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Equity Release Berkshire - Lifetime Mortgage Near Me

Lifetime Mortgage & General Equity Release Advice in Berkshire
Reviewed by Tom Philips

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Equity Release Berkshire & Near Berkshire

The average property prices in Berkshire have been rising consistently for over 20 years. In the year 2000, the average property price in Berkshire was under £250,000, whereas in 2022 it stands at more than double, at £522,389 (1).

Clearly, this means people who bought property in Berkshire years ago are now living in extremely valuable homes without having to pay the usual costs that come with that.

If you are a Berkshire homeowner in this situation, you could take out equity and you will see some of this money for yourself rather than waiting until you pass away and your assets are passed onto your family.

Please call our 24-Hour Helpline: 0330 058 1579

Are There Any Other Paths I Should Take Before Pursuing Equity Release Berkshire?

It is certainly important to consider the different options before settling on equity release, as we would never recommend jumping into a decision about your property without understanding the other potential decisions you could make.

We can give you some ideas of things to consider, but you have to remember that they are not suitable for everyone, so keep your personal circumstances in mind when reading these.

1. Credit cards

Firstly, you could start to use credit cards as a way to borrow money. This would be a quicker process than equity release, and a more common one, but it could get you into irreversible debt so we only recommend doing this if you know you can pay the money back.

2. Borrow money

Secondly, you could borrow money from a family member. This would be a great option if you trust that a family member would be willing to lend you money, but this isn’t always the case. Again, you would have to be prepared to pay it back in the near future.

3. Downsize

Next, you could downsize and move into a smaller property. This would give you more money to work with in retirement, but it may be challenging to find a property you approve of in Berkshire, especially if you want to live in a certain location or find a home that is suitable for people in later life.

4. Return to work

Finally, you could always return to work (or continue working) for a consistent income. This option works as it is not risky financially and it is perhaps the most obvious route to take. Having said that, if you have worked your whole life, you may not be prepared to continue doing this when you are deserving of a break.

If you are releasing equity to combat the cost of living, then it might be better to first try to see if you can better manage your budget. Below, we list organisations that may be able to help in Berkshire:

1. Citizens Advice West Berkshire

Address: 2nd floor, Broadway House, 4-8 The Broadway, Northbrook St, Newbury RG14 1BA

Telephone: 01635 516605   


2. Citizens Advice Reading

Address: Minster St, Reading RG1 2JB

Telephone: 0344 411 1306


3. Citizens Advice East Berkshire

Address: The Columbia Centre, Market St, Bracknell RG12 1JG

Telephone: 0808 278 7914


4. Age UK Berkshire

Address: Unit 119 Broad St, Mall, Reading RG1 7QE

Telephone: 0118 959 4242


We can read an article here about the potential pitfalls associated with equity release.  You can also read another article that tells you about alternatives to equity release.

Please call our 24-Hour Helpline: 0330 058 1579

Top Tip For Making Equity Release Berkshire as Safe as Possible

We are not strangers to the risks involved with equity release, and we expect you aren’t either. Unfortunately, when we hear about equity release Berkshire, it’s often with a negative undertone, and many of our clients end up worried about the scheme being unsafe.

It is possible that the scheme will be unsafe if you don’t take our advice as you could end up making a risky financial decision. However, with the following tip, equity release in Berkshire can be incredibly safe.

Take your time

It is never wise to jump into equity release in Berkshire the second you hear about it, as there are too many nuances of the scheme that you need to first be aware of.

If you take your time, you can get to know how the scheme works from an unbiased source, and you can beware of any risks.

Having said that, we would not recommend waiting years before pursuing equity release in Berkshire. It’s available to anyone who is eligible right now, so after some detailed research, we would advise that you consider making an application and don’t delay it too much.

The reason we suggest this is that we want you to be able to make the most of your loan as soon as you can. Whenever you get your loan, you won’t be expected to repay it, so you may as well get it earlier and begin to spend it on whatever you want or need in retirement.

Please call our 24-Hour Helpline: 0330 058 1579

How Do I Know Which Plan is Best For Me?

This is where the research comes in. You can do some research on your own, which is what many homeowners do, and we think this is an excellent idea. Have a look at the different plans that are available in Berkshire here, and absorb the pros and cons of each one.

It is also highly advisable to speak to a professional equity release adviser who can help you to choose the plan that suits your needs, both now and in the future. They will be honest about the benefits and drawbacks of each scheme, meaning you can trust their recommendations.

To begin with, it will be easy to rule out some plans for most homeowners. For instance, if you absolutely do not want to repay your loan, you would avoid a voluntary repayment plan or an interest-only plan.

If you are not interested in purchasing a second property, the second home plan and the buy-to-let plan could be taken off the list.

For the more general plans in Berkshire, it can be tricky, but you must focus on the specifics and get a feel for what you are comfortable with. Have a think about the interest you would be willing to owe, the way you would like to receive your loan (lump sum or instalments), and whether you would like to leave an inheritance.

If you know anyone who has taken out equity in Birmingham, we encourage you to have a conversation with them about how they chose their equity release scheme and how they are finding it. It’s great to learn how others are impacted by equity release so that you aren’t only hearing from professionals.

Please call our 24-Hour Helpline: 0330 058 1579

Is There a Plan That Allows the Homeowner to Make Repayments?

