Daily Mail

The complete guide to

EQUITY RELEASE AND
LATER-LIFE MORTGAGES

BY VICTORIA BISCHOFF

Contents About this guide

01 SHOULD YOU FREE UP CASH IN This guide explains the
YOUR HOME? different lending options
02 EQUITY RELEASE: THE BASICS available to help fund your
03 WHAT TO CONSIDER retirement needs, with a
04 YOUR FAMILY particular focus on equity
05 HEALTH AND INHERITANCE release. From paying off
06 POPULAR USES OF EQUITY RELEASE debt to putting in a new
07 CHOOSING THE RIGHT PLAN kitchen, it will arm you with
08 DIFFERENT TYPES OF MORTGAGES the tools you need to make
09 TAKING A VIEW ON HOUSE PRICES an informed decision and
10 ANSWERING YOUR QUESTIONS get the right solution
11 GETTING THE BEST ADVICE for you. 
12 SHOULD YOU GET A NEW PLAN?
13 YOUR WILL AND LEGAL HELP
14 NEXT STEPS

About the author

Victoria Bischoff is one of
Britain’s most respected
financial authors. She is editor
of Money Mail and a renowned
campaigner on behalf of the
over-50s. An award-winning
journalist, she specialises
in pensions, property and
retirement planning.

© Copyright Daily Mail 2022. The information in this guide is
correct at January 2022, based on our understanding of the laws in
England and Wales. The Daily Mail and Age Partnership Limited accept
no liability for decisions taken on the sole basis of this information

and would always recommend you take personal advice.

|2 EQUITY RELEASE AND LATER-LIFE MORTGAGES

Who should read it? also read it if you are of mortgages and
concerned you will not loans on offer, or know
Anyone aged 55 or over be able to pay off your exactly what you want,
who owns a home and interest-only mortgage this guide will talk you
wants to know more about when the time comes. through everything you
how they can tap into their need to know – in simple
property wealth in retirement Whether you’re at the language.
should read this guide. early stages of exploring
You should Within this guide you
the different types will find information
about equity release,
interest-only mortgages,
retirement interest-only
mortgages and traditional
repayment mortgages.

If you have children,
it’s worth giving them
a copy of this guide,
too. It is vital your close

family understands the
financial options you are
considering and how
they work. The guide
will provide them with a
useful resource as you
go through the process.

What to do next

Whatever your needs
and priorities, this guide
is designed to help you
work out some of your
options, but it is not a
substitute for getting the
right advice. Choosing an
independent specialist
adviser is a crucial part of
the process. Think of this
guide as an overview that
will ensure you have all the
facts before you speak to
an expert. That way, when
you pick up the phone or
arrange a meeting, you’ll
have more confidence
that you are asking the
right questions.

|EQUITY RELEASE AND LATER-LIFE MORTGAGES 3

01l Should you free up
cash in your home?

I f you’re planning your retirement, According to Nationwide, average house
you’ve never had more choice prices have risen from £23,288 in 1980 to
about how to spend the money £247,535 in 2021, having more than tripled
you’ve built up in your pension fund. in the past 25 years alone.
Under rules introduced in April 2015,
savers aged over 55 can spend their It’s little wonder then, that so many are
pension pot as they wish, without having viewing the roof over their heads as a way
to take out an annuity, which pays an of boosting their finances in retirement.
income for life. Property can be as much a part of the
It means pensioners are no longer limited wealth you’ve built up over the years as a
to just one source of income and they can pension or savings. So it makes sense that
dip into their savings whenever they like. you should look to these bricks and mortar
But despite these radical reforms, it is assets when working out how to get the
still a tough time for pensioners. Many are
finding the state pension doesn’t stretch
very far. And others who retired before the
new pension freedoms were introduced
are locked into small annuities. Meanwhile,
years of record low interest rates mean it
is a real struggle to get a decent return on
your savings.
On a positive note, if you’ve owned your
home for a number of years, it’s likely to
have jumped in value.

|4 EQUITY RELEASE AND LATER-LIFE MORTGAGES

most out of your retirement, overcome having to move out. It’s a way to raise

financial difficulties, or even assist much-needed funds to help improve

loved ones. your quality of life in retirement.

If you had saved £100,000 in a pension, A rising number of people are using

you’d give yourself a pat on the back. For the loans to clear outstanding mortgages

some reason, we don’t do the same when and other debts in later life, which could

we’ve managed to build up hundreds leave them free from the worry of meeting

of thousands of pounds of equity in our monthly repayments as they get older. And

house – even though it involved paying the there are now more than 600 different

mortgage on time every Property can be as plans to choose from.
month for decades. much a part of the You may also be able
wealth you’ve built
You can feel proud of up over the years as to release cash from your
that hard work – and could a pension or savings property using a regular
benefit from it. The key is mortgage. In the wake of
finding a way to tap into the the financial crisis, many
value you’ve built up. The companies stopped

good news is that there is lending to customers over

now a range of products the age of 70. But banks

that allow those in later life have now been given the

to make use of their property wealth. From green light to offer loans to people of any

bagging a better deal for your existing age, allowing homeowners to continue

mortgage to raising money from a property borrowing into retirement.

you already own, you can make your home Some lenders also offer specialist

pay without the upheaval of moving. deals known as retirement interest-only

For example, a lifetime mortgage, the mortgages. As with a regular interest-only

most popular type of equity release plan, mortgage, the idea is that borrowers make

allows homeowners aged 55 to 95 to the monthly interest payments but do not

release cash from their homes without have to pay towards reducing the balance

of the loan.

Instead the loan is repaid when the house

is sold – either after the homeowner dies or

moves into long-term care. It’s important

to remember that with this type of deal the

monthly repayments are not optional, unlike

with equity release.

You should always think carefully before

securing any loan against your home. Your

property may be repossessed if you do not

keep up repayments on your mortgage.

Whatever option you are leaning towards,

this guide will help to answer any questions

you might have. It will also help you find the

best specialist, independent advice.

