Do I qualify for Equity Release?
There are a number of criteria that you must meet in order to qualify for Equity Release. The amount of cash you can unlock from your home is also dependent on a number of different factors, and can vary between plans. Outlined below are some minimum criteria that you would be required to meet in order to qualify for an Equity Release Plan.
- Minimum age 55 years
- You must own your own home in the UK
- You must be a UK resident
- Minimum value of property is £50,000
- Property must be of standard construction and in good condition
- Minimum advance £10,000
- Maximum loan £500,000 (a higher amount may be approved on application)
Additionally, the property should have little or no mortgage. If there is an outstanding mortgage, this must be repaid with the cash that you release.
SYH Charterhouse research the entire Equity Release market to identify the plan most suitable for your needs. We also understand that Equity Release may not be right for everyone, and it is important that you are fully aware of the features and risks involved. Please visit Considerations for more information.
To find out more about your eligibility and information about the different plans available, call the team free on 0800 169 5723.
Equity Release may involve a Lifetime Mortgage or a Home Reversion plan. To understand the features and risks, please ask for a Personal Illustration.