Equity release is becoming more popular among homeowners in Liverpool, especially older homeowners. With the help of a financial plan, homeowners can increase their home’s value while still living there.
Equity release in Liverpool is a practical option for those looking to supplement their retirement income or finance sizable expenses.
Equity release is a financial product that enables homeowners to release the equity or money encumbered by their real estate. A lifetime mortgage, the most popular form of equity release, can accomplish this.
A lifetime mortgage is a loan secured by the value of your home and repaid, along with rolled-up interest, when you pass away or enter long-term care. The guarantee against negative equity is what makes lifetime mortgages appealing.
This guarantees that no matter how the housing market changes, you’ll never owe more than the value of your home. Since the interest rates on these loans are frequently fixed, future costs are known in advance.
Another choice is to use a home reversion plan to release equity. This entails selling some or all of your home to a company offering a home reversion plan in exchange for a one-time or ongoing payment.
With this plan, you can remain a rent-free resident of your home until you emigrate or pass away.
Liverpool offers two equity release programmes: lifetime mortgages and home reversion plans. With a lifetime mortgage, you can borrow money against the value of your house while keeping ownership.
Most lifetime mortgages have a provision known as a no-negative equity guarantee, which guarantees that you will never be required to pay back more than the value of your home.
On the other hand, home reversion plans entail selling all or a portion of your property to a provider. You are granted the right to live in your home for the rest of your life along with a lump sum or regular tax-free payments. You must, however, keep it up and secure insurance.
Try Age Partnership’s equity release calculator and estimate how much money you could release from your property
If you take out a product from Age Partnership, we will receive a fee for introducing you to them. This helps support the site and for us to produce more content.
In Liverpool, there are a few requirements for releasing equity. You must be 55 or older, be the property owner, and keep it in reasonably good repair condition. Your age, health, and the market value of your property all affect how much equity you can release.
It’s imperative to consult a professional equity release advisor before choosing.
An equity release advisor can help you with the process, walk you through the legal considerations, and explain the financial ramifications, such as how they may affect your tax situation and any means-tested benefits.
The table below shows you some of the best equity release rates, as at December 2023, for lifetime mortgages, from some of the leading equity release providers in the UK.
These rates may have changed since this table was updated and should be taken as indicative only. There may also be other providers not listed on this table that could offer better deals. In addition, the providers and products noted below may not be right for your particular circumstances. Therefore, we strongly recommend that you speak to an equity release adviser, who will be able to provide you with information on the latest rates, that are applicable to you.
|Product Name||Interest Rate||Type of product||Offers|
|Just For You – J2.5||6.22%||Fixed||Free ValuationNo application fee|
|Just For You – J1||6.30%||Fixed||Free ValuationNo application fee|
|Premier Flexible Pearl||6.43%||Fixed||Free Valuation|
|Premier Optional Payment Pearl||6.43%||Fixed||Free Valuation|
|Horizon 240 Drawdown||6.43%||Fixed||Free Valuation|
|Classic Drawdown Super Lite 2||6.47%||Fixed||Free Valuation|
|Horizon 260 Drawdown||6.47%||Fixed||Free Valuation|
|Classic Elite Drawdown Super Lite 2||6.47%||Fixed||Free Valuation|
|Premier Flexible Pearl||6.48%||Fixed||Free Valuation|
|Premier Optional Payment Pearl||6.48%||Fixed||Free Valuation|
|Horizon 240 Drawdown Fee Free||6.49%||Fixed||Free ValuationNo application fee|
|Classic Drawdown Super Lite 1||6.52%||Fixed||Free ValuationNo application fee|
|Premier Flexible Pearl||6.52%||Fixed||Free Valuation|
|Premier Optional Payment Pearl||6.52%||Fixed||Free Valuation|
|Classic Elite Drawdown Super Lite 1||6.52%||Fixed||Free ValuationNo application fee|
|Flexible Pearl||6.53%||Fixed||Free Valuation|
|Optional Payment Pearl||6.53%||Fixed||Free Valuation|
|Enhanced Lifestyle Flexible Option||6.53%||Fixed||Free ValuationNo application fee|
|Horizon 260 Drawdown Fee Free||6.55%||Fixed||Free ValuationNo application fee|
The equity release rates have been sourced from Equity Release Supermarket. These indicative rates and incentives may have changed since this article was last updated. Therefore, they should only be taken as a guide and we cannot guarantee their current accuracy. Please also note that we do not provide advice on or endorse any particular product listed here. The rate you are offered will depend on your individual circumstances and subject to lender approval. We recommend that you speak to an equity release advisor to see what the best options are for you.
If you take out a product with Age Partnership, we will receive a fee for introducing you to them. By contacting Age Partnership through us, the cost of any equity release product would be the same as if you had contacted them directly. The fee we received is used to help keep our site operational and to produce new content.
Equity release has many advantages, including the availability of tax-free money. You have the choice of a lump sum or ongoing payments. Unless you select a plan that mandates them, there are no monthly payments to be concerned about, and you can keep living in your house.
The flexibility that equity release provides is one of its key benefits. The tax-free money can be used for anything, including vacations, home renovations, gifts for loved ones, and pension supplementation.
Equity release has advantages, but it also carries a significant financial risk. These include early repayment fees that may impact your ability to file taxes and qualify for government assistance.
Furthermore, because you are using the equity in your home, your estate will be worth less, and your beneficiaries will receive less of your estate. Therefore, you must consult with your family and seek objective financial advice before moving forward.