At the end, you’ll have the information

you need to be able to make the decision

that is best for you.

|EQUITY RELEASE AND LATER-LIFE MORTGAGES 5

02l Equity release:
the basics

I f you fear that your pension only you typically won’t need to make
might not meet the cost of regular repayments.
day-to-day living, or larger
cash-hungry projects, it is worth And instead of getting money to buy
considering equity release. a house – although you can do this – an
This is particularly the case for those equity release lender loans you a chunk of
approaching retirement who have money which you can spend, achieving
interest-only mortgages and think they those goals you’ve always dreamed about.
may struggle to repay the original capital
loan at the end of the term. You can choose to receive the money in
Some people use the money released the form of a single one-off cash lump sum.
to take a holiday of a lifetime or help out Or you can take an initial cash lump sum,
children and grandchildren. Many of the and then withdraw the remainder of the
younger generation struggle to get on the money in stages. There are also plans that
property ladder, or are burdened will pay you a regular income each month.
with university debts, and so those with
equity in their houses understandably If you have a mortgage already, this
want to help. doesn’t need to be a barrier. But you must
According to Age Partnership+’s latest pay this off before you do anything else with
figures, more than a quarter of people who the cash.
used equity release wanted to clear their
mortgage. The next most popular reason How much you can get from your home
was to carry out home improvements. will depend on how old you are. The older
Some people may be unsure about you are, the more you can usually release.
unlocking the cash from their home – it’s
certainly a significant financial decision to Typically, you will not need to repay
make. They fear it is too complicated, and anything until your house is eventually sold.
choosing whether – and how – to release So it should give you a sense of control and
equity can be difficult. freedom over how you live in retirement.
Certain plans have features which allow The way this works is explained in more
you to take money as and when you need detail later in the guide.
it, receive bigger sums if you have health
problems, or even ring-fence some of the To qualify for equity release you must,
value in your home to ensure there is an generally, fulfil the following criteria:
inheritance for your beneficiaries.
■ You must be aged 55 to 95.
Equity release explained ■ You must own your own home.
So how does equity release actually work? ■ Your home must be worth at least
Well, it’s a bit like an ordinary mortgage,
£70,000 and be in a good state of repair.
|6 EQUITY RELEASE AND LATER-LIFE MORTGAGES ■ You must live in the United Kingdom.
■ You must not live in a non-standard

home, such as a park home or
local-authority flats where the majority
of the block is still social housing.

03l What to consider

T he number of people choosing to Plans are flexible and, on average, equity
unlock cash from their home has release interest rates have come down
jumped in recent years. significantly over the past few years.
During the turbulent times of the past
year, 73,000 homeowners aged 55 and over You must also consider whether you
drew on their property wealth, releasing need money now, or in stages. If you have
£3.89 billion, according to industry body debts to pay, want to give some money to
the Equity Release Council. a loved one, or even want to take a holiday
But that doesn’t necessarily mean of a lifetime, then a cash lump sum may be
equity release will suit your personal what you need. Many people have seen
circumstances. their savings dwindle and need to top up
For many, the big attraction is that you can their income. In this case, an equity release
live in your property as long as you wish to. plan which allows you to generate cash
injections, may be right for you.

|EQUITY RELEASE AND LATER-LIFE MORTGAGES 7

But it’s a big, life-long commitment. So if per cent discount on your council tax bill.
you need to raise cash, you must make sure For more information on what you can claim
you have weighed up all the options before visit www.gov.uk/browse/benefits.
deciding on equity release.
You should also check you are not
So what are your options? missing any pensions or savings you have
You could sell your home and move to built up. People often lose track of their
somewhere smaller and cheaper. This can pension pots when they switch jobs, move
be a particularly attractive option when a house or change their name after getting
large family home no longer suits you or is married and there are billions of pounds
too expensive to maintain. You may prefer sitting in forgotten accounts as a result.
a property that is easier to run, with fewer
stairs and a smaller garden. For workplace pensions, contact your
former employer and for private pensions
But moving can also be expensive – there go back to the original provider. You
are estate agents’ fees, solicitors’ fees, can also use the free Pension Tracing
removal costs and stamp duty to consider. Service. Download a form online at
It means you may not be left with as much pensiontracingservice.com. You can trace
cash as you’d hoped to help fund a more
comfortable retirement.

Buyers who live in an expensive area and
want to stay nearby may struggle to find
an affordable home, while those looking at
specialist retirement housing may face
even larger costs as not only are these
properties often quite pricey, there are
other service charges too.

Many people, meanwhile, are
reluctant to give up their family home
and move away from friends and
neighbours. In this case you could
consider renting out a room to a
lodger as a way to boost your income.
Under the government so-called rent-
a-room scheme, you can earn up to
£7,500 a year from letting out part of
your main home without having to pay
any income tax.

If you need money for a new boiler
or to adapt your home for disabled
living, you may be able to get help
from your energy company or your
local authority. You should also check
you are claiming all the benefits to
which you are entitled. For example, if
you live alone you are eligible for a 25

|8 EQUITY RELEASE AND LATER-LIFE MORTGAGES

lost bank, building society and Post Office But it is not the only solution. You could

accounts through mylostaccount.org.uk switch to a repayment mortgage, for

for free, or call UK Finance (which runs the example. Your monthly repayments will

service) on 020 3934 0329. almost certainly be significantly more

If you are looking for a way to cover a than with an interest-only loan as you will

one-off, unexpected payment such as also be paying back some of the capital.

a new boiler you may want to consider But if you can afford the repayments, it

applying for a cheap personal loan would give you a chance to stay in your

or credit card instead, or ask a family home and be mortgage-free in the future.

member for help. Whatever you decide, the first thing

Interest-only mortgages you should do is talk to your mortgage
provider and explore all the options

Equity release is also being used by available. Many lenders have teams

many as a way to repay an outstanding dedicated to helping customers in just

interest-only mortgage. Many thousands this position. They may be able to give you

of homeowners are finding that the some breathing space so you have more

investments they took out time to consider your

years ago, typically so- Try not to bury possible options.
called endowment policies, your head in the It may be that you need
are falling short of their sand, as the sooner
expected returns. to combine a range of
solutions. For example,

The endowments were you begin these you may be able to use
supposed to clear the discussions, the some savings or the
balance on an interest-only more time you have tax-free cash from your
mortgage, but the shortfall to agree a strategy pension to repay part of
has left many with a chunk the mortgage. This could

of debt still outstanding open up a greater range of

when the mortgage options. Whatever you do,

term ends. Equity release try not to bury your head

can be a lifeline in providing the lump in the sand as the sooner you begin these

sum you need in these circumstances, discussions, the more time you have to

freeing up your finances later in life. agree a strategy.

