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Equity Release Edinburgh - Lifetime Mortgage Near Me

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

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Equity Release Edinburgh & Near Edinburgh

If you are intrigued by the idea of equity release and you are an Edinburgh homeowner, keep reading to find out what equity release is and how subjects such as tax and interest rates apply to equity release Edinburgh.

To qualify for an equity release loan, the basic eligibility criteria is to be at least 55 years old and to own an Edinburgh property worth £70,000 or more.

Your property can be in the city centre or the countryside — it doesn’t matter as long as it fits the criteria.

However, if you don’t fit these requirements, please get in touch as it is possible that you can change your situation so that you are eligible for equity release, or you can learn as much about it as possible in order to get involved later down the line.

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.

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How Equity Release Edinburgh Works

Equity release is an increasingly popular scheme that helps home-owners to boost their finances by taking money from the value of their home.

If you have a property worth £70,000 or more, you can work with an equity release provider to take some of this money out of your home and into your hands. The benefit for the company is that they are entitled to your home when you pass away or go into long-term care.

Most equity release products allow consumers to lend money from a provider without repayment deadlines. Instead, the consumer is charged compound interest on their loan.

Though equity release customers rarely repay the loan themselves, it is ‘repaid’ through the sale of their home. Compound interest payments help to increase the amount of money owed to ensure equity release lenders also benefit from the scheme.

What is a Lifetime Mortgage?

Lifetime mortgages are the most common equity release product in Edinburgh. After taking out a loan, customers get to stay in their home for the rest of their lives and keep full ownership of the property.

There are several options for taking out a lifetime mortgage in Edinburgh. You can either request a lump sum of tax-free cash, ask to receive the loan in monthly instalments, or get a partial lump sum and then regular instalments. Some customers even opt to withdraw the money on an ad-hoc basis.

Most lifetime mortgage customers do not repay any of the loan or interest. This means they can make the most of their full loan amount. However, certain plans and providers will allow customers to make repayments in order to reduce the compound interest.

Depending on the specific lifetime mortgage in Edinburgh, inheritance protection may be available. This is when a consumer holds onto some of the value of their home for inheritance purposes.

The different types of lifetime mortgage available in Edinburgh are:

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What is a Home Reversion Plan?

The alternative to a lifetime mortgage is a home reversion plan. These customers are also entitled to stay in their Edinburgh property, but they do not retain ownership.

Just like lifetime mortgages, home reversion plans can be paid in monthly instalments or a one-off lump sum. There is no compound interest involved as the homeowner gives up a share of their property to the provider.

Before the loan is offered, the provider and their client will come up with an agreement for property ownership. The provider may purchase the whole property, or they may buy a share of it.

Most home reversion clients choose to keep some of their property as a form of inheritance protection. The provider is still entitled to sell the house at the end of the scheme, but they cannot keep the sales proceeds from the ring-fenced share.

How Much Does Equity Release Edinburgh Cost?

There is no set cost for equity release Edinburgh, so every homeowner will spend a different amount on the equity release process.

We would advise you to expect to spend up to £3000 on equity release. However, there are ways to keep equity release much cheaper, so you could be looking at £1500 if you follow our advice.

There are some costs you cannot avoid with equity release, so don’t expect that every stage of the process will be extremely affordable.

For example, the mortgage application fee will be fixed, so there is no way around paying this. Another example is the valuation fee, as you cannot skip this essential part of the process given that it tells you whether your property is eligible for Edinburgh equity release.

However, when it comes to paying for advice, this is when you can take charge and try to keep things as affordable as possible (if this is something you want to do).

Make sure you get quotes from a wide range of equity release specialists, solicitors, advisers and lenders to ensure you are not being charged an unnecessary amount.

When you do this, don’t make the mistake of settling for a subpar lender, adviser or solicitor simply because their services are cheaper. Make sure they are regulated by the Financial Conduct Authority (FCA) and the Equity Release Council (ERC).

This may save you money in the long run as you will not be scammed and you will be able to make a complaint if things go wrong.

Remember that it is possible to find free advice in Edinburgh, so do not start paying for consultations if you can find a firm that offers free appointments.

For example, we offer a free initial consultation if you are considering equity release. This means that if you decide against it after learning how it works, you won’t have wasted any money.

