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By Jane English, Editor
19th October 2020

Don't fall for the myths about equity release

Get the facts

Equity release has soared in popularity in recent years, yet the myths around the product and how it works continue to circulate. The misconceptions around equity release mean that many of those who could benefit the most from this financial solution, simply don’t consider it.

Whether you are looking for ways to clear an outstanding mortgage, boost your disposable income, fund your goals for later life or help your loved ones financially; your property wealth could be the key to achieving your ambitions.

If you’re over 55, and your home is worth over £70,000, you could be eligible for equity release today!

To find out how much equity you could release and receive a free copy of our guide to the truth about equity release, use our instant, online calculator today!

The truths about equity release

  • You don't sell your home: you keep full ownership
  • You can't owe more than your home is worth
  • You can leave an inheritance
  • You can fix the interest rate for life
  • Interest rates are increasingly competitive(1)

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You must be a UK resident and homeowner to be eligible for equity release. If you are a homeowner in the UK, you can press the back button below and then select the homeowner option on the calculator.


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Canada Life

The team behind Your Choice Equity Release have over a decade's worth of experience offering an award-winning equity release advice service. In order to offer our customers access to market-leading products, we have chosen Canada Life, one of the most established and trusted equity release lenders in the UK. With our quality advice, and Canada Life's market-leading products, we have a built a service that you can trust.

Equity release FAQs

Your questions answered

Equity release is becoming increasingly popular, as UK homeowners look to take advantage of their property wealth to fund their later life ambitions. However equity release products are still not widely understood and are often the subject of decades old myths concerning safety, how much you can release and how much you could owe. Below we have listed some of the main questions our customers have when considering releasing equity.

If you're over the age of 55, then you could be eligible for the most common form of equity release, known as a Lifetime Mortgage. This product enables you to access tax-free cash from your home whilst still maintaining full home ownership. Lifetime Mortgages are becoming increasingly popular, as you can take advantage of your property wealth to fund your later life ambitions, with the option of not making any repayments during your lifetime.

As you are unlocking value from your home however, it is worth noting that releasing equity could impact the value of your estate and your entitlement to means-tested benefits. Our advisers will talk you through this and provide you with a personalised illustration.

The amount that you can borrow depends on the value of your home and the age of the youngest homeowner on the deeds. In some cases it could also be impacted by your health.

To be eligible the youngest homeowner must be aged 55 or over, and the property must be worth at least £70,000.

Based on your personal circumstances we will work to find the plan that best suits you.

There are a number of different types of Lifetime Mortgage, based on the way you release the funds and whether or not you wish to make voluntary repayments during your lifetime.

Lifetime Mortgages have no fixed end date and the mortgage balance is due for repayment once the last homeowner on the deeds has either passed away or entered into long-term care.

Typically, this is achieved through the sale of the property.

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To find out how much equity you could release and receive a free copy of our guide, use our instant calculator.