SFS Mortgage Centre is a trading style of Solicitors Financial Services (Central Scotland) Ltd, which is authorised and regulated by the Financial Conduct Authority.

We are entered on the FCA Register No 232377 at www.fca.org.uk/firms/systems-reporting/register  

Registered in Scotland No 191717.  Registered address: Suite 38, Alloa Business Centre, Whins Road, Alloa, FK10 3SA.

The guidance contained within the website is subject to the UK regulatory regime and therefore primarily targeted at customers in the UK        © All Rights Reserved.  

The Mortgage Centre

   Independent ● Impartial ● Whole of Market

            T: 01259 762 302  M: 07917 820 587

DAVID MILLOY

INDEPENDENT MORTGAGE ADVISER

What is Equity Release?

Put simply, an equity release scheme allows you to release some of the cash stored up in your home, without the need to move. How much equity you release depends on how old you are, how much your home is worth and how much you choose to borrow. The money you release is designed to be paid back only when you die or if you move permanently into long-term care.

The money you release from your home is tax-free, and you can spend it on whatever you choose: for example, gifting to your family, making home improvements, or clearing your existing mortgage.

You may have heard some equity release schemes described as ‘Home Reversions’ or ‘Lifetime Mortgages’. These are two different types of regulated equity release schemes, and we specialise in Lifetime Mortgages.

So what is a Lifetime Mortgage?

Lifetime Mortgages allow you to release money from your home. You can choose whether to make any interest payments throughout the life of the mortgage. The mortgage (and any interest accumulated and any charges) will be repaid at the time of your death or move into long-term care, using the cash generated from the sale of your home.

How much cash can I release?

The amount of money you can release is based on your age and property value.

Am I eligible?

As with most lending products, there are several key requirements that you will need to meet to be eligible.

The most basic requirements are:

• You must be aged between 55 and 90,
• You must own your own home,
• You must be a UK resident.

The other requirements are related to your personal circumstances and your property.

If you would like to discuss your requirements and eligibility for equity release please contact us.

Equity Release