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How Long Does Equity Release in Edinburgh Take?

Equity release in Edinburgh is a tailored scheme, so it will take a different length of time for each equity release borrower, depending on how quick they are at responding, how fast they make decisions, whether there are any delays, and which plan they choose.

Equity release in Edinburgh can also take a longer amount of time if you apply when it is in high demand. This is the case at the moment, as people are drawn to equity release more than ever with the rising cost of living.

However, this is all the more reason to start your journey, as leaving it too late could mean an even longer process.

Most equity release consumers in Edinburgh receive their loan within 6-8 weeks of making a formal application to an equity release lender.

The fastest way to do this is to find an equity release adviser, be honest with them about what you want, and follow their advice when it comes to meeting with a solicitor and a lender.

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How Much Money Can I Release With Equity Release in Edinburgh?

We have a free equity release calculator to help you figure out how much money you could release from your Edinburgh property.

All you need to do is input your age, property type and estimated property value, and you will receive an estimate for your loan.

Another way to find out how much you could release is to get in touch with us for a personal quote. This quote will be very accurate as we ask for specific details about your property to help us come up with an estimate.

However, there is no way to know exactly how much you could release until you have a property valuation done, which occurs after you apply for equity release. The more valuable your Edinburgh property, the higher the loan is likely to be.

If your loan is particularly high when compared with your property value, this is known as a high loan-to-value ratio.

This can occur when a lender is more lenient with their loans, when your property is in excellent condition, or when your property is in a high-demand area. The lender will adjust the loan amount to match the level of risk attached to offering you a loan.

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Edinburgh Equity Release and Interest Rates

Taking out loans sounds like the perfect solution to all your problems until you look into the amount of interest you could be paying.

You may be used to high-interest rates on your loans, but fortunately, the interest rates with equity release tend to be much lower.

In the Spring 2021 Market Report, the average interest rates for equity release were recorded at 3.95% by the reliable Equity Release Council [1].

However, the difference with equity release in Edinburgh is that the interest accrues over time as you are usually not repaying it as you would with a traditional loan.

This means that by the end of the scheme, you owe a much larger amount (interest included) than you would on a different scheme.

If you want to keep the interest rate as low as possible, try to find an equity release plan that is very popular, such as a lump sum product or a drawdown lifetime mortgage.

You could also take care of interest from the get-go by selecting an interest-only plan and repaying the interest each month.

However, if you cannot afford to repay the interest and you are worrying about how this will affect you, remember that you never have to repay a lifetime mortgage, so you do not need to be burdened by this.

The amount of money you have borrowed will be given back to the lender when you pass away and they process the sale of your home.

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Edinburgh Equity Release and Inheritance

The amount of inheritance you can pass on after taking out equity depends on the decisions you make along the way. Here are some things that can affect the inheritance you can leave:

1. The Plan You Select

The amount of inheritance you can leave is dependent on the specific equity release scheme you are on in Edinburgh.

For example, if you have a voluntary repayment lifetime mortgage and you have paid off a lot of the loan, you will have more money to leave to your family than if your plan does not allow for repayments.

2. The Amount You Release

It goes without saying that releasing a larger amount of money will lead to less money being passed on when your scheme comes to an end. However, you could always use your equity release funds to gift money to your loved ones if you are concerned about this.

3. Whether You Have Inheritance Protection

With most modern plans, you can request for inheritance protection, and this means you are securing some of your equity release funds for your family, so you know that they will definitely be left with something. Most home reversion plans and lifetime mortgages offer this deal.

You can read more about equity release’s potential drawbacks here. We’ve also prepared a guide explaining the alternatives to equity release.

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 Edinburgh:

1. Capital Credit Union

Address: 31 Dunedin St, Broughton, Edinburgh EH7 4JG

Telephone: 0131 225 9901


2. Citizens Advice Scotland

Address: Broadside, 2, Spectrum House, 2 Powderhall Rd, Edinburgh EH7 4GB

Telephone: 0131 550 1000


3. Citizens Advice Edinburgh

Address: 8A, 8B Bath St, Portobello, Edinburgh EH15 1EY

Telephone: 0131 510 5510


4. Citizens Advice Edinburgh

Address: 58 Dundas St, Edinburgh EH3 6QZ

Telephone: 0131 510 5510


5. Castle Community Bank – Leith

Address: 49 Great Jct St, Edinburgh EH6 5HX

Telephone: 0131 466 5006

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Edinburgh Equity Release and Tax

You will be delighted to know that the money you borrow through equity release in Edinburgh is completely tax-free, so when you receive your loan, you are free to spend as much of it as you want on anything that you want [2].

