Shopping Around for the best Equity Release Plan

There are numerous companies offering Equity Release Plans on the Internet, in the telephone directory as well as on the high street.

Whichever company you choose to apply for equity release, there will be certain criteria required. Some of the criteria being:

• Number of applicants: If the deeds to the property are in joint names it follows that the equity release plan should be in joint names
• Gender: Male or female
• Age: Usual requirement for the age of applicants is between 55-95years. The older the applicant the more equity can be released in many cases
• Current market value of property: Initially an approximate value will be satisfactory, once the applicant agrees to proceed an independent valuation is required
• Must have no or little mortgage remaining: Many companies will insist that any remaining mortgage is paid off with the equity which is released, leaving no mortgage outstanding
• Condition of property: the property must be in a good state of repair

Any suggested plans will be presented to you in the form of a "Key Facts" document, this details all the costs involved and features of the product. This document should be read carefully and fully understood before proceeding.

If you do decide to proceed you will then need to employ a solicitor. Some companies will have an 'in-store' solicitor which you may use HOWEVER, you are not obliged to do so.

Download the Equity Release PDF Guide here - see our other free PDF guides here

Guide Contents

What is Equity Release?
The Different Types of Equity Release Plans
The Different Types of Lifetime Mortgages
Shopping Around for the best Equity Release Plan
Applying for an Equity Release Plan
Frequently Asked Questions About Equity Release Plans
Where to get more help and information about Equity Release

main menu << previous page  next page >>