Equity Release Mortgages

Equity release refers to a range of financial products that let you access the equity (cash) tied up in your home if you are over the age of 55. You can take the money you release as a lump sum or in several smaller amounts or as a combination of both. You don’t need to have a fully paid off mortgage in order to be eligible for equity release.

To understand the features and risks of a lifetime mortgage, please ask for a personalised illustration or simply for initial advice.

Types of Equity Release

Ms G from Kent

John was so amazing, throughout the whole process. He is so professional and nothing was ever too much trouble for him. There were a few sticking points along the way, but John was literally there chasing everybody, to get the transaction concluded. Without him we would definitely still be going backwards and forwards!. I would highly recommend John everyday of the week.

Mr & Mrs R from Horsham

John was very professional & explained everything in language that was easy to understand, his presentations were clear and easy to comprehend, he paused frequently, for us to ask any questions, very friendly, and easy one the ear, we did not feel pressurised at all, and everything was documented exactly as per the meetings, after speaking to another Equity Release Company, I would highly recommend John. 10 out of 10 for Service and friendliness.

Mrs Alderman, Surrey

John was recommended by a friend. He was knowledgeable and friendly whilst advising and supporting my mortgage application. He kept me well informed of the process and was proactive in chasing the lender.

Mr S Adams from Eastbourne

Re equity release . John Whyte is a professional in his field , guiding you through all the process, making sure it’s right for you. Highly recommended.

Mrs E, Isle of Wight

It was so nice to be able to deal with someone direct who, let me assure you, has his clients best interests at heart. My equity release had a few delays because of COVID but John was always checking and getting back to me to try to hurry things along. I would and have recommended him to others as equity release can be a tricky field to navigate but John made it all so clear and easy to understand.

Mr & Mrs Howard, East Sussex,

John was thoroughly professional throughout the process which went very smoothly and very quickly. John supported us throughout and gave great advice and information as we progressed the application. At all times John communicated clearly, promptly and when necessary chased the other parties involved. We would highly recommend John if you are considering equity release.

Mr & Mrs Smith, Worthing

Professional service throughout, excellent support, patience and guidance during the whole process. Advice given was honest, open and easy to understand. We would highly recommend John to anyone – moving is a stressful business, but with the service that John offers it is so much easier!

Mr & Mrs W, Somerset,

John was recommended to us for his specialised knowledge in the Equity Release field by another professional. We are so glad we followed that advice. Throughout our house purchasing process he was helpful, informative and always friendly. Complications arose on the house seller’s side causing the conveyancing process to become prolonged. However, John not only remained patient and guided us through the stages for securing our loan but he was also proactive in communicating with our solicitor to minimise delays. It was largely due to his perseverance that the the deal was completed successfully. We cannot thank you enough, John, and will happily recommend you to anyone seeking ER advice.

Mr & Mrs Y, Lancing

John was extremely thorough in helping us choose an Equity Release plan that suited us both. He was very knowledgeable on the current market and able to get us the what we wanted. He always responded very quickly to any queries we had.

What is ‘equity’ and how much can I release?

The equity in your home is calculated as the market value of the property, from which any outstanding mortgage or other debts secured on it have been deducted. Over the past decades, property values in the UK have risen substantially, meaning you could have accumulated a large amount of equity in your home if you bought it some time ago, and even more so if you own your home outright.

As an example, if your home has been valued at £400,000 and your mortgage is paid off, the equity you have in your home is £400,000. If your home has been valued at £400,000 and there is an outstanding mortgage of £100,000 still to pay, your equity would be £300,000.

Provided you meet the eligibility criteria for equity release, and depending on your age and personal circumstances, it is usually possible to release between 20% and 50% of the equity in your home. You can use our simple form to find out how much you can release from your home here.

Discover how much you can release with our calculator

  • Please read our Data Protection Act statement before proceeding.
  • This field is for validation purposes and should be left unchanged.

Is Equity Release regulated?

Equity release schemes, their providers and advisers are regulated by the Financial Conduct Authority (FCA), while the financial products themselves also give some assurances. The Equity Release Council (ERC) is the trusted industry body ensuring good safeguarding and standards for consumers – you can read more about its role here.

Crucially, ERC policy includes a ‘no negative equity guarantee’, meaning you can never owe more than the value of your property, regardless of how house prices change. You also have the freedom to transfer your equity release plan to another property without incurring penalty payments, should you decide to move house.

