FREEPHONE 0330 058 1579
7 Days a Week 08:00 - 20:00

Equity Release Southampton - Lifetime Mortgage Near Me

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

Request A Callback

Get in touch today on 0330 058 1579 for a free, zero obligation consultation. We can help you locate equity release advisors in your local area.

Equity release Southampton & Near Southampton

Equity release is not a scheme that you should jump into without careful consideration.

As safe as it may be, it is not right for everyone, so we always encourage our customers to research the pros and cons in great detail before signing up to an equity release plan.

If you are unsure of the implications of equity release Southampton, here are some key things to consider.

Are You Old Enough?

In order to get involved with equity release in Southampton, you need to be at least 55 years old. If you are considering a home reversion, the minimum age requirement is even higher, at 65 years old.

If you are releasing equity with your partner in Southampton, they will also need to meet the minimum age requirement stated by your lender.

Please call our 24-Hour Helpline: 0330 058 1579

Is Your Property Eligible?

You may not know this until you have a property valuation, so this is a question that will continue to be relevant until your lender has officially approved your property for equity release in Southampton.

However, the situation is very simple if your home is worth less than £70,000, as you will not find a lender who will approve you for a loan in Southampton with a home of this value.

Is Your Family Happy With Equity Release  Southampton?

Deciding to release equity is very personal, so we do not want to suggest that your family should take over the decision for you, or that you should refrain from equity release in Southampton simply because your loved ones are not supportive.

However, if you get along well with your family, we would advise involving them in your decision as equity release in Southampton is something that will affect them in terms of inheritance.

Please call our 24-Hour Helpline: 0330 058 1579

Do You See Yourself Sticking With Equity Release in Southampton?

It is very important that you see yourself committing to the scheme for the rest of your life, as it can be financially detrimental if you back out of the decision later down the line.

You can choose a flexible plan that involves downsizing protection if you see yourself in this position. However, if you are after a short-term loan that you can repay quickly, equity release in Southampton is probably not for you.

How to Get Started With Equity Release Southampton

If you have already looked into equity release in Southampton and you are raring to go, we urge you to have a free initial consultation with us to discuss your options in terms of which plan you would like and the lender you would like to go with.

The first step of equity release in Southampton is to meet with an equity release adviser who will explain how equity release works and ask you about your situation so that they can help you choose a suitable equity release scheme.

Next, you will make a formal application to an equity release lender, stating which equity release plan you would like to enrol on. A property valuation will be arranged to determine the eligibility of your property.

If your home meets the lender’s criteria, they will make you an offer for a loan. With the help of a solicitor, you will unpack this offer and decide whether it is right for you.  All advisors we may refer you to are members of the Equity Release Council. This means you benefit from a no-negative equity guarantee, and you have the right to instruct your own solicitor during the process.

This may be particularly beneficial if you are applying for a release under a lasting power of attorney, where you wish to instruct the same solicitor you used to establish the lasting power of attorney.

Please call our 24-Hour Helpline: 0330 058 1579

What are the Benefits Of a Lump Sum Payment?

A lump sum payment means the equity release customer receives the entirety of their loan at once, in a single transaction. As always, this money is tax-free.

Lump sum payments, most commonly associated with the lump sum lifetime mortgage and home reversions, are great for homeowners who would like to spend a large amount of money on one or two things.

For example, they may need a large sum of money to pay off their debts in one go, or to pay for home improvements to have a more comfortable retirement.

What are the Benefits Of Regular Payments?

When customers opt for regular payments, they receive small amounts of money from the lender on a regular basis. Sometimes this is each month, and sometimes they can choose a different format.

We recommend regular payments to anyone who needs to top up their retirement income, rather than pay for a single expense.

For example, if you already have a good amount of money in your pension or savings, regular payments may be better for you.

Please call our 24-Hour Helpline: 0330 058 1579

1. Home Reversions

Home reversion schemes are much less common than lifetime mortgages, as homeowners must sell a share of their property to an equity release lender for less than the market value.

However, with a home reversion, you receive a lump sum of tax-free cash and you do not have to pay any interest on this money.

You can also stay in your home for the rest of your life, so home reversion plans are excellent for pensioners who do not want to leave their current property.

2. Lifetime Mortgages

Lifetime mortgages are slightly harder to pin down as there are so many different types.

We will explain the eight types of lifetime mortgage shortly, but first we will give a general outline of what this modern mortgage looks like.

When you take out a lifetime mortgage, you agree to allow the equity release lender to sell your home when you pass away, and to take some of the sales to cover the costs of your loan.

In return, you receive tax-free cash either as a lump sum or in instalments, and you can even choose to have a cash reserve that you can withdraw from as and when you need to.

Please call our 24-Hour Helpline: 0330 058 1579

3. Voluntary Repayment

In the past, equity release in Southampton was less flexible and it was not possible to repay the loan, which meant homeowners owed a huge amount of money at the end of the scheme, including the interest that added up.

The voluntary repayment plan prevents homeowners from being in a large amount of debt by allowing them to make repayments whenever they want to. This can be regular repayments such as every month, or ad-hoc repayments.

4. Income

The income scheme is designed for people who need to boost their income in retirement, so it is advised for anyone who already has somewhat of a steady income to rely on.

Many people use this scheme as a way to pay the bills each month, or to have enough money for basics like food and travel.

5. Buy to Let

If you have ever wanted to purchase a second home to rent out as a way of earning a regular income, this plan is the one for you. It is usually best for homeowners with highly valuable properties, as you will need a large loan to fund the purchase of a second property.

