Find a trusted equity release adviser in London

If you're a homeowner in London and aged over 55, equity release could give you access to tax-free cash tied up in your home, to spend however you choose. London equity release schemes are designed to help homeowners unlock the value of their property without needing to move.

Whether you're looking to supplement your retirement income, help family members financially, or simply enjoy life a little more, we’re here to help you understand your options and connect you with a trusted local adviser.

What is equity release?

Equity release allows homeowners aged 55 or over to release money from the value of their home while continuing to live in it.

It’s typically used by people who are ‘asset-rich but cash-poor’, offering a way to unlock value without selling up or downsizing.

There are two main types of equity release:

• Lifetime mortgage: the most common option. You borrow money secured against your home, with interest rolled up and repaid when you pass away or move into long-term care.

• Home reversion plan: you sell a portion (or all) of your home to a provider in return for a lump sum or regular payments, while retaining the right to live there rent-free.

Is equity release for you?

Whether equity release is right for you or not will depend on your circumstances. 

Some reasons to consider it include: 

• Your other savings and/or sources of income is not enough to meet your retirement needs.

• You don’t want to (or can’t) downsize.

• You don’t mind reducing your family’s inheritance (or you have no beneficiaries).

Some reasons to choose an alternative to equity release include: 

• You can meet your income needs in retirement from other sources.

• You have the opportunity to release money from your home by downsizing.

• You want to preserve as much of your estate as possible for your family to inherit.

There are many pros and cons to consider, that’s why speaking to a qualified adviser is essential.

A specialist in London equity release can help you understand how local property trends may influence your options.

Why choose equity release in London?

If you’re a homeowner in London, you may be sitting on significant property wealth due to the capital’s strong house price growth over the years.

Equity release can be an attractive option for:

• Covering the rising cost of living in retirement

• Helping children onto the property ladder

• Funding travel or once in a lifetime holidays

• Funding a loft conversion, garden studio, or other upgrades to increase your London home's value

• Paying off an existing mortgage or debts

Every homeowner’s circumstances are different, and London’s property market brings its own unique considerations. That’s why local expertise matters.

How much does equity release in London cost?

The different types of equity release arrangements in London involve various fees.

The main types of equity release fees include arrangement, valuation, advice and legal fees.

Arrangement fee

An arrangement fee is an equity release fee that covers the cost to your provider of setting up your equity release arrangement, such as a lifetime mortgage. It can cost between £1,500 and £3,000.

Not all providers charge arrangement fees.

Certain equity release providers charge a product fee, usually a percentage of the total amount released.

Valuation fee

This equity release fee covers the cost of valuing your property, though not all providers charge similarly.

Advice fees

By law, you must obtain professional financial advice to sign up for an equity release product.

Depending on your provider, you may obtain (and pay for) this advice independently, or the provider may source an adviser for you.

For the latter, the provider will either charge you a fee for this service or pay the adviser a commission on completing your equity release arrangement term.

Legal fees

You will also need a solicitor to advise you on the legal aspects of your chosen type of equity release.

Usually, you will need to obtain and pay for this service independently.

Legal fees vary considerably between London firms and are based on your needs, but the average fee for a standard case is typically anything between £600 to £1,500.

Transfer fees

Transfer fees cover the cost to the provider of transferring your money to your solicitor, as is often the case with standard mortgages.

Not all providers charge for this.

Speak to a local equity release adviser

Equity release allows you to access funds from your property while continuing to live in it and offers some financial flexibility in later life.

That being said, it’s crucial to understand the implications of the different equity release options, including how they might affect your estate and overall financial situation.

Carefully consider the benefits and potential drawbacks, such as the impact on inheritance and repayment terms.

By evaluating your choices and how they fit your long-term goals, you can make a well-informed decision supporting your financial wellbeing and future plans.

Unbiased will quickly match you with a qualified London equity release adviser for tailored guidance on the most suitable equity release options for your unique circumstances.