|EQUITY RELEASE AND LATER-LIFE MORTGAGES 9

04 lYour family

Y ou may not have discussed completely comfortable about what you’re
inheritance with your family or doing, but relatives who only discover what
beneficiaries, but it is likely to be you have done years down the line can find
something they and you have thought about. it difficult to understand. Often, it’s simply
Talking about money can be a difficult because they feel upset at being left out of
issue for families. Many people believe it is a what is a significant financial decision – and
private matter and don’t like the feeling that wish they could have helped.
someone is prying into their affairs.
But withdrawing cash from your home Equity release advisers will, in particular,
today, or taking out a mortgage, will reduce encourage you to include your family. They
the value of any future inheritance. So it is know it can be a tricky process for all of
vital to involve your loved ones now. you and involving your family now can help
The decisions you make today are likely to to avoid misunderstandings in the future.
affect them in the future. Discussing things Besides, having a second pair of eyes
will help you make the right decision, and and ears to look over documents and ask
families are usually very supportive. questions you may not have thought of
Most will really appreciate being can be very useful indeed. A good adviser
included. They may not even realise will also encourage family or friends to
that you need the money and it could be attend appointments.
that they can help to suggest other
alternatives, or solutions. So use this guide as a starting point
Equally, they are likely to feel touched that for discussion. If you have included your
you want to include them. You might be loved ones from the beginning, you can
be confident you will make the right
decision in the end.

|10 EQUITY RELEASE AND LATER-LIFE MORTGAGES

05lHealth & inheritance

W hile the amount you can release more you could release. As an example, a
from an equity release plan 65-year-old man with high blood pressure
depends on your age and property who has recovered from cancer could
value, your health and lifestyle are also release £111,885 from the average
important factors. With some financial £247,535 home if he declared his
products, you might feel penalised if you conditions to his adviser. If he did not,
have certain health conditions; with equity he would only qualify for £102,232.
release, it can work to your advantage. You
may be able to qualify for an enhanced What about leaving an inheritance?
plan, which could see you releasing more It’s important to realise that equity release
from your property than someone of the will reduce the overall sum you can leave
same age with perfect health, or getting to your beneficiaries. In the past, this has
better terms than someone in good health. put off some people who like to know how
much their family will inherit.
At some point most of us will suffer
from ill health. You may have an existing But in recent years, pensioners who have
medical condition and many people large amounts of cash in their homes have
make lifestyle choices such as smoking. been releasing money to give as gifts to
Anything that affects your life expectancy their families.
along with serious conditions such as
cancer, diabetes, heart disease, Parkinson’s Many elderly relatives just want to see
disease and strokes mean that you can be their loved ones enjoying their inheritance.
considered for enhanced products. How much impact equity release will have
on your estate largely depends on what
So don’t hold back any of this type of plan you arrange, and how long you
information – the more open you are, the stay in your home.

Based on property value of £247,5352

41.3% ● 45.2% 1. Based on the
● best-in-market loan
Healthy LTV1 Enhanced LTV3 to value (LTV) for a
healthy 65-year-old
£102,232 £111,885 (January 2022).
2. Based on an
average house
price of £247,535
(Nationwide
Building Society
HPI 2021).
3. Based on a
65-year-old who
has high blood
pressure and
prostate cancer
(January 2022).

|EQUITY RELEASE AND LATER-LIFE MORTGAGES 11

Why not guarantee an inheritance? is suitable, and the FCA keeps a record of all
Some equity release plans allow you to approved firms.
guarantee a proportion of your home’s
future value as an inheritance. This is called A good specialist independent adviser
protected equity. With this option, you can must always discuss other options with you.
decide not to take the maximum available
to you. And if you have a dispute with your
adviser, you have the added protection of
For instance, by only taking 80 per cent the Financial Ombudsman Service. This
of the money available, you could guarantee is an independent body which can look
that at least 20 per cent of your home’s into any disputes between consumers
value, when it is sold, will go to your estate. and financial companies and award
In this example, you would also have an compensation, if appropriate.
assurance that the amount repaid to the
lender would never exceed 80 per cent Anyone looking at equity release should
of your home’s future value. And, most ensure the plan they choose comes
importantly, all Equity Release Council- with the following guarantees:
approved plans come with a guarantee that
the sum you owe when your plan comes to ■ A ‘no negative equity’ guarantee, so
an end will never be greater than the value you can never owe more than the
of your home. value of your home.

Adding on inheritance protection is likely ■ The right to remain in your home for
to increase the interest rate you are offered. as long as you choose.

Is equity release safe? ■ The freedom to move to another
The sale of equity release is fully regulated property, without financial penalty
by the Financial Conduct Authority (FCA). (subject to provider criteria).
Advisers must follow strict rules to ensure it

|12 EQUITY RELEASE AND LATER-LIFE MORTGAGES

REAL LIVES

POSED BY MODELS

Jackie, 68, from Cheshire, was looking interest-only mortgage in the past and
to relieve some financial pressure from was happy that I understood how they
herself and her family since retiring worked,’ Jackie says.
from her job as a HR manager at a
manufacturing company and ensure she ‘I initially released £55,000 as I wanted
could enjoy a comfortable retirement. to help my daughter and her partner
do the renovations they need to make
‘I had already downsized from a large their house their forever home. I also
family home when I first retired and want to update my bathroom and have
bought my current (and last) property my cataracts done privately! Having the
outright,’ she says. money in the bank takes a lot of pressure
off,’ she adds.
‘As time has gone on I’ve found
myself in the classic “house rich, cash Before going ahead with the decision,
poor” situation.’ Jackie made sure she spoke to her loved
ones first.
She had been aware of equity release
for a while, but until now it hadn’t seemed ‘I discussed the plans with my daughter.
like the right time to commit. I really wanted her to benefit from her
inheritance now rather than after I’ve
‘In recent years I didn’t think the gone. I also talked to my brother and a
plans available at the time suited my couple of friends who were extremely
circumstances. Then I started looking at supportive,’ she explains.
the lifetime mortgage plans. I’d had an

06l Popular uses
of equity release

E veryone has different goals for with a deposit for a first home or putting
the money that they release from some money towards their university
their home, but it’s yours to enjoy fees. However, giving gifts usually has
and spend. The only caveat is that, if you implications on your personal taxation, so it
have an outstanding mortgage on your is essential to take advice*.
property, you must pay this off before you
do anything else with the cash. According Clearing debts
to advisers Age Partnership+, here are some This is a popular reason for releasing cash
of the most popular uses: from your home. If you don’t clear credit
card and loan debts before you retire, you
Repay mortgage may find a big chunk of your pension is
Equity release is proving a popular way to swallowed up by monthly repayments,
tackle interest-only mortgages, on which
the original capital sum advanced, has to be 2%
repaid in full at the end of the agreed term.
13% 36%
Home improvements
The second most popular use of equity 2% 36%
release is to carry out home improvements. 6%
Rather than moving to a smaller property, 13%
many equity release customers want to
make more of their existing home and 7%
ensure it is fit for the long term. This 6%
may include capital-hungry projects
such as: new kitchens and bathrooms; 7% 12%
conservatories, loft conversions and
extensions; adaptations to make life easier, 12% 24%
such as putting in a downstairs shower
room; or landscaping to make your garden 24%
more manageable so you can enjoy it for
many years to come.

