Important Issues to Consider

• Is Equity Release right for you? Would moving to a less expensive property be a better way of releasing money tied up in your home? Do you have other nest eggs, investments or savings which you can use?
• Choosing Equity Release will affect you over the long term. You need to be happy with the arrangements and be confident that it suits your circumstances, both now and in the future.
• These days’ people are living longer. If you take out an Equity Release plan too early in life you may not have enough value left in your home to move to another property later.
• Using the equity in your home will affect the amount you are able to leave as an inheritance so we strongly recommend that you discuss this with your family, and/or the beneficiaries of your estate. It is also a good idea to make sure your Will reflects your decision to take out an Equity Release product.
• Ask about the effect any lump sums or income you receive may have on any state benefits you receive. You should also remember that the rules on benefits could change in the future.
• With a lifetime mortgage you can usually repay the amount you owe at any time but the lender may take an early-repayment charge. If you sell all or part of your home to a reversion company, you cannot change your mind.
• If you are looking to consolidate any debts you may have you should in the first instance take specialist advice or talk to your local Citizens Advice Bureau before entering into an Equity Release scheme.

Equity Release may involve a lifetime mortgage or home reversion plan. To understand the features and risks ask for a personalised illustration.

Think carefully before securing other debts against your home.

Your home may be repossessed if you do not keep up repayments on your mortgage.