Most people who release equity will also be able to pass on their inheritance without it being liable for tax, as their estate on death will be below the threshold for inheritance tax given that they have used up the funds from their Edinburgh property.

This is excellent news for people who want to leave money to their beneficiaries, as this would usually be taxed at 40%, so you can save a lot by releasing equity and avoiding inheritance tax.

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Bridging Finance With Equity Release in Edinburgh

Many homeowners are curious about using equity release as a way to bridge finance. This is not always recommended, so we encourage you to speak to us about your personal situation before you decide to do this.

On one hand, equity release in Edinburgh can be a great way of bridging finance. The loan does not have to be repaid by a certain date, so you can use it to pay off any outstanding debt, and then relax in your retirement without having to worry about the financial consequences.

What’s more, there are no affordability checks or credit checks for most modern lifetime mortgages and home reversion schemes.

This means that you can easily bridge finance even if you have a bad credit rating or a low income, which is very useful considering conventional mortgage lenders will require you to fit strict eligibility criteria.

On the other hand, equity release in Edinburgh is supposed to be a lifelong scheme, so it isn’t always advisable to treat it as a short-term fix to your problems.

If you did this, you would have to find a scheme that allowed you to back out early, otherwise, you may face an early repayment charge.

Furthermore, there are alternative solutions to money issues that may be better for bridging finance, and that do not involve affordability checks.

For example, you could start your own business and use the funds to pay off your outstanding debt. You could also borrow from someone you trust if you know that you will eventually be able to pay it back.

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How Can Equity Release Warehouse Help?

At Equity Release Warehouse, we are passionate about passing on realistic information about equity release in Edinburgh, so we will inform you of the positives and negatives of this scheme when you get in touch with us.

As soon as you inform us of your financial situation and your ideas for equity release, we will be able to start advising you on which equity release product you should use (a lifetime mortgage or a home reversion).

We will also be able to tell you how equity release in Edinburgh will affect you individually, which is very important. As useful as general information can be, you need to know what equity release will look like for you.

For example, if there is anything that may complicate equity release for you, such as having an existing mortgage or a leasehold property, when you inform us of this, we will help you to discover whether it is possible for you to take out equity in Edinburgh, and if so, whether it would be the best solution.

We are always happy to suggest alternatives to equity release in Edinburgh if we believe they would put you in a better financial position, so please ask us about this if you are concerned about the drawbacks of equity release.

Overall, we believe equity release is a safe, secure, and smart way to boost your retirement income, and we would love to see you get involved with the scheme and start to worry less about money.

To get started with your Edinburgh equity release journey, call us on 0330 058 1579 or request a callback and we will reach out to you as soon as we can. Our lines are open from 8am-8pm every day of the week, so even if you are busy working a 9-5, we are here to help.

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Can I Use Equity Release in Edinburgh for Buy-to-let Property?

It is possible to take out equity in Edinburgh with a buy-to-let property. However, there are more limitations involved.

Equity release lenders do not always accept buy-to-let property owners, so your choice in lenders will be less varied than the average customer. If you find a provider who is willing to offer a loan, they are likely to impose strict regulations on buy-to-let properties.

As this property type is less common for equity release, it’s even more important to meet with a regulated equity release adviser to find out whether this scheme is right for you personally.
Can I Use Equity Release to Pay Off Mortgage?

Yes, it is possible to use equity release to pay off an existing repayment mortgage. If your property value is high enough, and your mortgage debt is low enough, this could be a very sensible decision for retirement.

However, releasing equity requires commitment. It isn’t just about releasing a lump sum of cash, repaying a debt, and moving on. If you want to release equity to pay off your mortgage, you must consider the impact of doing so.

Speak to a financial adviser to find out how the scheme would impact things like interest, inheritance and moving house. The answers vary depending on your personal situation, so it’s important to get a personal illustration from an equity release expert.

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Can I Use Equity Release to Pay Off Interest-Only Mortgage?