Gifts to family Repay mortgage New car
While most of us expect to leave our home
to children and grandchildren, many would Home improvements Other
also wish to see their loved ones enjoy
their inheritance ahead of our deaths. So Repay mortgage New car
they use equity release to give them the Gift Holidays
money now, often helping young relatives
Home improvements Other
Debt consolidation

Gift Holidays

D*eSbeetk cadovincesoonlitdhisaftroiomna suitably qualified specialist inheritance tax adviser

|14 EQUITY RELEASE AND LATER-LIFE MORTGAGES

interest and charges. The idea of equity Holidays
release is to free up more of your income Many people get to retirement and want to
to improve your quality of life, although you enjoy their new-found freedom – but don’t
should think carefully before securing other have the cash to fulfil life-long dreams or
debts against your home. visit relatives overseas.

New car Better lifestyle
For many people, equity release is a popular If you haven’t been able to save up a great
way to purchase a car. In some cases deal for your retirement, equity release
people have had to return their company could help ease your concerns about
car after retiring or simply want to trade how you’ll keep on top of your bills and
in an older model for something more still have enough for days out and to treat
comfortable and reliable. the grandchildren.

|EQUITY RELEASE AND LATER-LIFE MORTGAGES 15

07l Choosing
the right plan

W e have considered how equity Interest typically accrues on the lifetime
release can help you; now let’s mortgage at a fixed rate every month. This
look at how it works, and the interest is added to the loan each month
different types of plans available. and rolls up, increasing the size of the debt.
That means you’ll pay interest on a slightly
LIFETIME MORTGAGE larger sum every month as time goes on.
Most people go for this type of equity The loan plus interest is repaid when your
release plan. It now accounts for more than property is sold.
99 per cent of the plans taken out, and
there are good reasons for its popularity. This might be on your death, on the
death of a surviving partner, or if you
When you take out a lifetime mortgage, permanently leave your home to go into
a lender agrees how much you can borrow long-term care. In addition to the standard
overall. This will depend on your age and triggers for the loan being repaid, you have
health, as well as the property’s value. the option to repay the loan early; however,
early repayment charges may apply.
A 65-year-old could typically borrow
up to 41 per cent of the value of his or How much is left for your beneficiaries
her home. An 80-year-old could typically after your house is sold, and the total
borrow up to 57 per cent. debt has been repaid, will depend on
what has happened to house prices,
Unlike a regular mortgage, you don’t among other things.
have to make monthly repayments –
though more and more people are now But even if house prices tumble, with
choosing to do so, as these can help keep plans approved by the Equity Release
the cost of borrowing down. Council, you can rest assured that you will

|16 EQUITY RELEASE AND LATER-LIFE MORTGAGES

never have to repay more than the value can. Other than having enough set aside

of your home. Another real benefit of a for an emergency fund, don’t worry about

lifetime mortgage is that you will be able taking out ‘just in case’ money. That will

to live in your home and will still be the only increase your costs unnecessarily.

legal owner of it. With the income plan option you can

How to use your lifetime mortgage choose to take the income for a fixed term,
typically from ten to 25 years, and are

There is one key decision you need to usually required to take a minimum initial

make when taking out a lifetime mortgage – cash sum of around £2,500.

and that is how you would like the cash you Income withdrawals then typically start at

are releasing. £200 – so far less than the typical minimum

You can either take it all in one lump withdrawal on some drawdown options.

sum, or, after an initial, but smaller, lump The interest will be rolled up as usual.

sum, you can draw down further chunks And as with drawdown, the interest rate will

of the total loan as and when be set at the time you take the

you need it. The important income. So unlike with a lump
Currently, the most popular point is to sum, you won’t know the rate
think like this: from the start.
option is drawdown. With take what
a drawdown plan, a lender you need, not Taking a lump sum
agrees to an overall sum what you can With the cost savings and
of money you can borrow.
You can take an initial slice the flexibility you get by
(subject to a minimum taking money as drawdown,

amount), then come back it is easy to see why taking a

whenever you decide to lump sum is not as popular.

draw more. It’s not like a cash However, a larger lump

machine, though. You can’t sum may be precisely what

take a tenner here, and a tenner there. you need – particularly if you’re trying to

Usually there is a minimum sum you must pay off an interest-only mortgage. Again,

take for further withdrawals – for example, this is where getting advice from an

£2,000, which would attract the interest experienced specialist will help you make

rate applicable at that point in time – so it’s the right decision.

important to have an idea at the start and With the lump-sum option, you take an

seek impartial advice. agreed single tax-free amount. It may be

The reason so many people choose this possible to release further money, if more is

option is because it can work out cheaper available, but you may need to go through

than taking the money in one go. the application process again. Interest

You only pay interest on the cash you accrues on the lump sum immediately – but

have taken – not the total amount which is is not repaid until your property is sold.

available to you. As you take your money in one go, it

This means interest accrues on smaller means this option could work out as more

amounts of borrowing. And, of course, less expensive than taking out money slowly

interest means a saving for you and more through drawdown. Your specialist adviser

money for your estate. will take the time to calculate the financial

The important point is to think about it differences between the two.

like this: take what you need, not what you

|EQUITY RELEASE AND LATER-LIFE MORTGAGES 17

Interest payment plans remaining interest is added to your debt.
With many lifetime mortgages you are So the size of your debt will still rise each
now able to make regular payments on the year – albeit more slowly than if you didn’t
interest that accrues over the lifetime of pay any interest at all. As before, any unpaid
the loan. This is effectively a way of interest will need to be repaid when the
ensuring that the debt doesn’t increase as property is sold.
much over the lifetime of the mortgage,
and can be another way to protect your Voluntary partial repayments
loved ones’ inheritance. Most equity release plans now also offer
the option of making voluntary, ad-hoc
Of course, it only works if your budget repayments of up to 15 per cent of the initial
allows you to make regular monthly amount you’ve borrowed each year. With
payments of interest, and you will need some plans, repayments could be as high
to consider how much you can afford to as 40 per cent if you wish. This becomes
spend every month before deciding if this a very useful option if, for example, you
type of mortgage is right for you. There receive a windfall from an inheritance.
is also the option to revert to a standard
plan, so the interest rolls up if your Paying off some of the debt means
circumstances change – for example, if you you reduce the size of the loan on which
can no longer make the interest payments, interest is charged – and that means a
or simply don’t want to any more. lower monthly accrual of interest.

