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Compare Equity Release
Compare equity release plans from leading UK providers and get free, no-obligation advice from a qualified advisor.
Equity release allows eligible homeowners to access money tied up in their home without selling or moving.
The main product families to distinguish are lifetime mortgages and home reversion plans. The way money is released, repaid or exchanged for an interest in the property depends on the plan terms.
Before comparing plans, check how you receive the money, how the balance or ownership may change, the effect on your estate and benefits, early-repayment conditions and available alternatives. Ask for a personalised illustration and regulated advice before making a decision.
Sources: Equity Release Council, MoneyHelper.org.uk, FCA Register
Comparing equity release plans can feel overwhelming, but breaking the process into clear steps helps you find the right plan for your circumstances. Here is how to get started.
The right type of equity release depends on your financial goals, how you want to receive the money, and what matters most to you when it comes to protecting your estate. Here are the most common situations and which plan suits each one.
If you need a significant amount of cash in one go, perhaps to pay off an existing mortgage, clear debts, or help family members, a lump sum lifetime mortgage is the most straightforward option. You receive the full amount upfront, and interest is charged on the total from day one. This works best when you have a specific, immediate use for the money.
If you prefer flexibility, a drawdown lifetime mortgage lets you take an initial sum and then withdraw further amounts when you need them. Because interest only accrues on the money you have actually taken, this can significantly reduce the total cost over time. Drawdown plans are ideal if you want a financial safety net rather than a single large payment.
Many homeowners use equity release to renovate or adapt their homes for later life. Whether you are adding a ground-floor bathroom, extending your kitchen, or making accessibility improvements, a drawdown plan lets you access funds as each stage of work is completed. Read our guide on using equity release for home improvements for more detail on how this works.
If you still have a residential mortgage, equity release can be used to repay it and eliminate your monthly payments. This is one of the most common reasons people take out equity release plans. Our guide on using equity release to pay off your mortgage explains the process step by step, including how much you could save each month.
Some plans let you ring-fence a percentage of your property value as a guaranteed inheritance for your beneficiaries. This gives you access to cash now while ensuring your family receives a minimum amount when the property is eventually sold. You can learn more about how this works in our equity release and inheritance tax guide.
Equity release is not the only way to access cash in later life. Downsizing, retirement interest-only mortgages, and other financial products may be more suitable depending on your circumstances. Our equity release alternatives guide covers all the options available to you, helping you make an informed decision.
There are two main categories of equity release: lifetime mortgages and home reversion plans. Within lifetime mortgages, several variations exist to suit different financial needs and preferences. Here is how they compare.
| Type | How it works | Pros | Cons |
|---|---|---|---|
| Lump sum lifetime mortgage | You borrow a fixed amount secured against your home. Interest rolls up over time and is repaid when the property is sold. | Simple, one-off cash injection. Fixed interest rates available on most plans. | Interest compounds on the full amount from day one, so costs grow quickly over time. |
| Drawdown lifetime mortgage | You agree a total borrowing limit but only take what you need, when you need it. Interest is only charged on funds withdrawn. | Reduces total interest costs significantly. Flexible access to cash over time. | Drawdown rates may differ from the initial rate. Minimum withdrawal amounts may apply. |
| Interest-only lifetime mortgage | You make monthly interest payments to stop the loan balance from growing. The capital is repaid when the property is sold. | Keeps the debt level stable. Protects more of your estate for beneficiaries. | Requires affordable monthly payments throughout the plan. Not all providers offer this option. |
| Enhanced lifetime mortgage | If you have certain health conditions or lifestyle factors, you may qualify for a larger loan or a lower interest rate. | Can release more cash than a standard plan. Better rates for qualifying conditions. | Requires full medical disclosure. Not all health conditions qualify for enhanced terms. |
| Home reversion plan | You sell part or all of your home to a provider in exchange for a lump sum or regular payments, while retaining the right to live there rent-free for life. | No interest charges apply. You know exactly what share of the property you retain. | You receive below market value for the share you sell. Very few providers still offer these plans. |
Costs
Equity release involves several costs beyond the interest rate on your plan. Understanding these fees upfront helps you budget accurately and avoid unexpected charges during the process. Here are the typical costs you should expect.
