Equity Release in Rotherham

Equity Release In Rotherham | December 2023

In Rotherham, equity release gives homeowners, especially those over 55, a chance to turn their home’s equity into tax-free cash without selling or moving. There are numerous equity-release products, each with unique features and advantages. 

To find the product that best suits your needs, you must seek advice from a financial advisor about equity release.

Table of Contents

Understanding Equity Release

A financial product called equity release allows homeowners to access their homes’ value while residing there. Home reversion plans and lifetime mortgages are the two primary equity release options. You can borrow a portion of the value of your home with a lifetime mortgage. 

The amount is subject to interest charges, but something is due once you sell your house, enter long-term care, or pass away. A home reversion plan constitutes the second kind of equity release. 

This entails giving your home to a home reversion plan provider in exchange for a lump sum or ongoing payments. Rent-free occupancy of your home is permitted until death, but you must agree to keep it up and insure it. 

Eligibility for Equity Release

A few factors determine who is eligible for equity release products. The first requirement is to be at least 55, though some providers might have an older age limit. The property also needs to be your principal residence in the UK. 

Additionally, your property must be in good repair, and you must use the money you receive from the equity release to pay off any outstanding mortgages attached to it. 

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Try Age Partnership’s equity release calculator and estimate how much money you could release from your property

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Types of Equity Release Schemes

Lifetime mortgages and home reversion plans are the two main categories of equity release plans. Lifetime mortgages are loans provided as a lump sum, a regular income, or both and secured by your home. 

When you pass away or enter long-term care, the loan and rolled-up interest are paid back.

On the other hand, home reversion plans entail selling all or a portion of your house for a one-time payment, ongoing income, or both. 

You are still liable for the property’s maintenance even after you pass away, but you can remain there rent-free. Home reversion plans, unlike lifetime mortgages, ensure that your beneficiaries always receive an inheritance.

Equity Release in Rotherham

Some of the best equity release interest rates as at December 2023

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 NameInterest RateType of productOffers
Just For You – J2.56.22%FixedFree ValuationNo application fee
Just For You – J16.30%FixedFree ValuationNo application fee
Premier Flexible Pearl6.43%FixedFree Valuation
Premier Optional Payment Pearl6.43%FixedFree Valuation
Horizon 240 Drawdown6.43%FixedFree Valuation
Classic Drawdown Super Lite 26.47%FixedFree Valuation
Horizon 260 Drawdown6.47%FixedFree Valuation
Classic Elite Drawdown Super Lite 26.47%FixedFree Valuation
Premier Flexible Pearl6.48%FixedFree Valuation
Premier Optional Payment Pearl6.48%FixedFree Valuation
Horizon 240 Drawdown Fee Free6.49%FixedFree ValuationNo application fee
Classic Drawdown Super Lite 16.52%FixedFree ValuationNo application fee
Premier Flexible Pearl6.52%FixedFree Valuation
Premier Optional Payment Pearl6.52%FixedFree Valuation
Classic Elite Drawdown Super Lite 16.52%FixedFree ValuationNo application fee
Flexible Pearl6.53%FixedFree Valuation
Optional Payment Pearl6.53%FixedFree Valuation
Enhanced Lifestyle Flexible Option6.53%FixedFree ValuationNo application fee
Horizon 260 Drawdown Fee Free6.55%FixedFree 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.  

Process of Equity Release in Rotherham

In Rotherham, equity release is a multi-step process. The process starts with a consultation with an equity release adviser who will review the different equity release products and any risks and potential rewards. 

The financial advisor will also carefully examine your financial situation, including income, expenses, tax, and state benefits. Based on your requirements and concerns, the best equity release product will be suggested. 

Your adviser will finish your application if you decide to proceed. Then, an impartial surveyor will come to your house to value it. The equity release provider will use this market valuation to determine the maximum loan amount.

Legal Aspects of Equity Release

Equity release involves several legal issues. Therefore, it is crucial to obtain independent legal counsel before moving forward with an equity release plan. Attorneys who offer advice on equity release are subject to regulation by the Solicitors Regulation Authority. 