One option for people who choose Some lenders allow voluntary payments
interest payment plans is to repay part of of as little as £50, which, if frequently
the interest every month. repeated, can help reduce the debt.

For example, you might decide paying Penalties
100 per cent of the interest is going to be There is no penalty if your equity release
a stretch, so instead decide that paying 50 loan is repaid after you die or go into care
per cent is a more manageable monthly (or after the second person dies or goes
sum. Monthly payments are subject to a into care if you are a couple).
minimum. This means that every month the

|18 EQUITY RELEASE AND LATER-LIFE MORTGAGES

But if you haven’t chosen a flexible plan three-year window where you can repay the
and want to repay your debt before either loan penalty-free if the first person passes
of these occurrences, you may well have to away or goes into care to allow the surviving
pay a costly early exit fee. partner to downsize or move in with family.

With many older plans, the fees can be Home reversion
complicated and vary depending on the These plans operate in a completely
performance of long-term government different way to the lifetime mortgages that
bonds called gilts. They could be anything we have just been considering.
up to 25 per cent of the loan owed.
With a reversion plan, you sell all or part
However, modern plans tend to charge of your home to a company in exchange for
set fees, with penalties usually limited to a a cash lump sum.
maximum of ten per cent of the debt. These
fees then usually reduce over time. Essentially, the ownership of some or
all of the property ‘reverts’ to the equity
Downsizing protection release provider. Again, the older you are,
Another new feature recently introduced the more you will be able to release with a
on some plans is called ‘downsizing reversion plan. You won’t get the full current
protection’. This has proved popular market value of your house, because, as
because it means that if, for any reason, part of the exchange, the equity release
you need to move to a smaller home, you provider is giving you the right to remain in
can pay the loan back early without penalty your home rent free.
if the new property isn’t acceptable to the
lender. If acceptable, you can take the loan They’ll grant you a lifetime lease for your
to the new property. property, so you will be able to live in your
home as long as you wish. You may want to
The added flexibility gives you the peace retain ownership of some of the house to
of mind that, should your circumstances pass on to a loved one. When you die or go
change for health or family reasons, you’ll into care, the equity release provider gets
be able to adjust your housing plans its share of the property, based on the sale
accordingly. Some lenders also offer a price. So, say, for example, you sold half of
your house to the equity release provider,
the proceeds of the sale would be split
50:50 between the equity release provider
and your estate.

One appeal of home reversion is that you
know exactly what proportion of your home
is yours. If the house doubles in value, so
will your share.

But one disadvantage is that by going
down this route you are also giving up a
share of this house price growth.

These deals can be hard to reverse, as
you are selling part of your house.

A further point to consider is that, if
you pass away soon after taking out the
plan, you will have effectively sold your
home cheaply.

|EQUITY RELEASE AND LATER-LIFE MORTGAGES 19

08l Different types
of mortgages

F rom defusing an interest-only repayment mortgages are typically more
ticking time bomb to securing expensive on a monthly basis. But by
your future in your family home, being able to borrow later into life

there are many reasons you might want a customers are now able to spread the

mortgage in later life. And there is a lot to cost of their mortgage over longer terms,

consider when choosing a deal to suit you. making monthly repayments much

Here we talk you through the basics of more affordable.

what you need to know about the types of So if you can afford the higher monthly

mortgages on offer. The one you end up repayments now, it could save you a serious

choosing will depend on sum in the long run and help

your circumstances and ease concerns about housing

priorities both now and There is more costs in retirement, when your
in the future. Remember, to picking a income is likely to be lower.
there is more to picking a mortgage than
mortgage than just opting To qualify for this type
of mortgage, you will need

for whichever appears just opting for to meet strict affordability
cheapest now. whichever criteria and prove you can
appears the afford the loan repayments
1. Capital repayment cheapest now throughout the full
mortgages mortgage term. This

If your dream is one day to means showing proof of

be mortgage-free and leave any savings, property wealth,

the maximum amount of inheritance for pension income and so on. Each lender

your loved ones, you may want to consider sets its own age limits and will take into

a traditional repayment mortgage. consideration how old you are when you

As well as repaying the interest on your take out the new mortgage and your age

loan each month, you also chip away at the when the mortgage term ends.

original loan which increases the amount 2. Interest-only mortgages
of equity you own. Consequently, when the

mortgage term ends, the capital will be fully Interest-only mortgages are cheaper than

repaid, there will be no more interest to pay repayment loans because, as the name

and you will own the property outright. suggests, you only repay the interest each

In the past many banks and building month. This means you will need to have a

societies have refused to lend to older plan in place to clear the original loan when

borrowers but this has gradually changed, the mortgage term ends.

with providers increasing their upper age This type of loan can be useful if you want

limits to cater for those in their seventies, to keep your monthly outgoings as low as

eighties and even nineties. possible. But many borrowers have fallen

It is important to remember that into trouble in the past as they have reached

|20 EQUITY RELEASE AND LATER-LIFE MORTGAGES

the end of the mortgage term It is important repaying the debt at the end
only to discover they have no to continually of the mortgage term, it is
way of repaying the debt. review your deal usually only paid off when
you die, move into care or
And while interest-only

mortgages were very popular sell the house.

before the Credit Crunch, Retirement interest-only

lenders are far stricter now loans, or RIO mortgages as

about who they will approve for these loans. they are often called, are useful if you want

So you will need to be able to meet rigorous to keep your monthly outgoings low. You will

affordability checks. Some lenders no still need to prove you can afford the monthly

longer offer interest-only mortgages at all. interest repayments and meet the usual

Just as with a traditional mortgage, if you affordability checks. But you will not need

fail to meet your monthly repayments, you to demonstrate an ability to clear the debt at

will be at risk of repossession. And if you do the end of a set term, which may provide you

not have a solid repayment plan to clear the with greater confidence you will be able to

mortgage or your investments do not remain in your home.

perform as you had hoped, However, they can be difficult to qualify

you could have to sell the for if you’re applying with your spouse.

