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Equity Release in Edinburgh - Financial Advisors & Brokers

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Equity Release in 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 in 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.

Please call our 24-Hour Helpline: 0330 058 1579

How Much Does Equity Release in Edinburgh Cost?

There is no set cost for equity release in 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.

Please call our 24-Hour Helpline: 0330 058 1579

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.

Please call our 24-Hour Helpline: 0330 058 1579

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.

Please call our 24-Hour Helpline: 0330 058 1579

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.

Please call our 24-Hour Helpline: 0330 058 1579

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

Please call our 24-Hour Helpline: 0330 058 1579

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.

Please call our 24-Hour Helpline: 0330 058 1579

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.

Please call our 24-Hour Helpline: 0330 058 1579

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.


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

[2] Is money received from equity release taxable?

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