Equity release: FAQs
Our advisers focus solely on equity release, so are the experts in Kensington and Chelsea to talk to. Offering a personal and tailored service, our local advisers can guide you through the process of deciding if equity release is the right choice for you. Our independent and professional experts have access to the whole of the market, so can find products tailored to your needs.
Our local, independent, and professional equity release experts are here to help you make an informed decision about your future.
Our equity release advisers have decades of experience and are specialists in equity release. We have access to the whole of the market, so we can search from hundreds of products, so we can choose the right one to suit your unique needs. We pride ourselves on offering a personal service, where we take time to get to know you and to understand your financial circumstances, so we can offer the best, impartial advice.
Yes, all equity release products are regulated by the Financial Conduct Authority.
Yes you can. If you move, the mortgage will be transferred to your new home (subject to certain criteria being met).
A lifetime mortgage is a type of equity release product and is by far the most popular equity release plan. The other is called a home reversion scheme.
No, all the plans we recommend are backed with a ‘no negative equity guarantee’, which means your beneficiaries will never have to pay back more than your property is worth.
With lifetime mortgages you remain the owner of your property until you move into long-term residential care or die.
The loan is repaid when you move into long-term residential care or die. In the case of joint applications, it is repaid when the last applicant moves out or passes away.
Lifetime mortgage plans are increasingly flexible and competitive and there are many products available. Some allow you to pay back the interest each month, if you choose to, whilst others allow you to make occasional or ad-hoc repayments, without penalty, to reduce the speed at which any interest will accrue. We can research and compare products to find the right one tailored to your needs.
No, you do not need to own your home outright to qualify for equity release, although the amount you can borrow may be affected.
Equity release plans are not suitable for everyone and our advisors can guide you through the options available. You may be able to borrow against your home using a standard residential mortgage or a Retirement Interest Only mortgage or you may wish to move to a smaller property and ‘downsize’.
This is a type of lifetime mortgage plan that provides you with a ‘reserve’ of money that you can draw on when you wish to. This reserve will remain in place for the duration of the plan. Interest is only charged on the money borrowed, not the money held in reserve. This can help you preserve your income.
Yes, it could do. This is why it is essential to seek the advice of an expert and we will carry out a full review of the situation to see if any means-tested benefits will be affected.
No, equity release can be used for whatever you wish. Many people choose to make property improvements, pay off debts, travel, or help children or grandchildren. The money released can be used exactly as you choose.
The money you receive will be completely tax-free.
How can our trusted equity release experts help?
If you would like to know more about equity release and have other questions you wish to ask, our award-winning team covering Kensington and Chelsea is here to help. Please call us now on 0203 840 5011 or email mwade@equityreleasekensington.co.uk
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