house in the future. If you Repayments are modelled over a couple’s

do find yourself in this lifetime, so this means either of you must be

situation, it is important able to afford the repayments if the other

to address any concerns dies and your income drops significantly as

as early as possible. If a result.

not you could Regardless, RIO loans are an increasingly

find yourself popular alternative to equity release because

worrying the interest does not roll up each month,

about rental eating into the value of your property. This

costs in means you are more likely to have something

your eighties to pass on as an inheritance or pay for long-

or nineties term care. The interest rates can also be

because you do not cheaper than with equity release.

have enough equity in Think carefully before securing debts

your home to downsize. against your property. Your property may

3. Retirement be repossessed if you do not keep up
interest-only repayments on your mortgage.
mortgages
Keep on track

This type of loan Whatever type of mortgage you end up

is very similar to a choosing, it is important to review your deal

standard interest- regularly. Be it switching to a better rate or

only mortgage as moving to a different loan following a change

you only repay the in circumstances, it’s important to ensure

interest on the loan your mortgage is helping you achieve what

each month. is important to you. A mortgage broker can

However, help you keep track of which lenders offer

rather than then the best deals for you.

|EQUITY RELEASE AND LATER-LIFE MORTGAGES 21

09l Taking a view
on house prices

Y ou really need to consider the even after the loan is repaid. If they don’t,
impact of house prices and how then you might have to prepare your family
changes may affect any inheritance for the fact that they will have little or
you want to be passed on. no inheritance.
In the past, property values have
climbed steeply. This is why you need to ensure you
The average price of a UK property seek specialist advice and take out a
in 1978 was £16,823, according to the plan only through a company that carries
Nationwide House Price Index. By 1988 certain guarantees.
it had passed the £50,000 mark. By the
middle of 2002 it had doubled again, If you are worried about house prices,
reaching an average of £247,535 by 2021. there are steps you can take to cover the
However, that doesn’t mean it is going to risk of a fall. You can find out more about
be one-way traffic in future. these guarantees on page 26.
You need to have a view on what you
think might happen in the coming years The example shown below assumes an
– and understand how this will affect the annual fixed interest rate of 3.95 per cent.
inheritance you may want to leave.
If prices do increase, you may build up Please note that these are only examples
more equity to leave your loved ones, and the value of your house could go down
or not increase at the same rate. Lifetime
mortgage release and property value
are based on average values of an Age
Partnership+ customer in 2021.

Here is an example of how a lifetime mortgage works

Lifetime 15 YEARS Lifetime
mortgage LATER mortgage
Annual plus interest
release house £146,615
£82,000 price House price
House price inflation £287,380
£247,535 of 1%
Equity
Equity £140,765
£165,535

|22 EQUITY RELEASE AND LATER-LIFE MORTGAGES

10l Answering
your questions

Will I still own my home? provider. With repayment and interest-
Yes – if you take out a lifetime mortgage. only mortgages you can move at any
But with a home reversion plan, the time as long as you have enough equity
reversion company will own all or part in your home to clear the debt and can
of your home, although you can live in find a buyer.
the property for the rest of your life. If
you have a repayment or interest-only Can I take equity release if I already
mortgage, you own whatever share of have a mortgage?
equity you have built up in the property. Usually, yes. However, you will have to
pay off the mortgage and the money
Will I be able to move house? released can be used to do this.
Equity release can be transferred to a
new home, as long as the new property Can I use equity release to help
provides acceptable security for the purchase another property?
plan. Some equity release plans now Yes, as with any other mortgage, you can
offer downsizing protection, meaning use the money to help purchase another
you can move to a smaller home and property, you could even release equity
pay off the loan without penalty if from the new property that you are
the property is not acceptable to the moving into.

|EQUITY RELEASE AND LATER-LIFE MORTGAGES 23

How much money can I borrow? outstanding mortgage amount from the
This is going to depend on your age, how value of the property, with the remainder
much your home is worth, and your health passing to your estate.
and lifestyle. On top of this, it will depend
on how much of your home you are willing What happens if I need to go into
to sell or mortgage. Some companies long-term care?
also have different rules. An independent If you have an equity release or retirement
specialist adviser will be able to look at interest-only plan in joint names, your
every company and find the best deal partner can remain living in the home for as
for you. long as he or she likes. If you are widowed
or single, your home would be sold and
Is borrowing in later life safe? the sale proceeds would be used to pay
Mortgage and equity release advice is the equity release company. If you have
fully regulated by the Financial Conduct a repayment or interest-only mortgage,
Authority (FCA), ensuring all advisers follow you and your family would need to make a
strict rules and guidelines, with the FCA decision about what to do with your home.
keeping a record of all approved firms.
Can I guarantee what inheritance
Will I have to make I will leave?
monthly repayments? Yes. With a reversion plan you know
It depends on the type of loan you opt precisely what percentage of the sale price
for. Typically, the interest on a lifetime of your home your estate will get. With
mortgage rolls up every month. But there some lifetime mortgages, you can also
are also many newer deals that allow you protect some of the future value in your
to pay some of the interest each month, home to ensure that your estate is left with
so the debt grows more slowly. The loan a certain percentage of the sale proceeds
plus interest is then repaid when your of your home (see page 12). With repayment
house is sold on death, or if you go into and interest-only mortgages, where you
long-term care. With traditional repayment clear the debt by the end of the term, the
mortgages you will pay the interest and a hope is that you own your home outright by
slice of the original loan each month. With the time you die so your loved ones would
an interest-only loan you will only need to get the full value of the property at the time.
pay the interest each month.
Will my benefits be affected?
What happens when I die? Possibly. This is why it is important
Your house is sold and the lender takes any to consult an independent specialist
money it is owed from the proceeds. adviser who will take this into consideration
(see below).
With equity release, this will be the
amount originally borrowed, plus any Do I need to take advice?
interest which has accrued. If you have a Yes. This is a huge financial decision,
reversion plan, the reversion company will which will affect not only you, but your
sell the property, take its percentage and beneficiaries. It is important to have an
pass the rest to your estate. independent specialist adviser. The next
chapter will help you decide how to go
With repayment and interest-only about this.
loans, the provider has already received
its interest so it should only deduct the

|24 EQUITY RELEASE AND LATER-LIFE MORTGAGES

YOUR BENEFITS STATE HELP CAN INCLUDE:

If you use your equity release Extra income
funds for anything deemed ‘essential’ It may be that you are entitled to
by the Government, your means- Pension Credit. If you have a disability,
tested benefits typically should not care needs or extra housing costs,
be affected. However, raising cash you may also be able to apply. Those
from your home for other reasons can aged over 65 may also be able to claim
affect your means-tested benefits. Savings Credit.

