Equity Release Eligibility Criteria

Each type of Equity Release plan has different eligibility criteria, so you must always check the details with the provider. There are however, some general rules:

  • The youngest applicant must be over the age of 55 (for some plans this is as high as 60 or 65)
  • Your property must have a minimum value of £70,000 (some providers may require a higher minimum)
  • Your property must be in England, Scotland, Wales or Northern Ireland (excluding the Channel Islands and Isle of Man)
  • If your property is leasehold, the minimum unexpired term varies from provider to provider, but at least 75 years is required. It may however, be possible to extend your lease
  • If your property is ex-local authority, you must, in most cases, be outside the discount period
  • You must be able to raise enough money to repay any existing mortgage or secured loans

Is Equity Release the right choice for me?

Equity Release isn’t the right choice for everybody and that’s why we’ve created an impartial guide; so you can read all the information and make an informed decision. Take your time, discuss the options with your friends and family and, before you decide anything, make sure that:

  • You understand how it works
  • You understand the risks involved, not just the benefits
  • You have considered all the alternatives
  • You have spoken to an authorised and specialist adviser at the Equity Release Information Centre
  • You understand how it works
  • You understand the risks involved, not just the benefits
  • You have considered all the alternatives
  • You have spoken to an authorised and specialist adviser at the Equity Release Information Centre

Equity Release Eligibility Criteria

The general rules:

  • The youngest applicant must be over the age of 55 (for some plans this is as high as 60 or 65)
  • Your property must have a minimum value of £70,000 (some providers may require a higher minimum)
  • Your property must be in England, Scotland, Wales or Northern Ireland (excluding the Channel Islands and Isle of Man)
  • If your property is leasehold, the minimum unexpired term varies from provider to provider, but at least 75 years is required. It may however, be possible to extend your lease
  • If your property is ex-local authority, you must, in most cases, be outside the discount period
  • You must be able to raise enough money to repay any existing mortgage or secured loans

Is equity release the right choice for me?

Equity release isn’t the right choice for everybody and that’s why we’ve created an impartial guide; so you can read all the information and make an informed decision. Take your time, discuss the options with your friends and family and, before you decide anything, make sure that:

  • You understand how it works
  • You understand the risks involved, not just the benefits
  • You have considered all the alternatives
  • You have spoken to an authorised and specialist adviser at AskERIC

Why should I seek advice from AskERIC?

Professional advice will ensure that you don’t miss out on any potential funds by choosing the wrong plan. At a time in your life when you may be financially vulnerable, you need to be confident that your home and the equity release plan are both secure.

What else should I think about when considering equity release?

Always consider the impact that equity release might have on your entitlement to means-tested state benefits. AskERIC’s equity release advisers are trained to help you with this.

  • If you have close family, make sure you discuss the recommendations with them. Your decision may affect their inheritance or indeed the support they give you now
  • Make sure that you feel comfortable with the safeguards being offered with an Equity Release plan

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