Yes, you can pay off an interest-only mortgage through equity release. The same logic applies here – make sure you are going to have enough equity to afford to repay the mortgage.

You can get an estimate of your equity release loan using our free equity release calculator. We strongly recommend trying this out before exploring equity release further.
What Can I Use Equity Release for?

As we have explained, you can pay off your existing mortgage using equity release. There are also other debts you could pay off, given that the equity release loan doesn’t need to be repaid.

This may include: credit card debt, car loans, and higher education loans for loved ones.

Another practical use of the loan would be gifting the funds to a family member. This scheme is a great way for older people to help out their younger relatives without worrying about debt.

They may offer a lump sum to help with general living costs in Edinburgh, weddings, childcare fees, or anything else their loved one is struggling with.

It’s important to note that not every equity release customer takes out money for practical purposes. There are plenty of light-hearted things to spend your equity release loan on in Edinburgh, such as:

  • A new car
  • A new wardrobe
  • Luxury holidays

Can I Use Equity Release for Home Improvements?

Yes, investing in your home is an excellent use of an equity release loan.

As most equity release providers stipulate that their customers must stay in their home for the rest of the scheme, what better way to enjoy your retirement than to renovate the place you spend most of your time in?

Whether it’s simply painting and decorating the whole house or carrying out complex home improvements, the loan could cover the cost of home-related tasks you previously couldn’t afford.

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Can I Use Equity Release for a Divorce Settlement?

Yes, some of our clients have used equity release to help with divorce settlements. It’s a great way for both members of the couple to adapt to a new living situation without losing financial stability or independence.

When equity release is pursued during divorce proceedings, it allows one member of the couple to live in the home permanently. Their ex-partner is entitled to equity release funds to put towards a new property.

It is generally older couples that opt to take out equity due to divorce. People on the lower end of the equity release age scale (50s-60s) may prefer other schemes that do not include compound interest.

Can I Use Equity Release to Pay for Care Home Costs

Yes, plenty of homeowners use equity release to save up for care costs in retirement. As equity release lasts your whole life, the impact on your care is one of the main things you should be considering as you research this scheme.

There is no set way to pay for care home costs using equity release. You could simply set aside part of your loan – either as a lump sum or by saving a fixed amount each month.

Another option is to keep your funds in a cash reserve (using the drawdown mortgage) and only take out money when you need it. That way, the funds left in the reserve won’t accumulate interest, so you can save for care efficiently.

Keep in mind that taking out equity could potentially affect the state benefits that you receive, as well as making you ineligible for care home funding support.

If you decide to become an equity release consumer, make sure you know exactly how much you need to save for care costs. Without a set plan, you’re risking falling short when it’s too late.

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Can Equity Release Affect State Benefits?

Equity release has been known to affect state benefits if the benefits are based on income (means-tested).

This is because any money you save through equity release will be recorded as savings, and the threshold for savings is £16,000 for benefits such as Council Tax Reduction and Universal Credit. Even savings between £6,000-£16,000 can remove full entitlement to means-tested benefits.

If you do not cross the savings threshold through equity release, you will still receive your state benefits. Anyone claiming non-means-tested benefits will not risk losing this money, as it doesn’t factor in the amount of money the beneficiary has.

Can I Still Sell My House in Edinburgh?

Depending on the rules of your equity release plan, you may be able to sell your house and move into another one without leaving the equity release scheme. This is known as porting.

All ERC-approved lenders will allow you to do this if they deem the second property suitable.

When moving to a less valuable property, downsizing fees may apply (unless your plan includes downsizing protection). This means you may have to pay back some of your equity loan early.

Sometimes, this incurs an early repayment fee that tends to start at 5%. This fee may be fixed for all consumers, or it may be directly related to the amount of time the customer has been on the scheme (i.e., newer customers will be charged a higher fee).

What Is the Equity Release Council?

The Equity Release Council (ERC) is a company that regulates equity release in Edinburgh and all other parts of the UK.

It is responsible for gathering data on equity release, identifying problems, and coming up with helpful solutions to keep equity release safe.