A good advisor will know this, Council tax reduction
and help you decide whether the People on low incomes and with
money raised from equity release or a little or no savings might be able to
mortgage will offset any possible loss get help with council tax from their
of means-tested benefits or help from local authority.
a local council.
Help for home improvements
Before you proceed, you can call There are a range of grants and low-
the benefits agency and get an instant cost loans that help with maintenance
verdict on whether your benefits will and improvements your home may
be affected by your plans. require – particularly if you need to
have it adapted in some way. Energy
A specialist advisor should be able
to check whether there companies and local councils may
are other ways to also offer help with insulation
increase your income and fuel costs.
by claiming extra state
help and support to Care needs
which you are entitled. If you need help at home
with care or mobility needs,
A good advisor can a local authority will look at
check other ways to the amount of savings you
increase income have when assessing what it will
provide and how much you should
pay. This is a very complicated area.
The value of your home is currently
disregarded while you live there.

|EQUITY RELEASE AND LATER-LIFE MORTGAGES 25

11l Getting the best advice

I f by now you have chosen a type of a particular lender, which is why experts
mortgage you would like to explore typically recommend them.
further and you want to progress to
the next step, it’s important to find a good You will usually have to pay a fee for
specialist independent adviser. specialist advice, but only if you proceed
With equity release this is particularly with the plan.
important because it is likely to be one of the
most significant financial decisions you will Don’t be put off by this, as it could end up
make in your life, and can be difficult and/or saving your estate thousands of pounds if
costly to reverse. the adviser recommends the right product
Getting specialist advice before you for you.
progress is the only way to be certain you
have investigated every possible option. And Some things you might want to ask the
as we have seen, not all plans are the same. adviser are: how much of their business
involves advising on equity release? What
So, how do you find a good adviser? qualifications do they have? How long has
It can be daunting, but the crucial thing to the firm been trading? Can they provide
remember is that when you see an adviser advice on the full range of later-life lending
you are under no obligation to proceed. So products, not just equity release?
it follows that there is no harm in finding out
what it could offer you. And they should welcome your

There are three types of advisers. One
type is the tied adviser, which means he or
she can only sell the plans that are on offer
from one provider – usually a big insurance
company or mortgage provider.

Then there are multi-tied
advisers. They can sell plans
from a range of
providers, but not
from the whole
market.

The third type is
an independent adviser.
These are considered the
gold standard of advisers, as they are
not restricted in their choices. They have
a duty to search across the market and to
find which plan – if any – is right for your
particular personal circumstances. It means
you do not risk missing out on a top deal
just because your adviser doesn’t work with

|26 EQUITY RELEASE AND LATER-LIFE MORTGAGES

questions. Remember, if you have any Other lenders will offer you a free house
queries or don’t understand something you valuation, which may be worth hundreds
are being told, just ask. of pounds. But extras such as these can
sometimes mean paying a slightly higher
For equity release, the key professional interest rate. So they’re not really free at all.
qualifications you should look for are a
Chartered Insurance Institute Certificate If there’s very little prospect of you
in Equity Release, or the IFS School of coming into money to repay the loan, a
Finance Certificate in Regulated Equity deal that offers known early repayment
Release (now called LIBF). charges might not be worth it. That free
survey might work out very expensive
Watch out for red herrings over the long term if the monthly costs
An adviser will also be able to point out are higher, too. By the same token, the
where a seemingly attractive deal isn’t cheapest rate might look appealing, but
actually the right one for you. would come with none of these extras.

For example, you’ll find each equity When you consider what extra you get
release plan offers something slightly with a plan, think: is it a nice-to-have, or a
different. You could get a deal with a very need-to-have?
low penalty for repaying the money early.
An adviser will help you figure this out.
The role of a specialist is to find exactly
the right deal for you – and do the sums,
so you can make an informed decision
together about which is best.

Ask the adviser whether they are
members of a trade body, such as the
Equity Release Council. This is a good sign.

Whatever the status of the adviser you
choose, they must tell you what type of
adviser they are, and how you pay for
their services.

A good adviser will also ask you
whether you have discussed your lending
choice with your family, and welcome
them along to meetings.

You should also have all costs
explained to you in pounds and pence,
not percentages, so that you can

understand them. For peace of
mind, it is sensible to ask
how their commission
system works.
For example, if
an adviser is paid a
much higher

commission for selling a
certain type of product, could that
bias their recommendation?

|EQUITY RELEASE AND LATER-LIFE MORTGAGES 27

12l Should you
get a new plan?

I nterest rates move up and down There may
depending on what happens in be a far
the economy, so it’s important you cheaper plan
don’t just take out a mortgage and then available,
forget about it. either with
With repayment and interest-only your existing
mortgages you can typically choose lender or
between a fixed and variable deal. If you elsewhere,
opt for a fixed interest rate, ensure you which could
keep track of when the deal ends as you will save you a
then usually be moved onto what is known serious sum
as your provider’s standard variable rate,
which is in almost all cases more expensive. Most equity release plans have early
At this point you should shop around. repayment charges, which means that
There may be a far cheaper deal available there will be a cost to move to a new deal.
either with your existing lender or However, even though this is the case,
elsewhere which could save you a serious homeowners could still end up much
sum. The rate you pay will vary depending better off by switching and save their
on how much equity you have in your estate thousands of pounds over the
property. A mortgage broker can help you term of the mortgage. So once you have
compare deals. had your plan for longer than 12 months,
Once you’ve withdrawn money on an ask for a free plan review.
equity release deal, the interest rate you
pay on that lump of cash is typically fixed The sums are complicated, so it is
for the lifetime of the loan. Some retirement important to speak to a specialist to find out
interest-only lenders also offer rates fixed whether it would be worthwhile. Essentially,
for life. it involves making the same calculations as
But that doesn’t mean you cannot switch when you first took out an equity release
to a completely new deal later down the loan. A specialist adviser will have to look
line to get a cheaper rate on any money at your age, health and the current value of
you have already borrowed. Just as with the home.
ordinary mortgages, the rates on lifetime
mortgages go up and down, depending
on what happens in the economy. And
in recent years interest rates for lifetime
mortgages have been falling. It means
many existing equity release customers
could make significant savings by switching
to a new deal.

