Equity Release Mortgages

Unlock money from your home with equity release

Equity Release Mortgages from NI Mortgages

What could the benefits of an equity release plan include?

What do you do when you own your own home but are short of cash?

If you are aged over 55 you may be eligible for an "Equity Release" mortgage. This simply means that you borrow money against the current value of your home. 

There are various schemes available some which allow the interest to roll up on top of the amount you've borrowed to be settled in the future when the property is sold. Generally this is after your death or when you move into long term care or leave the property. These are very specialist schemes and we refer this type of business to specially qualified individuals who will take you through all of the options and details step by step to determine if these are appropriate solutions for your financial needs.

A lifetime mortgage is a long-term commitment which could accumulate interest and is secured against your home. Equity release is not right for everyone and may reduce the value of your estate.

The benefits of an equity release plan

If you are 55 or over and you own your own home, you could qualify for an equity release plan and unlock a lump sum from your property to help you enjoy the retirement you want.
The value of your home, minus any outstanding mortgage, can be described as your 'equity. An equity release plan enables homeowners like you to unlock some of this value as tax-free cash.

Because the funds are yours in the first place - you're simply 'releasing' them - the money you receive is tax-free and can be spent on anything you like.

What can equity release be used for?

✓ Repay mortgage
✓ Home improvements
✓ Supplement your income
✓ Helping the family
✓ New car
✓ Holiday of a lifetime

Why choose an equity release plan?

  • Tax-free lump sum of cash
  • Some allow you to maintain 100% home ownership
  • Spend the cash as you wish
  • Continue to live in your own home
  • No monthly repayment option
  • Low rates that can be fixed for life
  • Choose to protect an inheritance
  • Move home in the future
  • No-negative-equity guarantee
  • Add a flexible cash reserve facility
  • Choose to make monthly or partial repayments

Lifetime mortgage

A lifetime mortgage allows you to release a lump sum of cash from the value of your property. There are typically no monthly repayments to make as the amount that you have released, plus any interest, is repaid from the money made when the property is sold. Generally this is when you die, move into long-term care or permanently leave the property.

Drawdown lifetime mortgage

This is similar to the standard lifetime mortgage. However, with the drawdown lifetime mortgage, you can access your money with more flexibility. Rather than just receiving a lump sum, you have the option to release your cash over time, as and when you need it. Because you only pay interest on the cash that you have taken, these plans can often prove to be more cost-effective.

Interest-only lifetime mortgage

This is like a standard lifetime mortgage. However, you make regular monthly repayments to reduce the effect on the value of your estate. Some plans allow you to make repayments that are equal to or less than the amount of interest that is charged. The balance is paid off from the value of your estate once you have died or have moved into long-term care.

Home Reversion Plan

A home reversion plan allows you to exchange the ownership of some or all of your property for a lump sum of cash, along with the right to stay in the property, free of charge, for as long as you live. This is also known as a 'lifetime lease' and there are no monthly repayments to make. Because you can continue living in your home, rent-free, for life, you would generally receive an amount for your property that is lower than its market value. Home reversion plans are available from age 65.
  • Important Information

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


    If you decide to proceed with your enquiry, we will introduce you to Age Partnership, an independent equity release specialist.


    It is important to receive specialist equity release advice to see if you qualify for equity release, if it is right for you, and how much you could release.


    It is also important to discuss the impact equity release may have on your entitlement to any means-tested benefits you may receive now or in the future, and the effect it can have on your estate and the amount you would be able to pass on to beneficiaries.


    Age Partnership provide initial advice for free and without obligation. Only if you choose to proceed and your case completes would a typical fee of 1.85% of the amount released be payable.


Mortgages

NI Mortgages are proud to offer the best mortgage advice specifically for Northern Ireland customers. Speak to a mortgage advisor who is based in Northern Ireland, not in a UK call centre, who knows the local mortgage market inside and out. 
Mortgage Advice

Life Insurance

At NI Mortgages in Newtownards we can help you find the best protection package to suit your own needs with Life insurance, Critical illness insurance, Income Protection & Home insurance available through all of the major UK insurers we can find the cover which is right for you at the best possible price.
Life Insurance

Co-Ownership Mortgages

Co-ownership allows candidates to purchase part of the property, usually with a mortgage, with the balance of the purchase money being provided by the Co-ownership scheme. The starting point is normally 50/50 but other percentages are available and you can increase your share in your home as your finances allow. 
Co-Ownership Mortgages

Discuss Equity Release 

Get in touch with NI Mortgages and find out if equity release is the right option for you