They will aid you in comprehending the conditions of the equity release agreement, including how they affect inheritance, tax, and other benefits. 

To ensure that consumers are appropriately protected, the Equity Release Council, a trade organisation for the equity release sector, establishes a code of conduct for its members. 

This includes a “no negative equity guarantee,” which ensures you will never owe more than the value of your home and a lifetime guarantee that you can remain in your home.

Pros and Cons of Equity Release

There are benefits and drawbacks to equity release. One advantage is that it enables you to access the money secured by your property, giving you a lump sum, consistent income, or both. The funds can be used for various things, including vacations, new cars, and home renovations. 

Additionally, the “no negative equity guarantee” guarantees that you will never owe more than the value of your home. Equity release may not be appropriate for everyone. Your tax situation may change, and it might also adjust whether you qualify for means-tested benefits. 

Additionally, as interest charges amass over time, the value of your estate and the amount of inheritance you can leave behind will be diminished.

Equity Release and Tax Implications

The fact that the money you receive from an equity release is tax-free is one of its advantages. It’s crucial to comprehend how it might impact your tax situation. For instance, if you invest the cash from your equity release and it produces income, the income might be taxed.

Additionally, equity release may impede your ability to receive means-tested benefits. Your eligibility for help like the Pension Credit or Council Tax Support may be impacted if you have sizable savings from your equity release.

Therefore, it is advised that you consult a financial adviser or an expert in equity release before moving forward.

Seeking Professional Advice on Equity Release

It’s critical to get expert guidance on equity release. An equity release adviser can describe the various product types, their benefits and drawbacks, and how they might affect your tax situation and eligibility for state benefits. 

They can also offer advice regarding how equity release will affect the size of your estate and any potential heirs. You should seek independent legal advice in addition to equity release advice. 

You can get assistance from a lawyer in understanding the contracts and legal ramifications of equity release. This includes the guidelines and protections for customers established by the Equity Release Council.

Securing Your Later Life with Equity Release

By enabling you to access the equity locked up in your home, equity release can boost you financially in later life. 

The release of equity can be a significant source of extra income for many Rotherham homeowners, enabling them to improve their homes, pay off debt, or even fund a comfortable retirement. 

Equity release, however, requires borrowing against your home and can be a significant financial commitment. The most popular kind of equity release, a lifetime mortgage, entails a loan provided as a lump sum or regular payments secured by your home. ‘

No negative equity guarantee is a feature in most lifetime mortgages. This means that the outstanding loan will never be greater than the value of your home, even if the total amount borrowed plus interest accrued exceeds the property’s value. 

You are not required to make regular payments when you release equity. Only when the property is sold are the loan and rolled-up interest paid off. However, some plans give you the choice to pay the interest, ultimately lowering your overall debt.

Dealing with Equity Release Costs and Repayments

Equity release entails several expenses, such as advice fees, lender’s arrangement fees, valuation fees, and solicitor’s fees. An equity release advisor can provide a thorough breakdown of these expenses. 

The net lump sum or regular income you can receive will be decreased if you choose to finance the equity release cost from the amount you choose to release. If you pay off your mortgage earlier than expected, equity release plans also have early repayment penalties. 

Before signing an equity release agreement, it’s critical to comprehend these fees because they can be substantial. Before making a choice, StepChange Financial Solutions, an authority on equity release advice, advises that you discuss your plans with a financial advisor.

An equity release loan’s interest rate is typically fixed or, if variable, has a cap. This is advantageous because it lets you plan, knowing your interest rates won’t suddenly soar.

The Role of Professional Advice in Equity Release

Seeking professional equity release advice is a crucial component of equity release. Financial advisors can help with this. 

They can explain various equity release products, the amount of equity you can release, and the potential impact on your tax situation and eligibility for means-tested benefits. They can also provide impartial financial advice customised to your circumstances.

You can also better understand the legal aspects of equity release with the help of independent legal counsel from conveyancing solicitors. The conditions of the equity release agreement and their effects on your estate and inheritance can be explained by them.

