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Equity Release Fife - Lifetime Mortgage Near Me

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

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Equity Release Fife & Near Fife

Equity release Fife is regulated by the Financial Conduct Authority (FCA) and the Equity Release Council (FCA), so if you make sure your lender and any adviser are regulated by these bodies, you will be in safe hands. All advisors and lenders are registered on the Financial Services Register.

This ensures any equity release product you take out will come with the benefit of a No negative equity guarantee.

It is possible that equity release Fife would be unsafe for you if you are not fit for the scheme, as it requires a lot of commitment. You have to pay money to release equity, and when you receive your loan, you will be charged compound interest on it for the rest of your life.

If you already have enough money in the form of savings, pensions, or employment income, it may be unsafe to release equity as you would be getting into debt without needing to.

There are certain arrangements you can go after to make sure your experience as an equity release consumer is as safe and secure as possible.

For example, make sure your lender offers a no negative equity guarantee, as this prevents your family from having to pay more money if your property sale does not cover the cost of your debt (1).

Another tip for safe equity release in Fife is to get inheritance protection, which allows you to save some of your equity release loan for your family when you pass away.

If you have a home reversion, you can save a share of your property for your beneficiaries.

Finally, make sure you check the early repayment rules of your equity release lender and plan. Try to aim for no early repayment fees, as you may find that you are no longer happy with your equity release plan, and it is better to be able to leave it in the past without having to pay a hefty fine.

Some of the reputable lenders the financial advisors will research on your behalf include Sage, Scottish Widows, Legal & General, Aviva, Liverpool Victoria (LV), Canada Life, more2life, Hodge, Just Retirement, Pure Retirement, One Family and LiveMore Mortgages.

You can check out our equity release calculator here.

Please call our 24-Hour Helpline: 0330 058 1579

Is Equity Release Fife Profitable?

Yes, equity release Fife is profitable for most pensioners. Your loan amount is calculated by your age and property value, so if you have a very valuable home, you can access a lot of money to fund your retirement.

The money is completely tax-free, which makes equity release even more profitable than most traditional schemes.

As you can spend your loan on anything of your choosing, equity release in Fife can be as profitable as you make it. For example, if you have many existing debts, the most financially beneficial decision would be to pay off these debts before you spend the loan on anything else.

If you are currently struggling to pay your bills, it would be best to use the loan to supplement your monthly income.

Not everyone finds equity release profitable, so it is important that you speak to a financial adviser about the pros and potential disadvantages of the scheme.

For example, if you are not struggling financially, it may be detrimental to take out a loan that you don’t need, which will lead to an equity release lender benefitting from the sales proceeds of your home at the end of the scheme.

And if you are claiming certain state benefits, you will have to inform the Department of Work and Pensions that you have taken out equity release, which might mean these benefits are stopped.

The compound interest that builds on an equity release scheme also makes it an unwise decision for some people. If the interest is not repaid, it will accumulate each year, and the longer you are on the scheme, the more interest you will owe by the end of it.

Finally, it is not free to take out equity, whereas some alternatives to equity release would be free. You have to pay to make an application to an equity release lender, get equity release advice, get legal advice, have a property valuation, and various other things.

Not everyone is in the position to pay for these things, especially if they have stopped working and they do not have money saved in a private pension. Yet, most people can deduct these costs from their equity loan instead of paying for them outright.

Is Equity Release in Fife Accessible?

Yes, equity release in Fife is very accessible. As long as your property is at least £70,000 in value and you are at least 55 years old, you can take out equity from your Fife property.

Your income and credit rating do not tend to come into it, nor do any debts you may have not yet paid off.

There are many different equity release lenders and plans available in Fife, so most people do not struggle to find the ones that are right for them. Once you do find your lender and plan, it tends to take up to two months to get your equity release loan.

You may be turned away from equity release in Fife if you have a leasehold property that is not near the end of the lease, as it is technically not your property, and lenders need to know that they could sell your home easily when you die or go into permanent care (2).

Another reason you could be rejected is if you have a retirement apartment, for the same reasons as above. However, you should check the lending criteria of lenders in your area, as some will accept these types of property.

Please call our 24-Hour Helpline: 0330 058 1579

Is Equity Release in Fife Free?

No, equity release in Fife is not free. As we mentioned above, you have to pay fees to take out equity from your property. However, you can keep these fees low by choosing budget-friendly advisers and solicitors, and choosing the right lender and plan for you.

When you are on the equity release scheme, it may feel like equity release in Fife is free, as you will not be forced to make repayments on your loan. You can live as though you are not in debt, as you will never owe the lender money while you are alive.

However, you cannot forget that you are technically in debt. When you eventually pass away or enter permanent care, your property will be sold to account for the money you have borrowed.

The lender will take the money you owe them, and the rest will go to your beneficiaries. If you have already saved some funds for them, they will also receive these funds.

Because equity release is not the cheapest form of borrowing, we would advise you to seriously consider the alternatives to equity release before you proceed. You can read about the potential drawbacks of equity release here.

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 Fife:

1. Benarty & Lochgelly Credit Union

Address: 11 Benarty Square, Ballingry, Lochgelly KY5 8NR

Telephone: 01592 868800


2. Citizens Advice & Rights Fife

Address: County Buildings, 11 St Catherine St, Cupar KY15 4LS

Telephone: 0345 140 0095


3. Citizens Advice & Rights Fife

Address: New Volunteer House, 16 E Fergus Pl, Kirkcaldy KY1 1XT

Telephone: 0345 140 0095


4. Citizens Advice Fife

Address: The Greig Institute, Forth St, Leven KY8 4PF

Telephone: 0345 140 0095


5. Kingdom Credit Union Ltd

Address: Main St, Methilhill, Methil, Leven KY8 2DP

Telephone: 01592 714888

You can also reach out to national organisations such as the Money and Pensions Service and StepChange.

