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How does equity release work?
Equity release is a way to unlock money tied up in your home with a loan
- When you sell the property, the lender takes back the amount you owe from the sale and the loan is paid off
- Home equity loans are only available to homeowners over the age of 55, and the amount you can borrow depends on your age
- This type of loan can be expensive, and the amount you get in cash can be a lot less than the amount of interest you have to pay back.
What can I use it for?
You may want to release money from your property to pay for home improvements, or to use the money to supplement your pension.
If you're looking to release equity to pay off an existing mortgage, check out our paying off your mortgage guide.
Like all financial decisions, releasing money from your home is something that needs careful thought.
How we can help you
Thinking of remortgaging?
This is another way you could raise money for home improvements and other costs you may need to cover.
Borrowing more on your mortgage
You could also borrow more on top of your existing mortgage for a range of reasons. Read our guide to learn more. Products available to over 18s.
How much do you need?
Our budget calculator can help you work out your income and outgoings to see how much extra money you may need.