How do I release more money from my home?

If you have not already sold 100% of the equity in your home (99.9% in Scotland) you can apply to us to release further money from your property.

The minimum release is 10% of your property value or £10,000, whichever is the lower. If you have less than 10% equity remaining in your home you can still apply to release the remaining equity.

Although you already have a Home Reversion plan with us and are therefore aware of the benefits, releasing additional equity is still an important decision. We therefore strongly recommend that you seek independent financial advice before proceeding with a further cash release. We suggest:

• You speak to your original adviser where possible, or
• Log on to unbiased.co.uk. This site can help you to find an independent qualified adviser in your area.

Please note: As we are not authorised to give advice, we cannot recommend any adviser to you and take no responsibility for the advice you subsequently receive.

Whichever route you choose, please ensure that you have given due consideration to the following:

• Alternative options such as using current savings or investments, or trading down
• Consulting with your family and beneficiaries to your estate
• The financial implications e.g. reducing your estate, your personal tax position and any entitlement to means tested state benefits
• The amount you require. Taking equity from your property to invest elsewhere may not be financially efficient
• Any future requirements you may have, for example, you may need to release further cash sums in the future in order to make changes to your property if your mobility reduces.

You are also strongly recommended to seek independent legal advice in respect of a further cash release.

You would be responsible for paying any fees for legal or financial advice.

Any payment generated by a further cash release takes into account your anticipated life expectancy. If you die or move into long term care sooner than expected, a further cash release may be an expensive way to release further equity in your home. Any further cash release is also subject to a satisfactory valuation of your home. A valuation fee would be payable for this.

It may also be appropriate for you to contact your local authority or another agency before proceeding. This will establish whether you may be eligible for financial assistance of benefits or grants which may help achieve your aims. Your local Citizens Advice Bureau or Age UK may also be a valuable source of information.

We’ve created a useful links page which you may find helpful.