ERC has safety guarantees that its members must uphold, which means customers can be confident that they are not going to be scammed. These guarantees are:

  • The freedom to move house (provided that the new house is approved by the lender)
  • The right to remain in the property
  • No negative equity guarantee (the customer never owes more than the value of their home)

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Equity Release and Negative Equity

All ERC-approved equity release providers must offer a no negative equity scheme as part of their services. When this is not a part of the scheme, negative equity may occur.

This is when the compound interest accumulates to such a point that the customer ends up owing more than the value of their home. Even when the lender sells the home, the customer is still in debt.

In the past, this has resulted in family members having to pay the remainder of the equity release loan. Evidently, any inheritance they were entitled to would have to be put towards the loan.

Fortunately, no negative equity guarantees are extremely common nowadays. If you’re well-informed, and you only seek regulated lenders, you’ll have no problems with negative equity.

Is Equity Release in Edinburgh Safe?

Yes, equity release is a safe scheme. As it is regulated by the Equity Release Council, customers are protected when they take out money from their home.

There is a possibility for equity release to be unsafe if you don’t stick to regulated companies.

From your first meeting with an equity release adviser to finding a solicitor, make sure you are seeking out individuals or companies with the suitable qualifications and memberships. This means always looking out for organisations that are members of the Equity Release Council.

Unsafe equity release could also occur when homeowners pursue equity release even after being advised that it isn’t the best solution. In this situation, instead of ignoring an adviser’s guidance, get a second opinion from another regulated specialist.

Equity release is not the type of scheme you want to get into if you’re not in it for the long haul. Listen to advisers who warn you against it, as it’s their job to analyse your personal circumstances and determine whether equity release would be safe or unsafe.

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Can Equity Release Be Repaid Early?

Equity release can be repaid early, but early repayment charges may apply. This can be extremely expensive, so make sure you are confident with your decision to take out equity before making an agreement with a lender.

Another option is to pay back the loan faster through a repayment lifetime mortgage plan. This can either keep the compound interest low or eradicate it entirely.

The voluntary repayment lifetime mortgage permits customers to pay any amount towards their loan without following a monthly repayment system. There are often conditions for this, such as having to wait one year before making any contributions.

The interest-only lifetime mortgage is the second way for consumers to repay the interest on a monthly basis. Though this defeats the purpose of equity release for some people, these customers are still saving huge amounts by not having to repay the loan itself.


How Does Equity Release in Edinburgh Work When You Die?

When you die, your relatives are expected to contact your equity release company and provide proof of your passing. In most cases, the company will then begin to arrange a property sale.

This applies to all equity release customers, whether they have taken out a lifetime mortgage or a home reversion plan.

However, the sale process tends to be much faster for a home reversion as the lender already owns the property.

The reason the provider sells the home is that they must take back the equivalent of the funds they lent to the customer.

With compound interest included, this will amount to the full value of the home.

Note that it is often more than this, but no negative equity guarantees ensure the lender cannot take any additional funds from the customer.

The amount of money that is passed on to the customer’s loved ones depends on various factors including: how much equity the customer released, how much compound interest is owed, whether there is a no negative equity guarantee, and whether inheritance protection is present.

If there is inheritance protection in place (with a no negative equity guarantee), family members written into the will can access the money that is left to them, regardless of how much equity release debt their relative is in.

They are also entitled to any additional funds from the property sale.

In the event that there is a remaining partner who is included in the equity release plan, the home will not be sold until this person passes away or goes into permanent care.

They can choose to stay in the home until this point or downsize into a suitable alternative property.

For couples who did not take out equity together, the regulations are not as forgiving. If the remaining partner’s name is not on the equity release product, they will have to find somewhere else to live.

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Can Equity Release in Edinburgh Be Taken Out for Tenants In Common?

Tenants in common is a way to co-own a property without being joint tenants. It allows each homeowner to buy a particular share of the property, which doesn’t have to be equal.

Equity release is certainly possible for tenants in common. If both tenants want to take out equity from the property, the process is the same as it would be if they were joint tenants.

The only difference is what happens at the end of equity release. There are unique risks that must be considered for tenants in common.

The risks are dependent on how each tenant has written their will. If one tenant has offered their share of their property to their beneficiaries in their will, it can cause ownership conflict if this individual is the first to pass away.

Prospective equity release customers who are tenants in common should carefully weigh up these risks with an equity release adviser. The adviser can identify all of the possible pain points and offer expert guidance on taking out equity in your situation.

