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Am I Eligible For Equity Release
21/05/2010
Equity Release plans have different eligibility criteria which must always be checked.
There are some general rules:
: All applicants must be 55 or over
: The value of your property must be at least £70,000
: Your property must be in the UK – England, Scotland, Wales or Northern Ireland (excluding the Channel Island and Isle of Man)
: Leasehold properties must have at least 75 years left, however it may be possible to extend the lease.
: You must be outside of the discount period if you own an ex-local authority property.
: if you have an existing mortgage on your property this must be paid off during the application process.
Unfortunately some types of property are not suitable for Equity Release Plans, e.g. mobile homes, park homes, houseboats, commercial properties and harder to release on freehold flats or properties over commercial properties.
Before you decide on an equity release plan make sure:
: You have a full understanding of how it works
: Both the risks and benefits are understood
: You have been in contact with an independent specialist adviser, such asThe Right Equity Release.
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