Yes, there are two plans that allow for repayments, and these are the interest-only plan and the voluntary repayment plan, both of which are lifetime mortgages.

With an interest-only plan, you pay back some or all of the interest on your Berkshire loan each month. You can decide how much to repay based on how much income you have, and you do not have to decide a fixed amount i.e. you could pay back lump sums whenever you wish.

With a voluntary repayment plan, it works the same, but instead of paying off just the interest, you would pay off the loan amount itself (2). Unfortunately, you aren’t always allowed to repay the loan in full, but this would be very difficult to do anyway.

Another important thing to mention is that some equity release plans allow you to pay back some of the loan amount even though they are not necessarily designed for this, which shows that equity release in Berkshire is becoming more and more flexible.

Please call our 24-Hour Helpline: 0330 058 1579

Is There a Plan That Allows the Homeowner to Purchase a Second Property?

Yes, in Berkshire, we have the second home plan (also known as the holiday home plan) and the buy to let plan.

These two schemes are very different. With a second home plan, you are agreeing to use your equity release loan to purchase a new property that you will live in for an agreed amount of time. This property does not have to be in Berkshire. Most customers use this as a holiday home, but some have it as an official second home.

The buy-to-let arrangement also involves purchasing a second home, but rather than living there or holidaying there, the equity release consumer would rent out the property to tenants and collect a consistent rental income. This is a great option for people who don’t want to return to work but miss the steady stream of income.

Please call our 24-Hour Helpline: 0330 058 1579

Is There a Plan That Allows the Homeowner to Receive all the Money at Once?

Yes, if you would like to receive your loan all in one go rather than gradually over time, the lump sum arrangement is the one for you. The cash is tax-free as it always is with equity release in Berkshire, but it comes with interest.

Fortunately, as the lump sum lifetime mortgage is one of the most popular and accessible, the interest rates do tend to be lower than they are with other schemes, particularly compared to traditional mortgages.

Pros and Cons Of Receiving Your Money at Once

The advantage of receiving all of your money at once, as a lump sum, is that you can easily spend it on a big project that you have been waiting to achieve. This could be home improvements, a brand new car, or a family holiday.

What’s more, if you cannot decide how much money you would like to receive per month, you could opt for a lump sum and dip into it when you need it, rather than being restricted by fixed instalments.

On the other hand, not everyone has the self-control for a lump sum lifetime mortgage, so they may be compelled to spend more of it than is necessary if it’s readily available to them.

Moreover, interest is only charged on the money you withdraw from an equity release loan, so if you get a lump sum, the interest may be higher.

Please call our 24-Hour Helpline: 0330 058 1579

Pros and Cons Of Receiving Monthly Payments

Firstly, with monthly payments, you can enjoy a top-up to your income without worrying about falling behind. This applies to homeowners who are using their equity release loan to pay their bills or pay off debt, which is a large amount of our clients.

However, if you later decide you need a large amount of money for something and you have already refused a lump sum, you may find that it is difficult to get out of the monthly instalments method.

How Will Equity Release Berkshire Impact My Future?

We cannot tell you exactly how equity release in Berkshire may impact your future until you get in touch with us and explain your personal circumstances. However, we can give you a general idea.

Equity release in Berkshire can provide you with a comfortable retirement. You will no longer have to worry about not being able to afford the things you need, such as food, shelter, and travel.

However, you will also not have to worry about not being able to afford luxury, so equity release could give you a new lease of life.

Please call our 24-Hour Helpline: 0330 058 1579

How Will Equity Release in Berkshire Impact My Family?

In terms of the inheritance, your family will get, it will be reduced if you take out equity, as you are using up money that would ordinarily be passed onto them. This is why we advise you to involve your family in the Berkshire equity release process, as your decisions do affect them.

However, you can ensure that they inherit some of your funds by requesting to protect their inheritance, and the vast majority of Berkshire equity release lenders will allow you to do this.  Some of the reputable lenders the financial advisors will research on your behalf include Scottish Widows, Legal & General, Aviva, Liverpool Victoria (LV), Canada Life, more2life, Hodge, Just Retirement, Pure Retirement, One Family and LiveMore Mortgages.

In terms of quality of life, the impact of equity release on your family depends on how you choose to spend your money. You could decide to gift money to them to help them with their education or career, which would clearly improve their standard of living.

Or you could pay for them to go on holidays and excursions, giving them a great work/life balance.

Please call our 24-Hour Helpline: 0330 058 1579

Speak to a Member Of Our Team

For more information about equity release in Berkshire, the best place to go is to one of our expert advisers. You can contact us on 0330 058 1579 or request a callback and we will be in touch when we can.

If you have been dissuaded by the common myths about equity release in Berkshire, allow us to dispel these myths in our free consultation. We vow to not ignore the risks of equity release but to also be honest about the many positives.

Access help and advice today across Berkshire in Ascot, Bracknell, Burnham, Crowthorne, Eton, Hungerford, Maidenhead, Newbury, Reading, Sandhurst, Slough, Southcote, Thatcham, Theale, Twyford, Windsor, Wokingham and Woodley.


[1] Berkshire – How is the Berkshire property market performing?

[2] Equity Release with Repayment Option – What You Should Know

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