| Fee or cost | What it covers and typical amount |
|---|---|
| Advice fee | Charged by your equity release advisor for researching, comparing, and recommending a plan. Typically between 1,000 and 2,000 pounds, sometimes deducted from your loan proceeds. |
| Valuation fee | Covers the cost of an independent property valuation required by the lender. Usually between 150 and 400 pounds, though some providers include this at no extra charge. |
| Solicitor's fee | Legal costs for the conveyancing work involved in setting up your equity release plan. Expect to pay between 800 and 1,500 pounds depending on complexity. |
| Application or arrangement fee | Some lenders charge a fee to set up the plan. This varies by provider but is typically between 0 and 600 pounds. Many plans have no arrangement fee at all. |
| Early repayment charge | If you repay the plan before it ends naturally, you may face an early repayment charge (ERC). This is usually a percentage of the amount repaid and varies by provider, plan type, and how long you have held the plan. |
| Ongoing compound interest | The biggest cost of equity release over the long term. With a rolled-up lifetime mortgage, compound interest means the total amount owed can roughly double every 12 to 15 years, depending on the rate. |
The amount you can release through equity release depends on several factors, and lenders use a combination of these to calculate your maximum borrowing. Most homeowners can release between 20% and 60% of their property value, with older applicants typically able to access more.
Most people focus on the interest rate when choosing an equity release plan, but the real cost driver is time. A 50,000 pound loan at 5.5% grows to over 110,000 pounds in just 13 years through compound interest. If you only need 30,000 pounds now, taking a drawdown plan and keeping the rest in reserve could save your family tens of thousands of pounds in the long run.
Small decisions can make a big difference to the total cost of equity release over time. These five tips will help you secure the best possible plan for your circumstances and protect more of your property value for the future.
Equity release lets you access the wealth tied up in your home without having to sell it or move out. The process involves several stages, and understanding each one helps you feel confident and in control throughout. Here is how it works from start to finish.
Initial consultation: You speak with a qualified equity release advisor who assesses your financial situation, explains the options available to you, and helps you decide whether equity release is suitable. This initial consultation is typically free and comes with no obligation to proceed.
Property valuation: An independent surveyor values your property on behalf of the lender. This determines how much you can borrow and forms the basis of your plan illustration. The valuation usually takes place within a few days of your application.
Recommendation and illustration: Your advisor recommends a specific plan and provides a Key Facts Illustration (KFI). This document shows the interest rate, the projected growth of the debt over 5, 10, 15, and 20 years, and the estimated amount remaining from your property after the plan ends.
Legal process: A specialist equity release solicitor handles the legal work, including reviewing the plan terms, conducting property searches, and ensuring you fully understand the implications. You will receive independent legal advice before signing any documents.
Funds released: Once all legal and administrative work is complete, the funds are released to your solicitor and then transferred to you. If you have an existing mortgage, it is repaid first from the proceeds, and the remaining balance is yours to use. The whole process typically takes 6 to 10 weeks from your first appointment.
Repayment: You do not need to make any mandatory repayments on most lifetime mortgages. The loan, plus accumulated interest, is repaid when the last borrower dies or moves into long-term care, and the property is sold. All plans arranged through the Equity Release Council come with a no negative equity guarantee, meaning you will never owe more than your home is worth.
FAQs
Yes, usually. Lifetime mortgages that meet Equity Release Council standards let you move your plan to a new home, as long as that property meets the lender's criteria when you move. If the new home is worth less, you may need to repay part of the loan. If it does not meet the criteria, you would have to repay the plan, possibly with an early repayment charge.
The plan ends when the last borrower dies or moves permanently into long-term care. The loan and the interest added to it are then repaid, usually from the sale of the home, and anything left goes to your estate. If you chose inheritance protection, a set share of your home's value is kept back for your beneficiaries, however much the loan has grown.
Yes, but repaying the whole plan early can mean an early repayment charge. Depending on the plan, the charge is either fixed and falls over time or linked to gilt yields, which move with the market. Plans that meet Equity Release Council standards also let you make partial repayments without a charge, within the lender's limits. Ask your advisor about the costs first.
Yes, with a lifetime mortgage you retain full ownership of your property throughout the life of the plan. The lender places a legal charge on the property as security for the loan, similar to a standard residential mortgage. You continue to live in your home and are responsible for maintaining it and keeping it insured.
Releasing equity can affect means-tested benefits such as Pension Credit, Council Tax Reduction and Universal Credit. The money is not treated as income, but any you keep counts as savings, so if your savings go over the benefit limits, your payments could fall or stop. A qualified advisor should check the effect on your benefits before you go ahead.
