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Types of Equity Release


There are many Equity Release plans available in the market offered by several reputable Equity Release providers.

They can be broken down into 3 main types:

  • Lifetime Mortgages
  • Drawdown Plans
  • Home Reversion Plans

Each of the above is simply a different method of releasing the equity locked up in your home.    There are also other useful features available to create the ideal equity release plan for you.

Some of these features include:

  • Protected equity – All Equity Release plans that we recommend come with a no-negative equity guarantee, however some plans allow you to go further and protect a fixed share of the value of your home.

For example, if you protected a 20% share in your home, you have a guarantee that a minimum of 20% of your property value is protected for you or as inheritance for your beneficiaries in the future.

  • Impaired Life – Some providers will allow you to release more capital if you suffer health conditions.
  • Income – Many schemes allow you to release the equity in the form of an income. Either via a purchased life annuity or by releasing the capital in staged payments over your lifetime.
  • Flexible Drawdown – New plans are available with a pre-agreed ‘cash reserve’.  Similar to an overdraft, it is a facility that allows you to draw-down cash whenever you wish, if you wish to.  Ideal for boosting income when required or for ad hoc purchases when they’re needed such as a new car, replacement boiler and so on.

As interest is only added to the amount drawn out, they can work out much cheaper than other types of plans, depending on your needs.

N.B. Equity Release will result in a loss of some or all of the inheritance payable to your heirs.

Bankfield only employs highly qualified and experienced Independent Equity Release advisers.  They will provide you with impartial advice and will explain all the facts in simple terms, so you can decide whether Equity Release is right for you.

Call us now on 0116 253 5600 to speak to a qualified adviser in confidence and with no obligation or complete the enquiry form.

Equity release may require a lifetime mortgage or home reversion plan. To understand the features and risks, ask for a personalised illustration.

For equity release, the fee for our advice will depend on your circumstances; we may charge a fee on application (non-refundable) plus a percentage of the loan amount. We will also be paid commission by the lender. For example: an initial fee of £250 payable upon application plus a fee of 3% of the loan amount payable on completion. On a release of £50,000 the fee will be £2,000 made up of £250 + £250 + £1,500 (3% of £50,000).