It cannot be stressed enough that you should always check the ERC register to make sure that the equity release adviser or company you are dealing with is a member and abides by its code of practice. With 20 years’ experience in the financial services industry, John Whyte is an equity release specialist and holds the CeRER Certificate in Regulated Equity Release, an FCA approved Level 3 qualification. He is a member of the Equity Release Council – you can check his member listing here.

What can I use Equity Release for?

Equity release is fast becoming a popular, financially viable way to unlock some or all of the funds tied up in your home while you remain living there. While there are many reasons people choose equity release, the cash can be used for anything you like – it is after all your money to do with as you please.

What will you use it for?

How will Equity Release affect my Family?

Equity release is a big decision, and there are obvious family issues to consider before you proceed with any plan. Whatever you decide will not only affect your life but theirs too! We always advise holding a family discussion to ensure that everyone who may be involved is aware of the implications with regards to your living situation, the family home and inheritance matters.

Many of our enquiries emanate from family members encouraging grandparents and parents to use their asset of the property to provide for a more comfortable retirement, whether it’s for debt consolidation, home improvements, income or so-called ‘luxuries’ like cars and holidays.

If there is no family, we would recommend a close personal friend or trusted neighbour be involved, particularly if the person is on their own.

What are the alternatives to Equity Release?

Is equity release right for you? Before you say ‘yes’, it’s a good idea to review all the options on the table to help you raise the funds you need. You may have other savings or investments you could draw on. You may have rental income from a second property. You may wish to continue working, perhaps on a part-time basis. You may be able to rent out a spare room. It’s important to look at all the possibilities, including equity release, to help you establish the best course of action for your personal circumstances.

One of the most obvious alternatives to equity release is to sell your current home and downsize to a smaller, easily maintainable and cheaper property, making the net proceeds available for you to spend. Do make sure you carefully consider the personal and social impact of moving away from your family and friends, if downsizing means leaving the area. Here are 4 key questions you should be asking. There is also the cost of moving to consider – estate agent fees, removal costs, stamp duty – which can eat into your net proceeds.

What is the Equity Release process and how long does it take?

As financial advisers specialising in equity release, we start with getting to know you as a client. This involves an initial appointment to introduce John Whyte as an independent adviser, who TRM Financial Ltd are and outline our service and how we are remunerated (we do not charge any upfront fees so meetings are free and without obligation).

What follows is a discussion and fact-finding session about your personal and financial circumstances followed by a generic overview of what equity release is and how this may meet your needs, answering any questions you may have at this stage. We then research the market fully and make a client specific recommendation based on the information we have. This also includes a benefits check to ensure you are receiving any benefit entitlement, typically pension or savings credit, and the impact equity release may have on this. A second appointment would then be arranged for us to present our recommendations and, if acceptable, complete an application.

From the point of application to completion, the average time is 5-6 weeks for a standard case. However, if there are unregistered properties, transfers of ownership (i.e. sole to joint names) or managing agent’s enquiries (leasehold properties) to deal with, it can take longer.

Get in touch and find out how much you can release

For a free, no obligation, initial discussion to start exploring your options and the support we can give you when choosing the right scheme for you and your family, please get in touch. John Whyte works across South East England, travelling across Brighton, Sussex, London and further afield, always happy to meet clients and explain all the options available in person.

Equity Release Sussex is a trading style of TRM Financial Ltd (FCA Ref 725622), an Appointed Representative of The Right Mortgage Ltd, which is authorised and regulated by the Financial Conduct Authority (649443). Registered in England and Wales no. 09832887. Registered Address: 70 St. Johns Close, Knowle, Solihull,
England, B93 0NH

For Independent Equity Release advice we do not charge any upfront fees however,
a fee of up to 1% of the total cash facility arranged is payable (subject to a typical minimum charge of £1,295) on completion for our service in relation to lifetime mortgage contracts plus commission from the lender.

The exact amount will depend on the complexity and work involved in your case and will be confirmed by way of a formal fee agreement.

For Independent Mortgage Advice we charge a fee of up to 1% of your mortgage amount payable (subject to a typical minimum charge of £295 payable on application & £300 on completion (£595 in total) plus commission from lender. The exact amount will depend on the complexity and work involved on your case and will be confirmed by way of a formal fee agreement.
To understand the features and risks, ask for a personalised illustration. Think carefully before securing other debts against your home.