6. Enhanced/Ill-health

The enhanced/ill-health plan is supposed to help out anyone who is older than the average equity release consumer, or who has a disability that makes their life more challenging.

The enhanced arrangement is more popular than ever given that a record number of over-55s used equity release to fund their lifestyle in 2022 (1).

There are various benefits offered to people who are eligible for this scheme. Some equity release consumers on this scheme get to take out larger loans, and some are offered lower interest rates.

If you opt for an enhanced lifetime mortgage, you could use your loan to fund home improvements that make your home easier to manage in your later years.

7. Lump Sum

This is a common type of lifetime mortgage that allows you to access a large sum of money all at once rather than in regular instalments. As the scheme is so popular, the interest rates are very low, making it desirable for people who are worried about debt.

Please call our 24-Hour Helpline: 0330 058 1579

8. Second Home/Holiday Home

Much like the buy to let plan, this plan allows you to purchase a second home, but instead of renting it out, you would be living in it or using it as a holiday home.

This is an excellent arrangement for people who would not normally be able to afford a second home.

Some customers choose this route as they want a home in the countryside as well as the city, some want to be closer to family, and some simply want to enjoy two homes to make their retirement more varied and interesting.

9. Interest Only

The idea behind the interest only lifetime mortgage is similar to the voluntary repayment plan. However, instead of repaying the loan directly, you are repaying just the interest.

You can choose to pay off all of the interest each month, thus never owing interest, or you can pay off small amounts if this is what you can afford.

Please call our 24-Hour Helpline: 0330 058 1579

10. Drawdown

A drawdown lifetime mortgage combines several features of other mortgages, making it great for anyone who cannot decide between a lump sum and regular payments.

You receive an initial lump sum and then subsequent payments, or you can even set up a cash reserve and withdraw the money at random intervals.

What are the disadvantages of equity release?

We love to outline the benefits of equity release. After all, we are the Equity Release Warehouse! However, indeed, equity release won’t always be the most suitable solution.

For this reason, we urge you to carefully assess the drawbacks of equity release, and then look at the alternatives to equity release. We truly want you to make the most beneficial decision for both you are your family. That objective must override all other considerations.

Equity release is not the cheapest form of borrowing. It’s essentially a loan, and like any loan, one day it must be repaid, which is typically when you die or go into long-term care.

Finally, 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 Southampton:

1. Citizens Advice Southampton

Address: 14-15 Brunswick Pl, Southampton SO15 2AQ

Telephone: 0808 278 7863


2. Age UK

Address: 229 Portswood Rd, Portswood, Southampton SO17 2NF

Telephone: 023 8055 9897


3. Age UK Southampton

Address: Freemantle & Shirley Community Centre, Randolph St, Shirley, Southampton SO15 3HE

Telephone: 023 8036 8636


You can find more resources on Southampton Council’s website.  Other organisations that may be able to help include StepChange Debt CharityMoneyHelper and the Energy Saving Trust.

Start Your Journey With Equity Release Warehouse

Now that you know what each equity release plan entails, you will hopefully have a better idea of which ones are well-suited to your situation, and which ones you are better off avoiding.

However, we have only provided a brief description of each scheme, and the best way to find out which plan is best for you is to speak to someone who is experienced in this area.

Call us on 0330 058 1579 to speak to an equity release specialist about which plan would be the most beneficial for you.

If you aren’t sure whether equity release in Southampton is for you at all, we still urge you to get in touch as we can talk you through the process and help you to understand it better in order to truly discover whether it would work for you.

After speaking to you, if you still decide that equity release in Southampton is not the best option for you, we will suggest alternatives and you can decide whether any of them would be more fitting for you and your family.

Sometimes, you are able to pursue an alternative to equity release in Southampton for a short while and then later take out equity, so you would be saying no to equity release in Southampton for now, but not forever.

For example, you could choose to downsize and then release equity on the new Southampton property.

This is a great idea if your current property would not be eligible for equity release in Southampton, but you can find a property that you would be happy to live in and that would help you qualify for a Southampton equity loan.

Another example is that you could borrow from loved ones as a short-term solution, use this money to fund equity release application fees and other stages of the process, and then use the equity loan to pay them back.

In short, even if equity release in Southampton does not seem viable for you, we still encourage you to speak to us as there may be a way for you to access this scheme if you make a simple change to your situation.

Overall, equity release in Southampton is a highly recommended scheme that can provide you with the opportunity to change your entire lifestyle in just 8 weeks.

If you don’t trust us, trust the figures. 90% of equity release customers would recommend (or have recommended) this scheme to their family and friends (2).

All advisors we work with are regulated by the Financial Conduct Authority. This means you are covered under the Financial Services Compensation Scheme, and you lodge a complaint with the Financial Ombudsman Service (FOS) if you are unhappy about the advice you receive in relation to equity release.

If you are unhappy about the legal advice you receive in relation to equity release, you can lodge a complaint with the Legal Ombudsman.

Please call our 24-Hour Helpline: 0330 058 1579


[1] Older homeowners return to equity release to lock in at lower rates

[2] 90% of Customers Have or Would Recommend Equity Release to Family and Friends

We are here to help you

To Provide Friendly, Efficient Advice For The Life Of Your Mortgage.

option 1
Request Free Brochure

Looking to release some cash that is tied up in your property?

option 2
Contact Us

You can contact us by calling 0330 058 1579 or using our contact form

option 3
How much can you release

Use our Equity Release Calculator to find out how much cash you can release