equity release explained

Considering Equity Release? Are you:

A UK Homeowner?
Is your property worth more than £60,000?
Aged over 55?
Keen to stay in your own home?
Looking to unlock tax free money?
Planning a comfortable retirement?

Then Equity Release could be the way of release money from your home without you having to leave it or downsize. You could spend it on home improvements, helping the family, funding your retirement or that dream holiday…..

Equity Release allows you to unlock tax free cash that is currently tied up in your home without you having to move or make a monthly interest payments. Think of equity release as a reverse mortgage whereby you use money now to do as you wish and a fixed rate of interest is attached to whatever you have taken. The interest then adds on to how much your property owes, usually on a compounding basis, and is paid back only when the last surviving applicant has died or gone into long term care.

However, having said this you can make repayments as and when you want to, within the specified limits set out by each lender. These repayments can also stop and start and increase and decrease to give you greater flexibility.

All of the Equity Release plans include two very important guarantees......

  • A guaranteed right to remain living in the property that you have released equity from, either for life or until you need to go into long term care.

  • No Negative Equity Guarantee - which essentially guarantees that the amount to repay the equity release plan on death or entry into long term care can never exceed the value of the property itself, and so no debt can ever be left behind for your beneficiaries from the equity release plan.

The amount you can borrow will depend on your property value (minimum £60,000) and your age (youngest has to be over 55). Some providers do not have a maximum age limit, so you are never too old to benefit from an equity release scheme.

We only use providers who are members of the Equity Release Council, you can see what this means here. We also cover the whole of the equity release market which allows us to find you the best solution for you and your family.

We believe at Viva Retirement Solutions that if we treat you as if you were a member of our own family – then you will receive the best possible Equity Release advice. In many cases we work alongside your family members to ensure that the equity release solution we provide is right for the whole family. As well as this we have some of the most competitive fees in the market.

Every situation is different and so we can tailor our bespoke advice using many different types of Equity Release plans to your specific situation. Find out more about mortgage types including Lifetime Mortgages here.

It is very important that we weigh up your alternative options, before deciding if Equity Release could be the right thing for you. To find out more about why people take out equity release, please click here.


What Our Equity Release Customers Say....

I had an interest only mortgage and needed to pay the balance of the mortgage by September 2022. The house market was horrendous in the southwest and there was nothing I could afford that would have been suitable for me in retirement. I wanted to stay where I was and not have to move. I had thought about Equity Release and asked my mortgage advisor about it, he recommended Viva Retirement Solutions and I was then put on to Dawn Evans.  She gave me advice on Equity release. She went through the whole process of releasing equity a couple of times to make sure I was making the right decision. I can think about retiring now.

Private, Yorkshire. 4/5/22

It is essential to get quality and impartial advice when choosing an Equity Release mortgage; I wanted to change my existing mortgage to one which offered me me a higher LTV and you need an adviser to ensure that you choose the right mortgage and they ensure the process of changing proceeds accordingly.  Nick​ was very professional and approachable from the beginning; he gave me numerous options for me to consider in order to meet my requirements, one of which was excellent and was chosen. He gave me full details on this particular mortgage, answering all my questions quickly and he explained the procedures necessary to take redeem my existing mortgage thus allowing me to take up this new one.

Mr Gannaway, Gloucestershire, 14/4/22

Rob was always available to answer any questions we had. Prompt replies to any questions we had .he visited my home twice which I was very grateful. He explained everything to us ,and also recommended a solicitor who was used to dealing with equity release.

Mrs Perry, Manchester 18/2/22


See more testimonials here