after a free, no-obligation chat, you choose to proceed, your broker will put a plan together based on the amount you want to borrow and all of the costs involved
  • Your equity release broker will help you prepare your initial application and search the entire market for the lender who is best positioned to offer you a good deal

FCA disclaimer

*Based on our research, the content contained in this article is accurate as of the most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms who are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs.

Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.

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