Can Equity Release Be Taken Out for Leasehold Property?

Yes, you can release equity in Edinburgh if you own a leasehold property.

Yet, there are additional things to consider as equity release providers tend to prefer freehold properties.

The lease must meet the lender’s requirements, and each lender will have a different stance.

Usually, the lease must be in place for at least 75-80 years otherwise the lender cannot have confidence in your home ownership.

Certain equity release companies will also ask for proof that the property would be easy to sell, which includes investigating the condition of the house/apartment.

If your leasehold home is not accepted by your preferred lenders in Edinburgh, you could extend your lease (though this will incur a large cost).

Another option would be to find a way to purchase a freehold property with a partner or a group.

Keep in mind that all co-owners must agree to take out equity from the freehold property, otherwise, you will not be able to take part in this scheme.

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Can I Take Out Equity Release Under a Power of Attorney?

It is possible to take out equity release in Edinburgh under a power of attorney (POA), but several factors can affect equity release eligibility.

There can also be additional fees for people taking this route.

Firstly, the attorney must be able to prove that the prospective equity release consumer would be in a better position if they participated in the scheme.

Secondly, if there is an enduring POA in place, it must come with court protection.

As enduring POAs were phased out in 2007, most attorneys do not have to worry about this (unless they have a functioning enduring POA).

Individuals with a lasting POA do not need to have court protection.

Finally, the attorney must possess medical evidence of the homeowner’s loss of mental capacity e.g., proof of dementia. In some cases, a mental capacity assessment by social services, GP or a private report will be requested by an equity release solicitor.

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Which Equity Release Company is Best?

The best equity release companies change from year to year as the equity release market evolves. However, we can give you an idea of the current best equity release lenders in Edinburgh.

Examples include:

  • Aviva
  • Canada Life
  • Lloyds Bank
  • Age Partnership
  • Just Retirement
  • Key Group
  • Legal and General
  • Nationwide
  • Saga
  • Sunlife

These companies consistently come out on top for providing customers with a brilliant experience of equity release.

However, the plans provided by these lenders are not necessarily right for you. It’s important to research each organisation to find out how their equity release products work.

1. Equity Release in Edinburgh With Aviva

Aviva is one of the most reliable equity release companies in the UK.

When you release equity with Aviva, the interest rate is calculated based on your personal circumstances. This means you are not subject to unnecessarily high-interest rates. As the interest is fixed, you can budget for the future as you will always know how much interest you owe.

There are a wide range of products available with Aviva in Edinburgh, including the drawdown lifetime mortgage. However, other companies are more diverse, as Aviva does not provide home reversion plans.

2. Equity Release With Canada Life

Canada Life is another top equity release company for Edinburgh lifetime mortgages. The provider boasts ‘market-leading expertise and customer service’, meaning customers can trust this company to guide them through equity release safely.

There is the option to make annual loan repayments of up to 10% with a Canada Life equity release mortgage. For anyone who is concerned by the debt that equity release causes, this company could be the ideal choice for keeping debt low.

A downside of Canada Life is that they charge valuation fees. Though this is very common, it is possible to find a company offering free property valuation.

Canada Life customers must pay a minimum of £135 for this, but the cost can rise to £900 and beyond.

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3. Equity Release With Lloyds Bank

Lloyd’s is a trustworthy company with years of experience in equity release. Individuals who are unfamiliar with smaller companies may go to Lloyd’s for peace of mind when it comes to safe Edinburgh equity release.

Although you cannot release equity directly with Lloyd’s Bank, you can liaise with them to get equity release with Scottish Widows Bank.

This is usually a smooth process, but keep in mind that some customers prefer to work directly with an equity release provider to save time on administration.

4. Equity Release With Age Partnership

Age Partnership is a leading organisation offering high-quality equity release advice. Advisers are trained to guide customers towards the most appropriate plan for them – including home reversions.

Customer service is something Age Partnership do very well. When you enquire about equity release in Edinburgh, you receive a bespoke recommendation document and a dedicated adviser who will only recommend equity release if it is suitable for you.

There is no charge for advice with Age Partnership unless you decide to pursue equity release based on their recommendations.

Anyone who takes out a recommended product with Age Partnership may find that this company is one of the most expensive in the industry.