Last but not least, the Equity Release Council, a trade organisation for the sector, lays out a strict code of conduct for its members to follow to guarantee complete consumer protection. This includes ensuring that all communication is precise, thorough, and transparent. 

Numerous equity release providers are governed by the Financial Conduct Authority, further enhancing consumer protection.

Equity Release and Your Home

Without having to leave your home, equity release enables you to access the value of your property. An equity release plan might have an impact on the overall market value of your house. 

It may seem appealing to release equity from your home, but it’s essential to consider the possible effects on your property value and any inheritance you intend to leave.

The maximum amount that can be released will be decided by the mortgage lender after considering the existing mortgage, the market value of the property, and the homeowner’s age and health. Typically, they will demand a professional appraisal of your property.

It’s important to know that your equity release plan can typically be transferred to a new home, subject to your lender’s requirements, if you’re considering moving to a new property. 

Your equity release mortgage may need to be partially repaid if you decide to downsize, which could result in an early repayment fee.

Understanding the Equity Release Market

The equity release market has expanded significantly, and more providers now offer flexible features and competitive interest rates. Equity release products are available from various lenders with varying terms, features, and flexibility. 

It is crucial to compare various plans and select the one that best suits your requirements.

The amount you could release from your home can be estimated using an equity release calculator. 

However, this should only be used as a general guide, and you should seek out professional advice. If you’re dissatisfied with the service provided by your equity release provider or adviser, the Financial Ombudsman Service is available to assist you. 

They can look into complaints regarding various financial issues, such as equity releases.

About Rotherham

The Metropolitan Borough of Rotherham comprises the large town of Rotherham in South Yorkshire, England, situated on the River Don. It is located in South Yorkshire’s county, about 6 miles from Sheffield. 

The Chapel of Our Lady of Rotherham Bridge and other historical sites in Rotherham, which have a long Anglo-Saxon history, remind us of the city’s past. 

The Magna Science Adventure Centre, a former steelworks that now serves as an interactive science and adventure centre, is one of the town’s most notable contributions to the steel industry.

Rotherham’s area code of 01709 makes it simple for residents and guests to contact residential and commercial establishments. 

S60, S61, S62, S63, S64, S65, S66, S73, S74, and S25 are the main postcode areas in Rotherham, allowing for quick mail and package delivery throughout the town and its environs.

Additionally, Rotherham is well-known for its contributions to sports, particularly football. The neighbourhood team, Rotherham United Football Club, competes in English Football League One and has a sizable fan base.

With the addition of a new theatre, a new theatre and a renovated market, Rotherham’s town centre has undergone significant regeneration over the years. Despite these contemporary enhancements, Rotherham maintains its classic charm, successfully fusing the old and new.

Local Areas Where Equity Release Can Be Provided

Here is a list of local areas and boroughs where equity release services can be provided.

1) Maltby

2) Wath upon Dearne

3) Rawmarsh

4) Swinton

5) Wickersley

6) Aston

7) Thrybergh

8) Catcliffe

9) Treeton

10) Brinsworth

11) Hellaby

12) Greasbrough

13) Dalton

14) Kilnhurst

15) Herringthorpe

And within 10 miles of Rotherham, equity release services can be provided in the following areas:

1) Sheffield

2) Doncaster

3) Barnsley

4) Worksop

5) Chesterfield

6) Mansfield

7) Wakefield

8) Bawtry

9) Eckington

10) Dronfield

11) Killamarsh

12) Barlborough

13) Clowne

14) Staveley

15) Shirebrook

16) Bolsover

17) South Normanton

18) Pinxton

19) Sutton in Ashfield

20) Kirkby in Ashfield.

Try Age Partnership’s equity release calculator and estimate how much money you could release from your property

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Meet the author

Jane Parkinson

Jane Parkinson

Jane is one of our primary content writers and specialises in elder care. She has a degree in English language and literature from Manchester University and has been writing and reviewing products for a number of years.

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Most advisors charge for their service.  But you can get fee-free equity release advice from Boon Brokers. 

Call : 0333 567 1812



If you take out a product from Boon Brokers, we will receive a fee for introducing you to them.

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.

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