How does equity release in London work?
Are you considering equity release in London but not sure where to start, or who to trust with your plans?
Compare My Equity are an independent equity release broker who put your best interests first, as genuine experts we can safely guide you through all your equity release options, the alternatives and any pitfalls you need to consider when considering a lifetime mortgage in London.
Our friendly experts will guide you without any stress or pressure.
Equity release plans in London enable you to raise tax free equity from your home. The money can either be taken as a lump sum, or a series of smaller drawdowns.
This allows you to safely unlock the wealth you have built up in your home to boost your finances. Any existing mortgage must be repaid from the money taken out, and the rest of the equity available in your home in London can be used as you wish.
Equity Release Advice in London
Do you want to know how lifetime mortgages in London really work, and learn the difference between equity release, lifetime and retirement mortgages with an expert adviser who will help you find your best solution?
We explain all the pros and cons of each option to help you make informed decisions.
If you want to release equity from your home in London but don’t want to lose all your equity to compound interest, you have lots of options to reduce or completely avoid compound interest with voluntary repayments.
We have access to the best equity release companies in London to find the right deal for your needs.
Compare My Equity are specialist equity release brokers who have helped 1000’s homeowners safely unlock wealth from their homes in London.
We compare equity release plans from the whole market.
As genuine experts in this field of lending, we’ve built a reputation for providing expert advice with a first-class service.
The top equity release providers in London include Aviva, Livemore, Canada Life, More2Life, Hodge, Legal & General, Pure Retirement, Liverpool Victoria and Standard Life.
We arrange mortgages for the over 60s which include lifetime mortgages and retirement interest only mortgages. Your adviser will explain the options available to you in detail, without any pressure or obligation.
Free equity release advice consultations in London
Our equity release advisers are dedicated to finding homeowners over 55 in London the most suitable and cost-effective financial solutions from the whole market, and fully independently.
Whether you’re looking to release equity from your home to fund a more comfortable retirement, gift a ‘living inheritance’, for some home improvements and more, we are here to help with independent, expert advice across London.
Access all providers and plans and deals in one place, hassle free!
Our 5 star reviews reflect our excellent service!
What does my free equity release consultation in London include?
Arranging your free consultation will be your next best step, but keep reading to know what to expect at the appointment, and what we can offer you.
Our 5 star reviews reflect our excellent service!
Why arrange your free equity release advice appointment?
By arranging your free equity release advice appointment in London and if you are in the age group of 55 or above, you will speak with a fully qualified equity release adviser at Compare My Equity, a trading name of Later Life Finance Limited, the FCA authorised expert broker.
We are a specialist equity release advice firm passionate about helping homeowners over 55 to meet their financial needs and goals with releasing equity in London.
Before being able to release money from your home, you must speak with an adviser as it is a Financial Conduct Authority (FCA) requirement.
The FCA regulates the equity release marketplace to ensure fair deals, avoid any misselling and maintain the highest standards in the financial services industry.
Your equity release adviser will be able to determine the best route to meet your goals. This could be to use equity release, help find an alternative solution, or do nothing at all.
All of our advisers are fully qualified experts, ensuring you are only recommended the correct solution for you.
Take the first step towards achieving your financial goals by booking your free equity release advice consultation in London today!
What happens at a free equity release advice appointment?
If you are aged 55 or above and located in London, your free equity release advice will typically be split between two free appointments.
The Fact Find meeting
During the Fact Find meeting, your adviser will discover what you want to achieve with equity release and explain different types of equity release plans, discussing their features and risks. During this meeting, your adviser will gather relevant information about you, including:
- Basic details about yourself – Date of Birth, full name, address
- Financial details – Income, expenditure, liabilities, assets
- Financial planning – Long-term care plans, Power of Attorneys, funeral plans, inheritance plans
- Health and lifestyle – A medical questionnaire to determine eligibility for a medically enhanced plan
- Property details – Property type, construction, condition
- Preferences – What you are looking for in your plan, including features, release amounts, and interest rates
- Requested funds – What you are planning to spend the funds on, and when
- Your chosen solicitor details – Contact number, email and property address
- Alternatives to equity release – Downsizing, selling assets, or mortgaging
If time is limited, your adviser will be flexible and answer any questions upfront, arranging another suitable time for you.
Following the Fact Find meeting, your adviser will research the market to find a suitable equity release plan or alternative. If they believe equity release is the best option, they will request a personalised illustration from a lender, known as a “Key Facts Illustration” (KFI). The KFI is a 17-section document that details the plan’s specifics, including interest rate, release amounts, plan features, and risks.
During the recommendation meeting, your adviser will provide you with the KFI and ensure you fully understand all aspects of the plan. Your adviser will also provide you with other documents, including:
- Suitability Report – Why the recommended plan is suitable
- A copy of the Fact Find – What the recommendation has been based on
- Compare My Equity’s terms of business – What you are agreeing to by submitting an application with Compare My Equity.
If you are satisfied with the adviser’s recommendation and wish to proceed, you will need to sign the provided documents and send them back to Compare My Equity along with proof of address and identification. We will then process your application and submit it to the lender.
Is free equity release advice a good idea?
In London, we believe that booking a free equity release advice consultation is essential to understand all your options with genuine expert advisers who will discuss all your options.
This could include recommending an equity release plan that suits your needs, exploring alternative financial solutions, or even deciding that equity release may not be the right option for you.
Compare My Equity are committed to providing transparent and fair services to our clients.
We only charge our fee upon completion of the equity release process, ensuring that you are not left out of pocket by a single penny if you don’t receive the equity release funds.
Moreover, we take pride in offering whole market advice, which means you get unrestricted access to lenders and all available products.
This comprehensive approach ensures that we can explore a wide range of options and find the best solution for you.
It’s worth noting that many of our competitors offering whole of market advice may charge higher fees compared to ours.
What fees can I expect to pay for arranging equity release?
In London, for homeowners in the age group of 55 and above considering equity release, there are a few potential fees associated with the process, although not all of them are charged in every case.
The costs could include:
- Financial advice:
Advisers have the flexibility to set their own fees, and while we offer free initial advice, we do charge a fixed fee of £1,490 if you decide to proceed with an equity release plan. Importantly, our advice fee is only payable upon completion (when you receive your money), so you won’t have to pay anything upfront. Other adviser’s may charge higher fees or require upfront payments for their advice.
- Legal advice:
You’ll need a solicitor to provide advice on the legal implications of equity release. We work with leading equity release specialist firms that charges payable only upon completion. Remember, you have the freedom to choose your solicitor, and it’s an FCA requirement to receive independent legal advice.
- Product fee:
Some equity release products may have a fee, also known as the lender’s or completion fee. These fees can range from as little as £5 up to £995, or some products may not have a fee at all.
- Valuation fee:
A surveyor will visit your property as part of the equity release application, and in most cases, the valuation fee is free.
5. Exit fees
If you wish to repay the plan early, the lender may charge a redemption fee.
Your adviser will discuss this in detail with you to ensure the most suitable plan is recommended.
- Redemption fee:
At the end of the plan when you repay the money, the lender may charge a redemption fee, which is essentially a cost to remove the lender’s charge from the title deeds.
Typically, this fee is around £125, but may change in the future with inflation.
If you are concerned about the set-up costs, you have the option to add them to the loan amount rather than using your savings.
It’s essential to remember that while this guide is written by a qualified equity release adviser, it does not constitute financial or legal advice and should not be solely relied upon.
For a full understanding of the features and risks of an Equity Release plan, we recommend requesting a personalised illustration. Contact us today for a free equity release advice consultation to explore your options and make informed decisions about your financial future.
Who are Compare My Equity?
Compare My Equity are part of Later Life Finance. As a specialist broker, we find you the best deals and provide expert advice with a complete start to finish broker service.
We offer free equity release advice consultations with our qualified advisers for homeowners aged 55 and above in London.
We provide phone, video and home appointments, where you will receive expert information and free initial advice regarding the full range of equity release plans available to you.
If you decide to go ahead with a suitable recommendation, you can expect to receive your money in around 6-8 weeks.
Why choose Compare My Equity?
At Compare My Equity, we specialise in providing equity release in London.
Here’s why you should choose us:
Compare My Equity are part of Later Life Finance. With a reputation for providing expertise and service which can be relied on when planning your finances, you are in safe hands with us.
Independent, Expert Advice:
Our team provides independent equity release advice tailored to your personal requirements.
Fast, Reliable and Efficient:
We understand that time is crucial in financial decisions. We offer a fast and efficient service, with quick response times.
Every homeowner has unique needs, every equity release plan we arrange if based on your current and longer-term goals.
We offer flexible solutions tailored to your specific needs and circumstances.
Concerned about getting the best equity release interest rates?
At Compare My Equity, we source competitive rates on our equity release plans, helping you keep your costs manageable with equity release in London.