Lifetime mortgage
You borrow against your home but stay the owner. Many plans have no monthly payments to make; the loan and the interest are repaid when you die or move into long-term care.
Read about lifetime mortgages
Nottinghamshire
Equity release advice for Nottinghamshire homeowners
Aged 55 or over and own your home? Equity release can free up part of what it's worth, and you carry on living there. I'll explain how it works, what it would cost and which other routes you could take, so whatever you choose, you choose it knowing the facts.
- A free first conversation, with no obligation
- Plain English throughout, at a pace that suits you
- Advice built around your own situation
- Equity Release and Retirement (RIO) Mortgage Advice only
Advice provided through Avalon FS Ltd, authorised and regulated by the Financial Conduct Authority.
The basics
Equity release in a nutshell
If you're 55 or over and own your home, equity release lets you take some of its value as cash without selling up. There are two main kinds, a lifetime mortgage and a retirement mortgage (RIO), which are the only types of equity release I advise on.
Retirement mortgage (RIO)
You pay the interest every month and the loan itself is repaid when you die or move into long-term care. As the payments need to stay affordable for the long run, it suits some homeowners and not others.
Read about RIO mortgagesGetting the money
You can take a single lump sum, or draw smaller amounts when you need them and pay interest only on what you've drawn. Some plans also let you make voluntary payments to slow the loan's growth.
See how it can be paidOther ways to raise money
Equity release is not always the best answer. Moving to a smaller home, other borrowing or benefits you haven't claimed may suit you better, and I'll go through those with you first.
Look at the alternatives
How it works
Four steps, no rush
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Say hello
Tell me about your home, your plans and what you'd like the money to do. The chat is free and there's nothing to sign.
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Look at what's available
I set out the plans that could fit, what each would cost, the risks that come with them and the other routes you could take.
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Receive my advice in writing
If equity release looks suitable, you get my recommendation in writing, with an illustration based on your own figures.
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Choose in your own time
Take as long as you need, and talk it over with your family if you'd like to. Nothing goes ahead until you say so.
What it's used for
Why homeowners release equity
- Repairs, improvements or changes to make a home easier to live in
- Adding to retirement income
- Giving children or grandchildren a hand
- Clearing a mortgage that's still outstanding
- Settling credit cards or other debts
- A holiday, or a long-held ambition
Worth knowing
Things to think about
Equity release is a significant decision. Before going ahead, it's important to understand that:
- Interest is usually added to the loan and builds up over time, so the amount owed can grow quickly.
- It will reduce the value of your estate, so there may be less to leave to your family.
- It may affect your entitlement to means-tested benefits.
- It can be costly to repay early, and plans are designed to be long term.
Equity Release Council members offer a no negative equity guarantee, so you'll never owe more than the value of your home.
Areas covered
Advice across Nottinghamshire
I advise homeowners in West Bridgford, Southwell, Newark-on-Trent and Retford, and in Ravenshead, Edwalton, Ruddington, Arnold, Beeston and Bingham. We can speak by phone or video call from your own sofa, so you never need to travel.
Equity release in NottinghamshireWhy talk to an adviser first?
- You get the full picture: costs, risks and alternatives
- My advice is based on your own circumstances
- Family members are welcome to join the conversation
- You're under no pressure to go any further
Questions
Questions I'm often asked
Am I old enough to apply?
You need to be at least 55 to take out a lifetime mortgage. The amount you can release generally increases with age, because the plan is expected to run for a shorter period.
Will the property still belong to me?
Yes, you keep ownership of your home and carry on living there.
Will I need to make payments each month?
With a lifetime mortgage, no. Most let the interest build up, with the loan repaid when you die or move into long-term care, and some let you make optional payments, which can reduce the total cost. With a retirement interest-only (RIO) mortgage, yes: you pay the interest each month.
Is there any chance I'd owe more than the house is worth?
Not with an Equity Release Council member. Their standards include a no negative equity guarantee, so the amount you or your estate repay can never exceed the value of your home.
Does the advice itself cost anything?
The initial conversation is free. If you decide to go ahead, I'll confirm all fees and costs in writing before you commit to anything.
Fancy a relaxed conversation?
Tell me a little about your situation and I'll explain what the options could look like. There's no obligation.