How much can you borrow?

The amount you can raise through equity release depends on a number of factors including the value of your home, the type of property it is and how old you are. If there are two of you taking out the plan, it will be based on the age of the younger.

Unless there is a pressing need for the maximum amount to be taken, people typically take enough to cover their short term requirements, knowing that now they understand how things work, there may be an option to go back for more if needed.

Should you require a larger amount for something important then this can also be applied for but we do like people to be aware that as with any borrowing, the higher the amount you choose to borrow as a percentage of your property value (loan to value) the higher the rates are likely to be. From our experience, and this is an area where working with an adviser can really help, there is always a ‘tipping point’ where rates increase and can become less attractive so we work to make you aware of various amounts, the interest rates and associated fees so that you can make an educated decision, in your own time to suit yourself.