|28 EQUITY RELEASE AND LATER-LIFE MORTGAGES

It will be like taking out equity release compares all the options to ensure you are
all over again, only this time you need on the one most suitable for you. Crucially,
it to cover the money you have already if the sums don’t add up, a good adviser
borrowed, plus any early repayment will caution against getting a new deal.
charges. There may also be upfront costs
to pay, as there were when the plan was Switching won’t be right for everyone
initially arranged. and how much you can save will depend
on your individual circumstances. Some
You may also want to consider updating borrowers, for example, may not be able
your equity release plan to take advantage to renew their plan if they only have a
of the better features on newer deals, such small amount of equity in their home. Or
as the option to make ad-hoc voluntary the repayment fees could be too high to
partial repayments or downsize to a smaller make it worthwhile. But it is always worth
home without penalty. You will need to contacting your adviser to find out.
weigh up whether these new features are
important to you and work out whether Even if switching isn’t possible now, it
you will save money overall. could be in the future, so make a note in
your diary to try again in a year’s time. As
With more than 600 different plans with anything, it always pays to keep on top
available, it’s important your adviser of your finances and regularly shop around.

|EQUITY RELEASE AND LATER-LIFE MORTGAGES 29

REAL LIVES

POSED BY MODEL

Joan and John White, both aged 68, plan. It was no hassle at all, our adviser at
originally released £30,000 of equity from Age Partnership did all of the work for us.
their home in 2017 with Aviva on a rate of
6.45 per cent. ‘We had tried to switch rates in the past
but the time wasn’t right because of the
But in March this year they discovered early repayment charges we had to pay.
they could get a much cheaper rate of But we just checked on it every year and
3.04 per cent by switching to Legal & with rates dropping so substantially it
General. And they now stand to save a meant that, even with the early repayment
significant £68,000 over their lifetime – charges, we were able to save over
even after paying an early exit fee on £68,000.
their existing plan.
‘We’re delighted with the saving, it’s
Mrs White said: ‘I can’t believe how a huge sum of money that would have
simple it was to review our equity release otherwise been swallowed up in interest.’

13l Your Will
and legal help

A s you are making a big financial also make sure no one is overlooked or
decision that will affect what forgotten. You can nominate who benefits
inheritance you leave, you’ll from the remaining value of your home
also need legal advice. A specialist and you can appoint executors to manage
adviser should be able to suggest your affairs.
someone. If you are opting for equity
release it is best to request someone If you don’t make a Will and die intestate,
who is an expert in this area. it could cause problems.
The Law Society can also provide you
with the names of specialists. For those who have already made a
And as you are looking at your Will, it may need updating. This could
inheritance plans, it makes sense to think particularly prove the case if your
about your Will. personal circumstances have changed
Many people fail to write a Will, even in recent years.
though it costs relatively little to set
one up. Making financial decisions
If you haven’t made one already, it is As you are considering options for your
absolutely vital to do so now. It is the only financial future, you should also think
way of making your wishes clear. It will about drawing up a lasting power of
attorney (LPA).

This is a legal agreement which ensures
that those you trust the most can make
decisions on your behalf about your
finances, property, health and general
welfare when you are no longer able to.

An LPA is particularly important if you
choose a drawdown lifetime mortgage,
which allows you to take money in stages
over the years.

If you are a couple, both partners need
to give consent for extra withdrawals, so
an LPA is essential if someone falls ill.

Without an LPA, decisions about your
finances and your health and welfare
will be made by the Court of Protection,
which will decide who can act for you and
in what capacity.

You need to be mentally capable to set
up an LPA. Even if you don’t think you will
need one, arranging one now will give you
peace of mind.

|EQUITY RELEASE AND LATER-LIFE MORTGAGES 31

14l Next steps

Y ou should now have a clear picture nothing to have an initial face-to-face chat.
of all your later life lending options Meeting with an adviser allows them to
and if you are interested in a plan,
be it equity release or a retirement interest- identify your requirements.
only mortgage. Also, think about writing, or rewriting
The next thing you should do is discuss
your plans with your family. They may not your will, and give some consideration
have realised you wanted or needed the to setting up a lasting power of attorney.
money, and it could be a relief to sit down Once again, your family will appreciate
and talk about it. being involved.
And then think about finding an
independent specialist adviser to get Whether you decide to go ahead or
a second opinion – it should cost you not, you can be confident you have taken
everything into consideration. And then
you can get on with the important task of
making the most of your retirement.

|32 EQUITY RELEASE AND LATER-LIFE MORTGAGES

|EQUITY RELEASE AND LATER-LIFE MORTGAGES 33

Release tax-free money CALL
from your home NOW FOR MORE
INFORMATION
If you're a homeowner aged 55 or over,
you could release tax-free money tied 0808
up in your home through the Mail Finance 239 0664
equity release service. You could get
access to honest, independent advice,
a fast, friendly service and exclusive
plans from the whole of the market.

l Equity release may involve a home reversion plan or
lifetime mortgage which is secured against your home.
The equity released, plus accrued interest, is repaid
upon death or when you move into long-term care.
It requires you to pay off any outstanding mortgage.

l Equity release will affect the amount of inheritance
you can leave and may affect your entitlement
to means-tested benefits now or in the future.
You should always think carefully before securing
a loan against your home. To understand the
features and risks of this type of plan, ask for
a personalised illustration.

l Initial advice is provided for free and without any
obligation to go ahead with a plan. Only if you choose
to proceed and your case completes would a typical
fee of £1,995 be payable.

Our customer promise

Through our service, you could get access to:

✔ Impartial and independent advice
✔ Free quotations provided, without any obligation to proceed
✔ Your own, dedicated advisor to help you along the way
✔ Appointments available over the phone or in the comfort

o f your own home, whichever you prefer

✔ Access to exclusive plans from leading lenders
✔ Whole-of-market comparison to find a suitable plan for your needs

|34 EQUITY RELEASE AND LATER-LIFE MORTGAGES

“Equity release You could
has made our benefit from:

retirement more TAX-FREE LUMP SUM
financially
secure” STAY IN THE
HOME YOU LOVE

NO MONTHLY
REPAYMENTS REQUIRED

Mail Finance Services Limited is
part of the Daily Mail and General
Trust plc group of companies and
an appointed representative of
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 Plus.​

For more information on how much
tax-free cash you could release, freephone

0808 239 0664

|EQUITY RELEASE AND LATER-LIFE MORTGAGES 35

For more information on equity release,
freephone 0808 239 0664
For more information on mortgages,
freephone 0808 239 4721

For more information on retirement planning,
freephone 0808 239 3590