All About Equity Release
Equity release has made a genuine, positive difference to the lives of thousands of people in the UK. If you’re 55 or older and looking to release tax-free money from the property you live in, our team at Greenfields strives to help in every way we can.
Equity release enables those 55 and older to release a portion of the equity they have built up in their home, either as a lump sum or in installments, without the need to sell the property. The released funds can be used for various purposes, such as home improvements, paying off existing mortgages, clearing debts, helping family members with their first homes, or establishing a regular monthly income. There are various ways of releasing equity including Lifetime Mortgages and retirement interest only mortgages, allowing you to choose which may work best for you.
Equity Release by Greenfields
Financial Management
With our years of experience in later life lending options, we understand that releasing equity from your property can be a life-changing decision, and our mission is to make this process as easy and transparent as possible. With a comprehensive range of services, including lifetime mortgages and retirement interest-only mortgages, our impartial, whole of market advice ensures that we tailor solutions to your unique needs and circumstances.
As proud members of The Equity Release Council, we uphold the highest standards of financial safety and security, providing you with peace of mind as you explore the possibilities of tax-free money release. Whether you seek funds for home improvements, debt clearance, or supporting your loved ones’ dreams, we’re here to guide you every step of the way, with a commitment to excellence and integrity, and always keeping your best interests at heart.
The Benefits of Equity Release
The process behind releasing equity from your estate may seem complex and daunting at first, but we aim to make it as simple as possible. By utilising equity release through us, you may experience benefits such as:
Financial Flexibility
Equity release offers homeowners a valuable source of tax-free funds, giving you the option to access money that may be tied up in your property. You may then choose to make home improvements, travel, or do anything your funds could allow you to do.
No Monthly
Repayments
Particularly for those with lifetime mortgages, equity release means borrowers won’t need to make monthly repayments. Instead, the loan and any interest accrued is usually repaid when the property is sold, the homeowner passes away, or they move into long-term care.
Retain Home
Ownership
With equity release, homeowners can continue to live in their home as long as they wish, all while maintaining ownership and control of their home.
Tax-Free Release
The funds released via equity release are typically tax-free, making it an appealing option for supplementing retirement income without attracting additional tax liabilities.
Inheritance Planning
Some equity release products offer an inheritance protection feature, ensuring that any beneficiaries receive a portion of the property’s value. For homeowners with this at the forefront of their minds, this can offer invaluable peace of mind.
Regulated Market
The UK equity release market is regulated by the Financial Conduct Authority (FCA), offering consumer protection and ensuring that products are appropriate and suitable for each individual’s needs.
Ready to see where equity
release could take you?
The Greenfields Equity Release Process
At Greenfields, we offer expert, impartial, whole of market and award-winning advice on all later life lending options. With our years of experience in the field, we also understand that taking out an equity release plan is an important financial decision and isn’t right or suitable for everyone. As such, we take the time to get to know you and your circumstances before making our personalised recommendations.
During our meetings we will discuss all available options to you and explain the benefits and disadvantages of each option. We will discuss the implications of reducing the value of your estate as well as the financial repercussions should you decide to repay your equity release early or service the interest.
As a local, friendly, and knowledgeable advisory firm, we’re happy to guide you through every stage of the process. The Greenfields process looks like:
No Obligation Free Consultation Meeting
This is an opportunity for you to find out more about us and how we work for you, our clients. This meeting can either be carried out at our company offices in the heart of the Dorset countryside or at a convenient time in your own home. Evening appointments can also be arranged.
Fact Finding Exercise
This thorough exercise includes a detailed assessment of your incomes and outgoings, which allows us to tailor our recommendations based on your specific circumstances.
Sourcing
Based on the information we receive at our meeting, we then source a product from our whole of market that best suits your personal needs and circumstances.
Second Meeting
As fully independent financial advisors, we provide bias-free advice and service that’s not product or commission-led.
Submission
We will then submit your application to the Equity release company, taking the burden of extensive form completion away from you.
Monitoring
We monitor the progress of your application, answer any queries from the lender, and update you regularly on the progress of your application.
Your Equity Release Questions Answered
There are different equity release options available, including Lifetime Mortgages and retirement interest-only mortgages, each with its own features and considerations.
Lifetime mortgages provide tax-free funds from the property’s value, with no monthly repayments. The loan, including interest, is repaid when the homeowner passes away or moves into care, and the property is sold. The ‘No Negative Equity’ guarantee ensures borrowers or beneficiaries won’t owe more than the property’s value. It’s a flexible option to supplement retirement income or cover expenses, but not suitable for everybody, so we will work with you to determine if it’s an option for your circumstances.
Unlike traditional interest-only mortgages, there is no requirement to repay the capital during the term of a retirement interest-only mortgage. Instead, borrowers only pay the interest accrued each month, making it generally a more affordable option. The loan is typically repaid when the homeowner sells the property, moves into long-term care, or passes away. This allows homeowners to release tax-free funds from their property while retaining ownership and the right to live in their home. Again, this type of equity release may not be suitable for everybody, so we will work with you to determine your suitability.
As a member of The Equity Release Council, we recommend the plans that adhere to their code of conduct to ensure clients financial safety and security. These include:
- Their ‘No Negative Equity’ Guarantee — you or your family will never owe more than the value of your home
- You will not lose your home and can remain there for as long as you want to, providing it remains your main residence
- No debt will be left to your loved ones
- You can move to another suitable property
- You will receive independent legal advice from a solicitor of your choice
Why Choose Greenfields?
Driven by People,
Not Profits
Your goals are our goals, and we always put our clients’ needs first.
Award Winners
Our team has won numerous awards, including Justin winning the Corporate Livewire Innovation and Excellence Award for Equity Release Advisor of the Year 2023.
We Go Above
and Beyond
The bare minimum isn’t our goal— it’s our starting point. We ask questions and have you ask us yours, ensuring we’re all on the same page.
Unlock Your Home's Potential
With Greenfields
At Greenfields, we help you to explore your options and consider how the different plans available might best meet your requirements, both now and in the future. Being truly independent advisors means that you can be sure that the advice and service you receive is free of bias and is not product or commission led. Instead, we work purely for you and have your best interests at heart. To get started on your equity release journey, book a call with us today.