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Equity release advice

At StepChange Financial Solutions our expert team can help you release equity in your home with no need to move.

Call us now for FREE

0808 1686 719

Monday to Friday 9am to 5pm

Equity release is available throughout the UK.

What is equity release?

Equity release could allow you to access the money tied up in your home if you're aged 55+. If you're eligible, you can take a tax-free cash lump sum or access flexible borrowing whether you're managing debt or supplementing your retirement income. Equity release isn't for everyone but we'll help you explore all of your available options.

Our expert team at StepChange Financial Solutions can advise you on your best equity release options. Unlike other equity release advice services, our advisors are salaried with no sales targets, bonuses or commissions, so you can rest assured their only priority is finding the best option for you. 

We're finalists!

We're proud to be finalists in The Equity Release Awards 2020.

StepChange Financial Solutions are not a lender, but work on behalf of our clients to search the market for a range of mortgage and equity release products that will best suit their needs.

Is equity release right for you?

Call us now for FREE on 0808 1686 719 for no-obligation advice.

Why choose us for equity release?

  •  Free: We don't charge you for our advice. There aren't any hidden fees

  •  Unbiased: Our advisors don't work to sales targets, bonuses or commissions

  • Specialist: We offer advice to all, from managing debts to those looking to retire

  • Trustworthy: In 2019, 98% of our clients said they would recommend us to family or friends* 

*Source: StepChange client survey 2019

Your home may be repossessed if you don’t keep up repayments on your mortgage.

Equity release options

There are three types of equity release available. How much you can release varies between providers but usually depends on your age, health, and value of your home.

Our qualified team will guide you through the entire process, making sure you understand the features and risks so you can make a fully informed decision. 

Katherine's story: Which? recommended our equity release service

After being referred to us by Which? magazine, Katherine was able to pay for essential home improvements, and help pay for her daughter’s university fees.  

Watch her story and find out how why she recommends StepChange Financial Solutions.

Using equity release to pay off debts

If you're looking for ways to deal with your debts, equity release might be an option for you. However, it's important to get expert advice first as there could be other more suitable alternatives for you to consider.

Our free online advice tool takes around 20 minutes and can help you find the best way to deal with your debts based on your situation.

Common equity release questions

Yes, you will continue to own your own home providing fulfil the terms of your agreement. All plans that meet the standards set by the Equity Release Council guarantee lifetime tenancy in your property, regardless of what happens to future interest rates, property values or investments.

There are four main costs associated with equity release.

1. Advice fee

At StepChange Financial Solutions we don't charge any advice fees.

2. Valuation fee

This is payable when you submit your application and usually depends on the estimated value of your property.

3. Legal fee

We recommend that you agree a fixed fee with your solicitor once your equity release offer is confirmed. Typical legal fees range between £400 and £500. If you’re purchasing a property, or the legal position of your property is not straightforward, additional costs may apply.

4. Application fee

Some lenders may charge an application fee. Where this is the case it typically costs £695.

The amount of inheritance available will be the difference between the proceeds from the sale of the house and the amount outstanding on the plan when it's redeemed.

We can't predict the future value of your property when it's eventually sold so we can't predict what inheritance will be available.

Some providers offer an inheritance protection facility on their plans which lets you protect a specific percentage of the property's future value. Your advisor will discuss this option if one of your priorities is protecting an inheritance.

If you release equity with a repayment option, this is possible. Most lifetime mortgage providers will offer you the opportunity to make flexible repayments.

Read our guide to releasing equity from your home.

As with all mortgage agreements and secured loans there is the risk of house repossession if you have arrears you’re unable to repay. But is this is rare and a last resort taken after other ways to collect the debt have been explored.

As with all mortgage agreements and secured loans there is the risk of house repossession if you have arrears you’re unable to repay. But is this is rare and a last resort taken after other ways to collect the debt have been explored.

You should also be aware that:

  • If house prices fall you may owe a larger percentage of your property’s value
  • And if you sell your home a short time after taking out the equity release you could lose some money overall

You could look into downsizing by moving into a cheaper property, using savings, or taking out more credit, such as a loan – which may be secured against your property.

If you’re considering equity release to deal with debt problems, an alternative may be a repayment plan (where you make lower, more affordable payments to your creditors) or an insolvency solution, such as an individual voluntary arrangement (IVA).

Important considerations

Before releasing equity from your home, it's important to consider that:

  • Releasing equity might affect your tax position and entitlement to means-tested benefits
  • There may be more suitable alternatives, such downsizing to a smaller property or remortgaging
  • Future property prices might be higher or lower than they are today
  • Releasing equity from your home will reduce the value of your estate, affecting the amount of inheritance you might leave
  • There are implications to securing other debts against your home
  • Consolidating debts over a longer period may mean you pay more overall
  • If you're planning home improvements, a government grant may be a better option for you

Find out more about equity release

Whatever the reason, if you're thinking about releasing equity in your home, you may have questions about how it affects you. It's important to get the facts before making your decision.

Have a question about equity release? Request a call and we'll ring you

Alternatively, you can call us now for FREE on 0808 1686 719 for no-obligation advice.

StepChange Financial Solutions is a registered trading name of Consumer Credit Counselling Service (Equity Release) Ltd. Authorised and regulated by the Financial Conduct Authority.