The advice fee alone is £1895, and this is on top of paying the equity release provider directly.

Please call our 24-Hour Helpline: 0330 058 1579

 5. Equity Release With Just Retirement

Just Retirement has a great reputation in the equity release industry as a company that offers top-of-the-range schemes via accredited advisers.

Although home reversion plans are not offered, customers can access a drawdown or enhanced lifetime mortgage with Just.

The flexible nature of Just’s schemes means that equity release consumers can choose to repay their interest in full.

There are payment holidays available for up to three months in the event that the customer cannot, or does not want to, pay off the interest every month.

Just rewards homeowners of energy-efficient properties by reducing interest rates when the Energy Performance Certificate (EPC) has a rating of A or B [2].

A potential drawback of Just is its eligibility criteria. Older equity release consumers may not be able to release equity with this company as the maximum age is 85 years old.

The minimum age, as with most Edinburgh equity release plans, is 55 years old.

Please call our 24-Hour Helpline: 0330 058 1579

6. Equity Release With Key Group

Key Later Life Finance prides itself on neutrality (which is vital for equity release).

It offers free specialist equity release advisers who will give you a clear idea of how equity release could benefit you, why it may be risky, and whether you are an eligible candidate.

As an Equity Release Council (ERC) member, customers are entitled to a no negative equity guarantee which means they will never owe more than the value of their Edinburgh property – even if their property depreciates in value.

This company could be criticised for its lack of home reversion plans (a common theme in this list). However, its lifetime mortgages are customisable, which is a huge benefit.

7. Equity Release With Legal And General (L&G)

Award-winning Legal and General is extremely flexible with its lifetime mortgages, with a colour-coded system indicating how much money you can borrow with each plan, and how much interest will be charged. There is also the offer of a retirement interest only mortgage (RIO).

Edinburgh customers who are keen to repay their interest will be pleased to know that L&G allow this. However, there may be early repayment charges, so this company is not flexible all-round.

As L&G only started offering equity release in 2014, it is one of the newer companies on our list. Its huge success counteracts the limited experience, but this is still something to keep in mind if you prefer to use well-established organisations.

8. Equity Release With Nationwide

Nationwide is an excellent choice for older equity release consumers in Edinburgh. This company is willing to offer loans to people up to the age of 94 years old.

Another great benefit is that there are no fees for property valuation, which makes releasing equity more affordable. In addition to this, Nationwide promises a cashback payment of £1000 after customers have signed up.

Unfortunately, the majority of our clients will not be eligible for Nationwide equity release in Edinburgh. There is a requirement for customers to have an existing lifetime or retirement mortgage with this bank, and new clients are no longer accepted.

9. Equity Release With Saga

Saga is extremely understanding of the risks of equity release, and it shows in their great customer service.

People who release equity with Saga can repay their loan within the first six months without being charged interest or an early repayment fee.

Yet, most customers won’t ever end up in this position, as Saga provides free expert advice which covers the downsides of Edinburgh equity release.

According to customers, Saga is not always the most responsive when it comes to equity release enquiries. However, this is not a hard-and-fast rule, as many customers praise Saga’s attentiveness.

10. Equity Release With Sunlife

Sunlife is one of the oldest companies on our list. They have a strong reputation for providing trustworthy insurance and equity release products (including lifetime mortgages and home reversions).

Impressively, Sunlife offers up to 70% loan to value on certain equity release products. When you consider that the average equity release LTV is 20-60%, this is an attractive bonus.

Anyone with a leasehold property will struggle to lend with Sunlife unless there is a significant amount of time left on the lease.

Non-standard construction properties in Edinburgh will also be rejected (e.g., houses or flats that are not made of brick/stone with a slate/tiled roof).

Please call our 24-Hour Helpline: 0330 058 1579

Using an Equity Loan Calculator

With an equity loan calculator, it couldn’t be easier to see how much money you could borrow from your Edinburgh home. Our calculator is one of the best tools on the Equity Release Warehouse site.

We only ask that you provide your age, property type (house or flat), and estimated property value. With these details, we can predict how large your equity release loan could be.

Before you get a personalised estimate, you will need to find out whether you are eligible for equity release in Edinburgh, as well as provide more detailed information about your personal circumstances.