The minimum age for a lifetime mortgage is 55, and both homeowners must meet this requirement for joint applications. For home reversion plans, the minimum age is typically 65, though this varies by provider. Your age at the time of application is one of the main factors determining how much you can release, with older applicants generally able to access a higher percentage of their property value.
Yes, many lenders accept leasehold homes, but the lease must have enough years left. Each lender sets its own minimum, and some work it out by adding the years left on the lease to the youngest applicant's age. Where the lease falls short, extending it first may be an option, and money you release can sometimes help pay for that, with the freeholder's agreement.
The equity release process typically takes between 6 and 10 weeks from your initial consultation to receiving the funds. This timeline includes the property valuation, financial advice sessions, legal work, and lender processing. More complex cases, such as those involving an existing mortgage or a leasehold property, may take longer. Your advisor will keep you informed of progress throughout.
It can. What you owe, including rolled-up interest, is deducted from your estate when inheritance tax is worked out. But money you release still counts as part of your estate until you spend it or give it away, and gifts can be taxed if you die within seven years of making them. Ask your advisor or a tax specialist how this applies to you.
Yes. Any existing mortgage has to be paid off when the plan starts, usually from the money you release, and the rest is yours to use. Many people do this to stop making monthly mortgage payments. With a plan where the interest rolls up there is nothing to pay each month, while some plans let you pay the interest if you prefer.
It is a promise that you will never owe more than your home is worth. If your plan meets Equity Release Council standards and the home is sold for the best price it can reasonably fetch, neither you nor your estate pays any shortfall after reasonable selling costs. It means your family will not inherit a debt from the plan.
Yes, joint equity release plans are available for couples, and both partners are named on the plan. Both must meet the minimum age requirement, and the maximum loan amount is typically based on the age of the younger applicant. The plan continues until the last surviving borrower either dies or moves into long-term care, ensuring the surviving partner can remain in the home for as long as they need.
If your plan meets Equity Release Council standards, the no negative equity guarantee protects you. However far prices fall, you or your estate will never have to repay more than the home sells for, after reasonable selling costs. The lender covers any shortfall, so your family is not left with a debt from the plan.
Yes, many people use equity release to gift money to family members, including helping children or grandchildren get on the property ladder. This is sometimes referred to as a living inheritance. Be aware that gifting large sums could affect your entitlement to means-tested benefits and may have inheritance tax implications under the seven-year rule. Discuss your plans with your advisor to understand the full impact before proceeding.
Resources
These organisations offer independent guidance on equity release and later-life financial planning.
Government-backed guidance on equity release, retirement income, and later-life housing options. Call 0800 138 7777.
Industry body setting standards for equity release. All member products include a no-negative-equity guarantee.
Charity offering free advice on housing, finances, and care options for people over 55. Call 0800 678 1602.
Free advice on housing rights, equity release alternatives, and managing finances in retirement.
Reviews
Absolutely excellent! I had been refused a mortgage at various places due to bad credit. Asked Simply for help. They got me a Decision in Principle within days and a full mortgage offer from a high street lender the following week! Excellent communication throughout. Worth every penny! Can’t thank these guys enough.
I have just received my Mortgage offer through Simply after being rejected by others. I had 6 defaults on my credit file. I still cant believe I am able to get an offer. Guys, before you give up please get in touch with Simply. A massive thank you to Aime and Kerry, they made this happen..
Fantastic service from everyone at Simply. I had bad credit in relation to a previous Debt Management Plan and thought getting a mortgage would be nigh on impossible. Not only have I received the offer from a High Street bank today but Simply made the whole process unbelievably easy and kept me well updated throughout.
Simply the Best!! After thinking that I will never get a mortgage because of my bad credit (CCJs, defaults etc) in the past, the team at Simply were amazing from start to finish (David,Jackie,Karen).
…after being turned away by my bank and 2 brokers, me and my husband had given up hope of being accepted for a mortgage (defaults on credit file). We thought we would give it one last try and give Simply a call… We first had contact with Lee who took all our details and within 24 hours had an agreement in principle.
We thought we had little hope of being able to obtain a mortgage with our complicated circumstances, which included defaults, ccjs and one of us having to gift the other a large deposit. We were listened to, given advice and kept up to date at every stage of the process… We would not have been able to get our mortgage without Simplys help.
