Equity release lets homeowners aged 55 and over access some of the cash tied up in their home—without needing to move out or make monthly repayments. The most popular type is a lifetime mortgage, where you borrow a portion of your home's value and the loan (plus interest) is repaid when you pass away or move into long-term care.

You must own your main residence, and it typically needs to be worth at least £70,000. The amount you can borrow depends on your age, property value, and sometimes your health or lifestyle. You continue to own your home, and in most cases, the interest is rolled up rather than paid monthly.

Equity release can provide a flexible source of funds that you can use in a variety of ways to enhance your lifestyle, support your plans, or meet financial needs in later life. Many people use it to supplement their retirement income or pay off an existing mortgage. It can also help cover large expenses such as home improvements, making your property more comfortable, accessible, or energy efficient. Because the money is tax-free, it can be an attractive way to access the wealth tied up in your home without having to sell it or move out.

Others choose to use equity release for more personal goals, such as helping children or grandchildren get on the property ladder, funding a once-in-a-lifetime holiday, or simply enjoying more financial freedom in retirement. It can also be used to cover care costs, purchase a new car, or manage unexpected expenses without dipping into savings. How you use the funds is ultimately up to you—but it’s important to consider your options carefully and get expert advice to ensure the decision fits your long-term financial plans.

Absolutely! Equity release can also be a solution for those who want to move but still need to borrow in later life, perhaps to buy a home closer to family, relocate to a preferred area, or purchase a more accessible property. The funds can cover the shortfall between your current home’s sale price and the cost of your new property, avoiding the need for traditional repayment mortgages with strict affordability checks. As with any equity release arrangement, it’s essential to take qualified advice to ensure it’s the right route for your circumstances and that you understand the long-term implications.

Equity release today is a world away from the risky and unregulated plans of the 1990s. Modern plans are strictly regulated by the Financial Conduct Authority (FCA), and providers who are members of the Equity Release Council must meet high consumer protection standards.

These include a no negative equity guarantee (you’ll never owe more than your home is worth), the right to stay in your property for life, and fixed or capped interest rates. The emphasis now is on clear advice, transparency, and long-term suitability—helping people make decisions that are right for them and their families.

The amount you can release is based on two main factors: the age of the youngest applicant and the current value of your property. The older you are, the more you’re likely to be able to borrow. In general, plans start from age 55, and the percentage you can release increases as you get older.

Before making an offer, the lender will carry out a professional property valuation to confirm the current market value. They’ll then use this, along with their lending criteria, to calculate your maximum release amount. In some cases, health and lifestyle factors can also increase the amount you’re eligible for through an “enhanced” plan.

Only approved lenders offer equity release products, and they must follow strict rules set by the FCA. Some of the biggest and most trusted names in financial services provide these plans—including high-street banks and specialist equity release providers.

Importantly, you must get advice from a qualified equity release adviser before proceeding. This ensures the plan is tailored to your needs, that alternatives are considered, and that both the benefits and risks are fully explained.

Equity release is a long-term decision that can impact your finances, inheritance, and benefits. That’s why it's a legal requirement to take regulated advice from a qualified adviser before proceeding. A good adviser will:

Explain all your options (including alternatives)

Recommend a suitable plan from a range of lenders

Help you understand the long-term impact

Involve your family if appropriate

Ensure you're protected by Equity Release Council safeguards

Taking advice doesn’t commit you to anything—it just gives you clarity and confidence to decide what’s right for you.