Equity release is governed by the Financial Conduct Authority, which ensures providers follow strict client safety guidelines. High standards of behaviour are also set for members of the Equity Release Council, a trade organisation for the sector.
You must seek independent legal counsel before signing any equity release agreement. The legal advisor will explain the terms and conditions, including their effect on your estate and any potential early repayment penalties.
Liverpool has licenced advisors who can give you specialised advice on equity release. You can get consultation services from businesses like Age Partnership and Responsible Life Limited to determine if releasing equity benefits you.
Selecting an advisor who represents a company that the Financial Conduct Authority regulates and who is registered with the Financial Services Register is essential.
Keep in mind that equity release isn’t your only choice. Other options include downsizing to a smaller home, renting out a space in your house, or asking family members for assistance.
Before making a choice, it’s essential to consider all your options, weigh the advice fees involved, and consult an impartial financial advisor.
A few costs are associated with an equity release plan. An advice fee for the financial advisor, a valuation fee for determining the value of your home, and a legal fee for independent legal advice are all possible expenses associated with equity release.
Some plans may impose early repayment fees if you repay the loan earlier than anticipated.
Most equity release loans don’t require monthly payments when it comes to repayment. Instead, when the house is sold—typically after you pass away or enter long-term care—the loan and rolled-up interest are paid back.
Some programmes, however, allow you to manage the remaining balance by making monthly payments. When you take out an equity release plan, you must pay off any existing mortgages or loans secured against your home, either with the initial lump sum you receive or with other savings.
Liverpool’s equity release market has several providers, including well-known companies like Age Partnership and Responsible Life Limited. These suppliers provide various equity-release products, each with unique features and advantages.
Consulting an equity release adviser is essential before choosing a provider. They can aid in your comprehension of and comparison of the various equity release providers’ offerings.
Additionally, ensure the Financial Conduct Authority and a member of the Equity Release Council regulate the provider.
An equity release adviser will significantly influence your journey towards equity release.
Their responsibility is to give you unbiased financial advice customised to your situation, assisting you in understanding how much equity you can release, the effects on your tax situation, and any means-tested benefits.
Expert equity release advice is available in Liverpool from financial advisors like those at StepChange Financial Solutions. They can help you through it, answer your questions, and make sure you choose wisely.
An equity release calculator is a handy tool to estimate how much money you could release from your home. The calculator will consider your age, the value of your property, and the kind of equity release product you’re interested in.
Remember that the equity release calculator’s result is only an estimate. A qualified advisor should always be consulted for a more precise estimate and expert advice.
In the North West of England, in the county of Merseyside, is Liverpool, a thriving city in the United Kingdom. Liverpool is a city of contrasts, known for its extensive history and cultural diversity. Liverpool’s area code is 0151, and its central postcode districts are L1, L2, and L3.
Liverpool, known for being The Beatles’ birthplace, is rich in music, art, and architecture. Its waterfront is a UNESCO World Heritage Site, and the iconic Liver Building dominates it.
The city’s wealth in culture is reflected by its numerous museums and galleries, including the Tate Liverpool and the Museum of Liverpool.
Liverpool, home to two Premier League teams, Liverpool FC and Everton FC, is well known for its vibrant football culture. The city’s passion for football is evident from the electrifying atmosphere that permeates Anfield and Goodison Park on game days.
The economic climate in Liverpool is also noteworthy. It is a significant port for trade and migration, and over the past few years, it has experienced rapid growth in industries like real estate, tourism, and digital services.
The residents of Liverpool, referred to as “Scousers,” are renowned for their distinctive accents and outgoing personalities. The unique slang of the city, known as “Scouse,” adds to Liverpool’s charm and character.
Here is a list of local areas and boroughs where equity release services can be provided.
4) Belle Vale
11) Edge Hill
18) Hunt’s Cross
20) Knotty Ash
21) Mossley Hill
22) Norris Green
23) Old Swan
24) Orrell Park
26) St Michael’s Hamlet
31) West Derby
47) St Helens
Try Age Partnership’s equity release calculator and estimate how much money you could release from your property
The adverts for Boon Brokers on this page have been signed off as a Financial Promotion by Boon Brokers Limited, to ensure that they are in compliance with Section 21 of FSMA. Boon Brokers Limited is authorised and regulated by the Financial Conduct Authority (FCA). The Financial Services Register number is 973757.
UK Care Guide is really proud to have been featured on some of the UK’s leading websites.
Meet the author
Looking for a Christmas Bargain?
Up to 60% off some items
on Amazon today
Have a look and see if you can find any deals
Unlike most equity release advisors, Boon Brokers do not charge any fees! Have a free consultation to see how they can help.
You can speak to Boon Brokers on the number below and discuss your options.
0333 567 1812
Use the equity release calculator and see how much money you could receive.
You can book a callback from an equity release specialist, who can call you when it's conveniant.
All equity release advice is provided by Boon Brokers Limited, which is authorised and regulated by the Financial Conduct Authority (FCA). The Financial Services Register number is 973757.
If you take out a product with Boon Brokers, we will receive a fee for introducing you to them. Boon Brokers provides advice for free and without obligation. By contacting Boon Brokers through us, the cost of any equity release product would be the same as if you had contacted them directly.
The fee we receive is used to help keep this site operational and to produce new content.
Think carefully before securing other debts against your home. Your home or property may be repossessed if you do not keep up repayments on your mortgage.
Get FEE-FREE Equity Release Advice