I contacted Simply as a last resort and cringed when I admitted the defaults and CCJs that we had. At no point did they make us feel embarrassed and told us that if there was a solution out there they would find it. Low and behold, about a month after my first call, we have now received our mortgage offer.
…because I had paid my DMP off early directly to the creditors I would automatically be declined by the adverse lender… I came across Simply and Dan rang me back on a Friday evening. Within a few hours he’d got me a DIP with a high street lender at a much better rate so saved me a lot of money in the long run… Just got my offer through and I’m over the moon!
…we had heard no after no after no from mortgage companies, yet Lee at Simply went above and beyond and refused to give up until he had found us a mortgage. Happy to say we received our mortgage offer the other day and gladly accepted today… Would highly recommend to people struggling to find a high street mortgage lender due to bad credit.
Cannot recommend them highly enough. I approached 4 different mortgage brokers regards my adverse credit which included a DMP and defaults. They all said they were adverse credit specialists but then said they couldn’t help. I approached Adverse as a last ditch attempt after reading the trust pilot reviews.
Absolutely excellent! I had been refused a mortgage at various places due to bad credit. Asked Simply for help. They got me a Decision in Principle within days and a full mortgage offer from a high street lender the following week! Excellent communication throughout. Worth every penny! Can’t thank these guys enough.
I have just received my Mortgage offer through Simply after being rejected by others. I had 6 defaults on my credit file. I still cant believe I am able to get an offer. Guys, before you give up please get in touch with Simply. A massive thank you to Aime and Kerry, they made this happen..
Fantastic service from everyone at Simply. I had bad credit in relation to a previous Debt Management Plan and thought getting a mortgage would be nigh on impossible. Not only have I received the offer from a High Street bank today but Simply made the whole process unbelievably easy and kept me well updated throughout.
Simply the Best!! After thinking that I will never get a mortgage because of my bad credit (CCJs, defaults etc) in the past, the team at Simply were amazing from start to finish (David,Jackie,Karen).
…after being turned away by my bank and 2 brokers, me and my husband had given up hope of being accepted for a mortgage (defaults on credit file). We thought we would give it one last try and give Simply a call… We first had contact with Lee who took all our details and within 24 hours had an agreement in principle.
We thought we had little hope of being able to obtain a mortgage with our complicated circumstances, which included defaults, ccjs and one of us having to gift the other a large deposit. We were listened to, given advice and kept up to date at every stage of the process… We would not have been able to get our mortgage without Simplys help.
I contacted Simply as a last resort and cringed when I admitted the defaults and CCJs that we had. At no point did they make us feel embarrassed and told us that if there was a solution out there they would find it. Low and behold, about a month after my first call, we have now received our mortgage offer.
…because I had paid my DMP off early directly to the creditors I would automatically be declined by the adverse lender… I came across Simply and Dan rang me back on a Friday evening. Within a few hours he’d got me a DIP with a high street lender at a much better rate so saved me a lot of money in the long run… Just got my offer through and I’m over the moon!
…we had heard no after no after no from mortgage companies, yet Lee at Simply went above and beyond and refused to give up until he had found us a mortgage. Happy to say we received our mortgage offer the other day and gladly accepted today… Would highly recommend to people struggling to find a high street mortgage lender due to bad credit.
Cannot recommend them highly enough. I approached 4 different mortgage brokers regards my adverse credit which included a DMP and defaults. They all said they were adverse credit specialists but then said they couldn’t help. I approached Adverse as a last ditch attempt after reading the trust pilot reviews.
The first time we used them we had been paying into a debt management plan for years and had previously had a CCJ as our income had become unexpectedly reduced due to chronic illness… He gave us hope and allowed us to stop feeling ashamed and to be able to move on with our lives… They were highly efficient and professional throughout.
I’ve now been accepted for a mortgage with a hugely mainstream bank and with really good interest rates, despite having 3 CCJs for parking fines that went to the wrong house… I thought I wouldn’t get a mortgage until my credit history cleared up… but they got results in next to no time.
After being turned away by 3 of the big high street lenders due to my credit history I had given up hope. I then turned to simply for some advice and after an initial phone call and a few emails exchanging information i had myself a decision in principle! And the 1 week later i had bagged myself an official mortgage offer!
I had 2 defaults, 3 missed payments and all within 2-3 years so as you all aware this straight away becomes mission impossible to get mortgage however that is where you contact Simply and leave the rest to them as it will all happen. Almost 3 months later and I am to receive house keys this week!
Feeling dejected and defeated, we approached Simply as our very last hope of obtaining a mortgage… within 3 weeks, we have received our mortgage offer at a rate much lower than I was expecting (multiple defaults/late payments). We are forever grateful for the service Simply have provided and would encourage anybody else with a adverse credit history to give Simply a try.
Excellent, refused mortgage from everywhere else after recently coming out of a DMP with defaults and Alex found me a mortgage for our dream house. The hole process was stress free and we were updated every step of the way! Thank you so much to all at simply for making our long awaited house move become a reality! Highly recommend...
I had 1 CCJ, Payday Loan and miss Payment, I was rejected for Mortgage by one bank. I did a search for bad credit mortgage and come across Simply Mortgage Specialist. Excellent service I’m glad I spoke to Alex and the team at Simply Mortgage Specialist which they gave me good advice.
Amazing company. We were told by multiple brokers we wouldn’t be able to get a mortgage for years due to defaults on my partners credit file. Simply have managed to get us a mortgage with a high street bank and with a low interest rate. The Customer Service and response times is unbelievably good.
Found simply online after being rejected by two other brokers because of my and my partners CCJs. Reiss managed to get us agreed with a lender and was brilliant from start to finish. Everyone at simply knew their stuff and when there were any hiccups they were there to resolve them very quickly. Also a mention to Aaron and Karen who were super helpful.
I highly recommend Simply for people who have a past IVA and some credit defaults and are struggling to get a mortgage offer. Simply was able to get is a mortgage with a high street lender even though others brokers weren't able to! This was also for a shared ownership property. Well worth the fees they charge.
The first time we used them we had been paying into a debt management plan for years and had previously had a CCJ as our income had become unexpectedly reduced due to chronic illness… He gave us hope and allowed us to stop feeling ashamed and to be able to move on with our lives… They were highly efficient and professional throughout.
I’ve now been accepted for a mortgage with a hugely mainstream bank and with really good interest rates, despite having 3 CCJs for parking fines that went to the wrong house… I thought I wouldn’t get a mortgage until my credit history cleared up… but they got results in next to no time.
After being turned away by 3 of the big high street lenders due to my credit history I had given up hope. I then turned to simply for some advice and after an initial phone call and a few emails exchanging information i had myself a decision in principle! And the 1 week later i had bagged myself an official mortgage offer!
I had 2 defaults, 3 missed payments and all within 2-3 years so as you all aware this straight away becomes mission impossible to get mortgage however that is where you contact Simply and leave the rest to them as it will all happen. Almost 3 months later and I am to receive house keys this week!
Feeling dejected and defeated, we approached Simply as our very last hope of obtaining a mortgage… within 3 weeks, we have received our mortgage offer at a rate much lower than I was expecting (multiple defaults/late payments). We are forever grateful for the service Simply have provided and would encourage anybody else with a adverse credit history to give Simply a try.
Excellent, refused mortgage from everywhere else after recently coming out of a DMP with defaults and Alex found me a mortgage for our dream house. The hole process was stress free and we were updated every step of the way! Thank you so much to all at simply for making our long awaited house move become a reality! Highly recommend...
I had 1 CCJ, Payday Loan and miss Payment, I was rejected for Mortgage by one bank. I did a search for bad credit mortgage and come across Simply Mortgage Specialist. Excellent service I’m glad I spoke to Alex and the team at Simply Mortgage Specialist which they gave me good advice.
Amazing company. We were told by multiple brokers we wouldn’t be able to get a mortgage for years due to defaults on my partners credit file. Simply have managed to get us a mortgage with a high street bank and with a low interest rate. The Customer Service and response times is unbelievably good.
Found simply online after being rejected by two other brokers because of my and my partners CCJs. Reiss managed to get us agreed with a lender and was brilliant from start to finish. Everyone at simply knew their stuff and when there were any hiccups they were there to resolve them very quickly. Also a mention to Aaron and Karen who were super helpful.
I highly recommend Simply for people who have a past IVA and some credit defaults and are struggling to get a mortgage offer. Simply was able to get is a mortgage with a high street lender even though others brokers weren't able to! This was also for a shared ownership property. Well worth the fees they charge.
Equity Release
Compare plans from leading UK providers and find out how much tax-free cash you could release from your home.
Equity Release
Speak to a qualified equity release advisor and find out how much you could release from your home, with no obligation.