How much money could you release?
An equity release allows you to access the value of your home, tax-free without having to sell up, so that you can have money to spend on whatever you want or need.
Use The FREE Calculator Below
You can get the best home equity loans all over the UK. You get them in Aberdeen, Belfast, Glasgow, Norwich, Manchester, Swansea, Leeds, Ireland, among other places.
Learn More: Equity Release Locations
As of 2nd July 2020, the average home equity loan rate is 5.18%
|Loan Type||Average Rate||Average Rate Range|
|Home Equity Loan||5.28%||3.50% – 9.25%|
|10-year Fixed Home Equity Loan||5.66%||3.25% – 9.25%|
|15-year Fixed Home Equity Loan||5.88%||3.25% – 9.25%|
|HELOC||4.71%||1.74% – 7.24%|
The rates above are calculated using a loan amount of £26,583, with a FICO score of 700 and a combined loan-to-value ratio (LV) of 80%.
The amount of equity you can unlock from your home at 55 depends on the value of your property and your medical history. However, according to the Financial Conduct Authority, you can release up to 50% of your property value.
You should also remember to initially only withdraw what you need – there’ll be consequences to withdrawing more than you need.
Learn More: Equity Release Criteria
You can unlock the equity tied up in your home when:
- You’re aged 55 and above for the lifetime mortgage and 65 years and above for the home reversion plan
- Your home is valued for more than £70.000
- Your home is located in the UK
- You’re of age and have a pre-existing medical condition like blood pressure, diabetes, among others (you’re eligible for a higher amount if you have a lifelong medical condition)
Learn More: What Is Equity Release?
Discover How To Unlock Your Cash
Equity2 release is for homeowners who want access to the money tied up in their property.