How Do I Know If I Am Eligible For Equity Release?

Each type of Equity Release plan has different eligibility criteria, so you must always check the details with the provider. There are however, some general rules:
*The youngest applicant must be over the age of 55 (for some plans this may be as high as 60 or 65)
*Your property must have a minimum of £40,000 (some providers may require a higher minimum)
*Your property must be in England, Scotland, Wales or Northern Ireland (excluding the channel Islands and Isle of Man)
*If your property is leasehold, the minimum unexpired term varies from provider to provider, but at least 75 years is required. It may however, be possible to extend your lease
*If you property is ex-local authority, you must, in most cases be outside the discount period
*You must be able to raise enough money to repay any existing mortgage or secured loans

Some types of homes are not suitable security for Equity Release plans, including mobile homes, park homes, houseboats, and properties with agricultural or forestry ties (except in Scotland), properties with commercial or business use, or properties over or adjacent to commercial properties.

Did you know? Your property may also qualify for Equity Release even if you have a tenant living in it, or a younger relative or a carer living with you.

Check with an adviser The best way to see if you qualify for equity release and also to see just how much you might be able to release is to seek some help and guidance from an independent financial adviser. An adviser will take information about your objectives and ask you questions about your current situation before researching all the plans available and then recommending the most suitable for your individual circumstances.

Seek independent legal advice Once you have a recommended plan from the adviser your next step would be to engage the services of a legal firm to take the transaction from application to legal completion.


Independent financial advice on the entire market for equity release, let us find you the best equity release schemes. We can also find you the best annuity rates.