Is Equity Release in Fife a Big Commitment?

Yes, equity release in Fife is certainly a big commitment, so it is not something to be taken lightly.

The reason it is such a big commitment is that it is designed to last for the rest of your life, so it is not like a standard mortgage term. This is particularly true if you are only 55 years old, as you may have a good 30-plus years on the scheme.

This means that for the rest of your life, you will stay in your current property, and you will be on an equity release plan that comes with various benefits.

These days, it is easier to be more flexible with equity release in Fife, so you may be able to move home or switch plans, but this depends on your lender’s criteria.

Some lenders charge an early repayment fee if you want to stop being an equity release customer. This makes equity release in Fife a big commitment, as you are not always able to exit the scheme quietly, without paying money. You may also have to wait a certain amount of time before you can exit equity release in Fife.

Finally, equity release in Fife does not affect just you and your partner, but your entire family. By reducing the equity in your property, you are reducing the amount of money your loved ones inherit, whether you protect some funds for inheritance or not.

Because of this, we would advise you to talk through your decision with trusted family members.

Is Equity Release in Fife Diverse?

Yes, there is plenty of diversity in the equity release scheme. Firstly, there are many different equity release lenders that offer different plans, benefits, and rules to their customers. You can shop around to find one that is right for you.

Secondly, there are a wide variety of equity release plans that you can get, including home reversion plans and lifetime mortgages.

If you are not eligible for one arrangement, you are likely to be eligible for another. The different plans allow you to experience equity release differently i.e., you may buy a second home with one plan, which would be a nice change of scenery for retirement, but another plan would allow you to pay off your existing debt and live a debt-free retirement.

Having said that, there are only two types of equity release product (lifetime mortgages and home reversion plans), so it could be argued that equity release is not as flexible as other schemes.

Is Equity Release in Fife Right For Me?

You will need to have a consultation with us to find out whether equity release would be a sensible decision for you and your family. You will be pleased to know that we do not charge for these consultations.

All we ask is that you are prepared to answer personal questions about your finances, as this is necessary in order for our equity release advisers to make a professional recommendation for you.

If you would prefer to have a consultation as soon as possible, we recommend calling us on 0330 058 1579. However, if you would rather have us contact you, you can fill out our callback form here.

In general, there are some tips we can give to help you decide whether equity release in Fife is right for you. Here are a few of our suggestions:

  • Do you have enough money saved for retirement?
  • Are you over the age of 55?
  • What is the value of your property?
  • Do you have any beneficiaries?

Please call our 24-Hour Helpline: 0330 058 1579

Deciding Between a Lifetime Mortgage and a Home Reversion

Once you have decided that equity release in Fife is the right scheme for you, it’s time to think about which equity release plan would be the most suitable.

Again, you should speak to an equity release adviser about this, as it can be a complex decision that requires professional guidance.

Overall, most people opt for an equity release lifetime mortgage, as it allows them to remain the owner of their property, and so when their home is sold, all of the proceeds that the equity release lender does not take will go to their beneficiaries.

However, some people prefer to have a home reversion plan, as they do not have to pay interest on the tax-free cash they receive, so they do not have to worry about being in as much debt due to compound interest.

Whether you have a lifetime mortgage or a home reversion plan, the general idea behind equity release in Fife remains the same: you are given tax-free cash for the rest of your life, and you do not need to repay it while you are alive.

In terms of eligibility, you can only have a home reversion if you are 65 years old or over, whereas you can take out a lifetime mortgage as young as 55 years old. However, the requirements for property value (£70,000 or higher) remain the same.

You do not have to sell your home to an equity release provider if you get a lifetime mortgage, as you pay interest on the loan instead. However, you do sell your home (or a share of it) if you have a home reversion, and this means the lender can sell your property much faster when you pass away.

Please call our 24-Hour Helpline: 0330 058 1579

Finding an Equity Release Adviser For Equity Release in Fife

As we have discussed, our initial consultation is completely free to new customers, so we recommend making the most of this as you investigate equity release in Fife.

We will not pressure you to apply for equity release, as we understand that it is a big commitment and you need to take the time to think about whether it would benefit you and your loved ones.

If you do decide to go ahead with equity release in Fife, as well as seeking equity release advice, you should also try to find a solicitor that is trained in the equity release scheme.

They will help with the legal side of equity release, as well as certain administrative tasks including getting in touch with an equity release lender for you.

In terms of how the equity release process works, after making an application, you will have a property valuation that tells the lender how much your home is worth, and then the lender will decide whether to make an offer.

If they do offer you a loan amount, your solicitor will help you to decide whether to accept this.

If you accept the loan offer, it will take around a week for it to be made official and for you to receive the money. From start to finish, though, equity release in Fife takes 6-8 weeks on average. It tends to cost no more than £3000.

The advisors will help you throughout the process, from selecting the product with the best rate of interest, making the application and appointing solicitors.  All solicitors are regulated by the Solicitors Regulation Authority and are members of the Law Society of Scotland 

If you are unhappy about the advice you receive, either financially or legally, you can complain to the Financial Ombudsman Service or the Scottish Legal Complaints Commission respectively.


[1] What is equity release?

[2] Can You Get Equity Release on a Leasehold Property?

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