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

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.

Mr V, Bristol,

John originally arranged an Equity Release for my wife and myself a few years ago and handled everything in a quick and efficient manner, and now after 55 years of marriage and sadly living alone, I decided to take as much equity as possible out of my house.
Taking out a second equity mortgage seemed to throw up every possible hurdle imaginable. John, completely unperturbed, ploughed on in his inimitable and determined manner, finally locating a suitable provider and monitoring the progress of the solicitor he very knowledgeably recommended.
To sum up, John has been the ultimate professional and did absolutely everything to ensure the success of the transaction.
Thankyou John.

Mr R

From the off, John was friendly, professional, responsive and patient. He took the time to explain each step of the process with absolute clarity. Excellent service from start to finish – I highly recommend John.

Mr J – Lancing,

John was amazing every step of the way he helped my parents through the process of equity release and made it as stress free as possible, i can not recommend him enough and am grateful for his help in making my parents lives that much easier.
Thank you

Mr & Mrs Smith – Worthing

Thanks John for a professional service,good value for money,amazing patience ,and quick response.Nothing was too much trouble,and your help was invaluable.

Mike- Walberton,

John was very professional in doing job.
Nothing was to much trouble and he explained everything clearly.
I highly recommend John to sort out your equity release.

Mr & Mrs C – Isle of Wight

John is very experienced and skilled with excellent relationships with the mortgage companies. I could not recommend him more highly he was so supportive during the whole process,

Pam – Rustington,

I cannot recommend John Whyte highly enough. I am a 78 year old widow living alone and needing extra money for essential home repairs, etc. John patiently and professionally explained everything about equity release to me and answered every question that I asked.
Everything went through smoothly, every step explained along the way and, when there were slight delays, John stepped in and dealt with them speedily.
Look no further if you are thinking of equity release.

Mr & Mrs C – Worthing

We cannot speak highly enough Of John Whyte’s assistance and professionalism during our recent equity release.

We would not hesitate in recommending him to anyone who asked.

Martin and Eileen Cassillis

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

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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.