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Equity release locations across the UK

How does equity release vary from location to location and how can I locate a local broker in my area?

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By Pete Mugleston  | Mortgage Advisor Pete has been a mortgage advisor for over 10 years, and is regularly cited in both trade and national press.

Updated: 26th June 2019* | Published: 27th February 2019

Does equity release vary depending on location?

We get lots of enquiries about what differences there are, if any, for equity release across the UK. Does equity release in Scotland differ from equity release in Northern Ireland, England or Wales? For example, a property’s location can affect its value which can influence what you can borrow for an equity release scheme.

The good news is we work with a large number of regionally-based brokers who have a wealth of local knowledge across a wide range of products. Once you’ve read through the information below, make an enquiry and we can arrange for a local broker we work with to contact you directly.

In this article we will cover:

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Am I eligible for equity release?

Every equity release provider will have their own rules regarding eligibility criteria, however, here are some of the universal guidelines that apply across the market:

  • You must be at least 55 years of age or older at the outset of your plan. For joint equity release plans, the minimum entry age applies to the youngest applicant.
  • Some lenders may accept a joint plan if one of the applicants are younger than 55 if that applicant is prepared to transfer their share of the equity in the property across to the older applicant
  • The minimum value of your property must be no lower than £70,000
  • You must own your main residence outright and this property must be based in either England, Scotland, Wales or Northern Ireland
  • In addition to your main residence in the UK you must also reside in the country for at least six months of the year

If you’d like to know more about the type of equity release plans available, take a look at our comprehensive guide.

Equity release in Scotland

The equity release market in Scotland, initially, took time to catch up with the rest of the UK. The perceived wisdom for this delay was due to close family ties and, therefore, a desire to leave as much inheritance as possible to relatives.

As a result, most people, historically, would rather opt for the main alternative to equity release and downsize their property to a smaller one. In the process they have been able to unlock large sums of money when the sale has completed rather than commit to an equity release scheme.

In recent years, more and more people are opting for equity release as a means to raise money in their retirement.

Equity release brokers in Scotland

Scotland has a separate legal system to the rest of the UK which can have an impact on property law and, therefore, how equity release schemes are administered. For example, leasehold properties have, pretty much, become a thing of the past in Scotland due to a number of changes in the law since 2004.

If your main residence is in Scotland and you’re interested in finding out more about equity release schemes, the good news is we work closely with a number of local brokers who will be able to help you.

Wherever you’re based in Scotland; Edinburgh, Glasgow, Aberdeen, Inverness or Dundee, make an enquiry with us and we will ask an advisor we work with to get in touch, they’re experts in this area and will make sure you get the right advice..

Equity release brokers in Northern Ireland

Whilst not quite to the same extent as Scotland, the legal system in Northern Ireland does have some differences to those which apply in England and Wales. This could also impact how equity release schemes are administered.

If your main residence is in Northern Ireland and you’re interested in what equity release schemes may suit your needs, whether you’re based in and around Belfast, Armagh, Derry, Lisburn or Newry, make an enquiry and we’ll ensure one of the advisors we work with, who are experts in NI property, to  get in touch.

Equity release brokers in Wales

If your main residence is in Wales and you’d like to know more about what equity release schemes are available, whether you’re based in and around Cardiff, Swansea, Newport or Wrexham, get in touch with us and we can arrange for a one of the expert advisors we work with to contact you directly.

Equity release in England

The equity release market in England is, without doubt, the most mature within the UK. Unsurprisingly, equity release is particularly buoyant in London, with property prices still on the rise. However lots of other territories across England are now seeing increasing levels of interest in equity release schemes.

Equity release brokers in England

If your main residence is in England and you’d like to find out more about what equity release schemes may suit your needs, make an enquiry with us and we can arrange for one of the expert advisors we work with to get in touch.

At OMA, we work with expert brokers who specialise in equity release, based in, or near to, the following cities and towns: Leeds, Nottingham, Derby Doncaster, Blackpool, Birmingham, Gloucester, Sheffield, Manchester, Norfolk, Bristol, Newcastle-Upon-Tyne, Oxford, Watford, Shrewsbury, Cheltenham, Chester, Reading, Bradford, Chichester, Liverpool, Milton Keynes, Bolton, Northampton, Huddersfield, Isle of Wight and Norwich.

Why you should speak to a specialised equity release broker

At Online Mortgage Advisor we can offer you a first-class service tailored to your own specific needs with access to the most experienced brokers available that can provide:

  • Holistic, whole of market, solutions
  • Excellent relationships with lenders
  • OMA accredited advisors
  • LIBF Training course

They’re also all members of the equity release council.

Speak to a equity release expert today

If you have questions and want to speak to a local expert for the right advice, call Online Mortgage Advisor today on 0800 304 7880 or make an enquiry here.

Then sit back and let us do all the hard work in finding the broker with the right expertise for your circumstances.  – We don’t charge a fee and there’s absolutely no obligation or marks on your credit rating.

Updated: 26th June 2019
OnlineMortgageAdvisor 2019 ©

FCA disclaimer

*Based on our research, the content contained in this article is accurate as of 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 info 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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