The best way to do this is with an equity release expert. We offer in-depth phone calls with our experts on 0330 058 1579.

Equity Release Warehouse prides itself on unbiased advice sessions, so you can listen to the pros and cons before deciding whether to give equity release a chance.

Do I Need a Solicitor for Equity Release?

Everyone needs a solicitor for equity release in Edinburgh. It’s a requirement for all customers and lenders.

We recommend finding a solicitor as soon as possible after you’ve met with a professional adviser and decided that equity release is right for you. Getting a solicitor involved immediately could speed up the process significantly.

Although regulated advisers will be able to inform you of all the risks of equity release, solicitors provide an extra safety net as they will outline the implications of equity release from a legal perspective.

Another benefit of solicitors is that they will make contact with the equity release lender at all stages of the process. This means you don’t have to deal with stressful communication, and you will be protected from equity release scams.

As well as reaching out to the lender initially, solicitors can get specific information about costs, explain the terms of business, carry out conveyancing, and plan a property valuation.

Your equity release company will not provide you with a solicitor, so you must look into the most suitable solicitors in Edinburgh yourself.

Make sure you find a solicitor with plenty of equity release knowledge and an Equity Release Council membership.

Cost is another key thing to consider. Only work with a solicitor whose services are within your budget, unless you want to spend part of your equity loan on legal fees (which some providers allow you to do).

Please call our 24-Hour Helpline: 0330 058 1579

What are the Alternatives to Using Equity Release?

We can only recommend the best alternative to equity release after talking to you over the phone.

We need to know what draws you to equity release so that we can find another scheme with similar benefits.

Most customers want to release equity because they don’t have sufficient retirement savings. If this is you, here are some alternatives to equity release that could increase your savings.

1. Downsizing

Plenty of people downsize before retirement to ensure they can afford their home without working. Downsizing at an older age can provide a fresh start as you could choose to move to a location or property that is more suitable for you.

For example, you may decide to move to an area with more amenities, a stronger sense of community, more public transport connections, or somewhere that is closer to family.

You could opt to move to a property that would serve you well as you get older, whether that means a bungalow, a disabled-friendly property, or simply a smaller home with fewer rooms to maintain.

Although downsizing can be costly and stressful, it’s often a better solution for people who aren’t ready to commit to equity release. It’s also a great option for people who are ineligible for the scheme.

2. Getting an Unsecured Loan

Unsecured loans are loans that don’t require a valuable possession (e.g., an Edinburgh flat) to be provided in exchange for the money. Examples include student loans and credit cards.

If you are eligible for an unsecured loan, you could borrow money for a short-term purpose e.g., home improvements or paying off debt.

Although this wouldn’t set you up for retirement in the same way as equity release, it could improve your finances by allowing you to purchase the things you need before (or during) retirement.

There will be a deadline for unsecured loans to be repaid, so you need to make sure you can afford repayments rather than getting into debt.

If you don’t feel confident that you can do this, perhaps equity release is a more suitable option for you.

Please call our 24-Hour Helpline: 0330 058 1579

3. Investing More into Your Pension

If you can afford to, put as much money as possible into your pension as you approach State Pension age. Basic rate taxpayers benefit from 20% tax relief, which makes a huge difference to retirement savings [4].

Be generous yet cautious when putting money into your pension, especially if you’re a long way off pension age. Make sure you still have savings that are accessible to you if you’re going to be waiting a long time for your pension.

This alternative is best for people who already have a good amount of savings, so it isn’t ideal for everyone.

What’s more, though it will boost your income, you won’t get a life-changing amount. Equity release would be more effective if you needed to dramatically increase your funds.

4. State Benefits

Means-tested government benefits can boost retirement income on a regular basis. There are also non-means-tested benefits for people who meet the criteria, e.g., having a certain disability or illness.

Some examples of state benefits for pensioners are:

  • Pension Credit
  • Universal Credit
  • Personal Independence Payment
  • Income Support

Before ruling out equity release, make sure you find out how much impact state benefits would have on your retirement funds.

Please call our 24-Hour Helpline: 0330 058 1579


[1] What interest rate can I achieve on my equity release?

[2] Is money received from equity release taxable?

[3] Guide to Energy Performance Certificates

[4] Tax on your private pension contributions

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