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How to use your home to fund your retirement with Your Choice Equity Release

Unlock tax-free cash with a Lifetime Mortgage

1st May 2024 - Tyler Colton

More and more homeowners aged 55 and over are seeking ways to free up cash to fund their needs, but finding a reliable and trustworthy financial solution can be difficult.

Your Choice is here to save you time and energy. Offering an award-winning advice service, we explain how equity release works and compare your financial solutions to find your best match.

Whether you are looking for ways to boost your disposable income, improve your home, or help your loved ones financially, your property wealth could be the key to achieving your ambitions.

Use our online calculator today to see how much you could release!

5 reasons why equity release could be your solution:

  • Any funds you release are tax-free.
  • Retain 100% ownership of your home.
  • You cannot fall into negative equity.
  • Results are instant and no credit check.
  • No pushy salespeople, you’re in total control (rated ‘Excellent’ on Trustpilot).

What is equity release?

Equity release can come in two forms – Lifetime Mortgage products and home reversion plans.

Only with a Lifetime Mortgage can you release tax-free cash from your home and still retain full homeownership. That is why Your Choice Equity Release only offers advice on Lifetime Mortgage products.

When releasing equity in this way, you do not have to commit to monthly payments. Instead, interest will be added to the amount released and build-up over time, typically with a fixed for life interest rate. If you choose not to make any payments, then the full amount borrowed plus interest will usually be repaid with the sale of the home after you die or enter permanent long-term care.

Why is releasing equity so popular?

Equity release can be used for all sorts of different things and this is why it is such a popular product. It’s your choice, you can:

  • Make those home and garden improvements you’ve been dreaming of for years.
  • Lift the weight of required monthly repayments by paying off your existing mortgage. This could give a boost to your disposable income to enjoy life’s little luxuries.
  • Help loved ones financially. Whether you want to gift an early inheritance, help with living costs at university, contribute to a house deposit or finance a wedding, equity release could help you to give your family a boost.
  • Enjoy life to the fullest and fund your long-held goals. Buy that new car, caravan or motorhome that you've always wanted, or fund your dream holiday.

It's important to be aware that releasing equity with a Lifetime Mortgage will reduce the value of your estate and could affect your entitlement to means-tested benefits. Speak with one of our advisers to understand the features available to help control these risks.

How much tax-free cash could be available?

Choose your age group below to find out:

Why choose a Canada Life Lifetime Mortgage?

  1. Choose to repay up to 12.5% each year.
  2. Enjoy a one-off, tax-free cash payment.
  3. Add a cash reserve to access money later.
  4. Optional 3% cashback.

What are the costs involved in equity release?

Your home is most likely the most valuable thing you own, so it’s particularly natural to want to check that any method you use to utilise its value will be cost-effective.

At Your Choice Equity Release, we want to make it as easy as it should be for you to understand these costs. They include:

The interest rate – typically at a rate fixed for life, interest is usually the main cost of releasing equity. By choosing Your Choice, you gain access to exclusive products and rates from our lender, Canada Life.

The more you release, the more interest you will be charged, so it’s important to think long-term and weigh up present wants and future needs. An adviser can provide a personal illustration detailing how interest will build up over time and you can choose to release a smaller amount to minimize future cost should you wish.

Advice fee – good advice should be affordable, and that’s why our advice fee is currently not exceeding £490. To make the process as seamless as possible, this cost will usually be deducted when the funds are released to you. This advice fee is only charged upon completion.

Setup costs – it is also worth considering that there will also be set up costs when taking out a Lifetime Mortgage. These might include funds transfer fees and legal and solicitor costs.

What makes it worth it?

It’s important to make the right choice when your home is involved, but if you do decide to release equity with us, the cost will grant you access to:

  • Personalised advice - the expert team behind Your Choice have fully qualified advisers located across the country, so you’ll receive advice from an assigned personal adviser, local to you.
  • Your advice, your way – you can choose the pace of the process, and the way you receive advice will always be arranged with your convenience in mind. After all, it’s your journey, so it’s important to us that it progresses in the manner you’d like it to.
  • The right protection – should you choose to proceed with a Lifetime Mortgage, your application will be checked and approved by a second expert.
  • Added features – with the Canada Life product, you’ll benefit from flexibility and the option to personalise your plan.

Why choose Your Choice Equity Release and Canada Life?

Canada Life Stronger Together Logo

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 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.

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.

How much tax-free cash could be available?

Choose your age group below to find out: