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Equity Release in East Sussex

Lifetime Mortgages, Home Reversion, and General Equity Release Advice in East Sussex

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Equity Release in East Sussex

Property prices are rising all over East Sussex, with a particular boom in certain areas such as Mid Sussex. (1).

If you own a property in East Sussex, you are likely to have plenty of money tied up in your property that you currently cannot access.

If you are cash poor, it is all the more frustrating that you are living in such a valuable home that you cannot benefit from.

That’s where equity release comes in. It allows you to obtain these funds through a loan that does not have to be paid back until you pass away or move into long-term care.

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Deciding Whether Equity Release in East Sussex is Right for You

There are many different things to consider when you are making your mind up about equity release in East Sussex, and we will go through a few of these today.

Is Your Property Fit for Purpose?

There are some things you can confirm without needing a valuation, and we encourage you to reflect on these before speaking to an adviser.

For example, is your home likely to be worth at least £70,000? If it is much lower in value, you will not be a suitable equity release candidate in East Sussex.

What type of property do you live in? Particular property types, such as retirement flats, are not accepted by all lenders, so you will need to check the criteria. Generally, most houses and flats can be put forward for equity release.

We know that some people worry that they will not be able to take out equity on a flat, but this is a myth. It is particularly important that our East Sussex customers know this as apartments are the most common type of property in your area.

Over the past year, according to Rightmove, most of the sales in East Sussex were flats, with the average flat selling for £258,464 (2).

If you are an owner of an apartment, just like owners of houses, you could release a significant amount of money from your property to aid you in retirement.

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Are You an Eligible Candidate?

This is a very important question to ask as it saves time on an application if you are simply not entitled to an equity release loan.

You must be at least 55 years old for a lifetime mortgage and 65 years old for a home reversion, you must be a homeowner, and your property must be valued at £70,000 or more.

If you are unsure about your eligibility, you can always ask an adviser for their counsel, but this will sometimes come at a cost depending on the firm or independent adviser you go to.

Have You Considered Other Options?

We don’t advise anyone to settle on equity release in East Sussex without looking at other options, as we know that it can be an expensive scheme.

If you have decided that other options (downsizing, remortgaging, borrowing from loved ones, traditional loans etc) are not appropriate, then by all means start taking equity release seriously and ask us how you can get started.

You could even combine multiple options if this is best for you. For example, you could downsize in order to reduce your mortgage and bills, and then release equity on your new property.

Another example is that you could access grants from the government but still decide to release equity, and that way, you’d benefit from even more income to help you make your retirement as comfortable as possible.

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Is Equity Release a Scam or Is it a Safe Scheme?

When you release equity with Equity Release Warehouse, the process is incredibly safe. We guide you through every stage, explaining how everything works and offering unbiased advice, to ensure you are free to make your own decisions.

Some of our clients are concerned about there being a catch with equity release. The only catch is that it will be costly overall, but if you would rather benefit from your money now rather than leaving it all to others when you pass away, there is no catch so to speak.

Overall, though it is possible to be deceived by an unreliable lender, equity release is not a scam (3). It does what it professes to do; offers a loan that does not have to be repaid until you go into long-term care or pass away.

How to Stay Away From Equity Release Scams

We encourage you to put safety first by only working with advisers who are regulated by the Equity Release Council (ERC) and Financial Conduct Authority (FCA). This means that if you ever need to complain about a lack of safety, you will be supported by these bodies.

The financial adviser you meet with should be willing to present you with a personalised illustration demonstrating the features and risks of equity release.

They should also explain the different schemes that you could go with so that you are aware of your options and have peace of mind that you have investigated all possible scenarios before settling on one.

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What are the Different Types of Equity Release Plan?

To reiterate our previous point, we recommend that you speak to an adviser to find out about the different plans, as it’s important to learn about each one in detail. However, we will give you a brief overview today.

The two types of equity release products that we have in East Sussex are home reversions and equity release lifetime mortgages. Both involve loans that are repaid through the sale of your property, and both can affect the amount of inheritance that you can pass on.

With lifetime mortgages, of which there are many kinds, you take out a mortgage and receive a loan that is either paid in monthly installments or as a lump sum.

You remain the owner of your home for the rest of your life, and you are expected to stay in your property. This is the most popular form of equity release in East Sussex.

With a home reversion plan, you sell your property (or part of it) to the lender and renounce your title as homeowner, but you still live in the property until the end of the scheme, when your home must be vacated and possessions must be removed. This is a less popular form of equity release, but it is gradually being used more.

There are also retirement mortgages and retirement interest-only mortgages. They are designed to help you through life post-retirement (or just before you retire) as the other plans do not exclude people who are not retiring for a long time.

With a retirement interest-only mortgage, you pay back just the interest on the loan, whether that’s the full amount or part of it. Generally, you will repay this on a monthly basis in order to reduce the amount of interest that is owed overall.

As compound interest is charged on all equity release loans, paying off the interest is a great way to avoid owing a huge amount, and can give you and your family peace of mind about your debt.

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How Much Does it Cost to Speak to an Adviser About Equity Release in East Sussex?

The advice fees vary depending on which adviser you want to speak to. Here at Equity Release Warehouse, we offer a free initial consultation, so you do not have to worry about paying a large sum to simply get an idea of how equity release works.

In our consultation, we will explain the basics of equity release, the benefits of equity release, and the cons of equity release, to give you an accurate picture of what it looks like to release funds from your East Sussex property.

Advice fees are not the only fees you will have to pay, as you will also have to work with a solicitor, a financial adviser, and pay for additional things such as a valuation of your property. Keep these costs in mind when you are considering equity release in East Sussex.

Is Equity Release Available to Everyone in East Sussex?

To take out equity in East Sussex, you do need to fit the eligibility criteria of the equity release provider you go with and the plan you select. We have outlined the main criteria above, which is your age, property type, and property value.

However, if you are after a specific lender or plan, you may find that they are more specific about their requirements. They may want you to have a good credit history, live in a certain location, commit to not repaying the loan, and to not moving house.

It all depends on the decisions you make about equity release. If you are not entitled to a loan with a certain lender or plan, you can make an application to a different one whenever you want to.

Remember that certain plans offer benefits if you are eligible for their schemes.

For example, with the enhanced/ill-health plan, you could benefit from lower interest rates or a higher loan if you can prove that you are struggling with your health. You will usually need to provide doctor’s notes, and sometimes an evaluation is necessary.

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What Happens If I Decide to Repay My Loan Early?

As we have mentioned, some lenders do not allow you to repay your loan early, and others charge an early repayment fee for this, which can be as much as 25% of your equity loan.

However, others are more lenient, so do check with equity release experts if you believe you will want to repay some of your loan before it is due.

Professional advisers are likely to recommend a voluntary repayment plan, as this allows you to make repayments whenever you can, or to make consistent monthly repayments. This reduces the overall amount you owe at the end of the scheme.

This is a good option for people who are concerned about being able to pass on an inheritance to their family.

What Happens If I Move Into Long-term Care?

It is expected that the scheme will come to an end when you pass away or move into care. If you go into a care home, your property will be sold by the equity release lender, and part of the proceeds could go towards your costs of care.

Fortunately, the stress is off you and your loved ones when it comes to selling the home, as the equity release provider will take care of it all for you. This is one of the benefits of releasing equity in your later years.

Please call our 24-Hour Helpline: 0330 058 1579

What Happens If I Need an Equity Release Loan For a Large Project?

If you are after an equity release loan in East Sussex to help with a large project such as renovating your entire home, we advise that you choose a plan that allows you to access a  tax-free cash lump sum.

This is because you will need the money all at once if you want to avoid taking out another loan.

The best plans for this are lump sum lifetime mortgages, drawdown lifetime mortgages, and buy-to-let lifetime mortgages. With the latter, you would have to be releasing equity to fund a new property that you are going to rent out.

Making the Most of Our Website

We know that the amount of information on our website can be overwhelming, so we want to help you to navigate it to help you better understand the intricacies of equity release in East Sussex and elsewhere.

Firstly, we have a page detailing all of the plans that you can have, including home reversions, lifetime mortgages, and retirement mortgages. We explain the pros and cons of each one, and who might be eligible for each one.

Next, we have a help centre where we tackle all of your questions, from the general to the very specific. We answer questions relating to moving home, paying interest, and how to qualify for equity release.

In terms of tools, we have an excellent equity release calculator that you can use to get a quick estimate of how much money you could release from your property, as well as a form to fill out for an accurate personalised quote.

Finally, our blog contains many insightful posts on different aspects of equity release, including borrowing in retirement, budgeting tips for older people, and understanding equity release jargon.

Please call our 24-Hour Helpline: 0330 058 1579

Speak to an Adviser Today

It is never too soon to speak to an adviser, as they can help you as you do your early research into equity release. On the contrary, if you are knowledgeable as can be and you can’t wait to get started, our staff will explain how you can do this as smoothly and safely as possible.

We are aware that some people investigate equity release for a long time, only to realise it isn’t right for them. Don’t worry about this happening to you, as we are more than happy to advise you on the alternative options to equity release if you find yourself in this position.

If we have not answered all of your questions in this article or on our frequently asked questions page, do not hesitate to pose as many questions as you want to our specialists over the phone. They are here to help.

Please call our 24-Hour Helpline: 0330 058 1579


[1] The Sussex areas where house prices are rising at nearly £200 a day

[2] House Prices in East Sussex

[3] Is Equity Release a Con? Quick Analysis

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