Use our equity release calculator to find a real solution to common problems affecting our clients, such as;
- Having most of your money tied up in assets such as your home
- Little to no access to cash that is freely available
- Over the age of 55 with minimal regular income or in need of a large lump sum
We search the market to find you the best value plan to suit your needs and circumstances
Enjoy a worry-free retirement by releasing your static funds’ tax-free
Release some of the cash tied up in your property today with Clever Mortgages
Why release equity?
There are many reasons to consider an equity release product and how it might benefit your personal situation.
At Clever Mortgages, we pride ourselves in putting you at the forefront of everything we do by providing clear information and easy to understand guidance.
Some of the benefits of equity release include;
- You would keep 100% ownership of your home
- The lump sum released from your property would be tax-free
- If you wanted to move house in the future you can as portable plans allow for this
- The released funds can be used to pay off any remaining mortgage, debts, or to fund an adventure or home improvements
- There are fixed lifetime interest rates available so you know exactly where you stand
- An increase in the value of your property could benefit you
- You could secure a guaranteed income for life
What to consider before enquiring about equity release
What does releasing equity do to the value of my house?
A release of equity effectively takes cash out of your property which lowers its net asset value and may affect any means-tested benefits you’re eligible for
If the funds released from equity release are used as additional savings, this may impact social security benefits
Equity release may reduce your options when raising additional finance in the future.
Our initial consultation is free with no obligation to proceed if you feel it does not work as an option for you. We can talk you through how the process works and talk through your own personal circumstances.
The equity release council stated that during the whole of 2018 82,791 customers released equity from their homes
See how much tax-free cash you could release with our free no obligation equity release calculator
What is equity release?
Equity release is a financial product for people aged 55 to 95 which allows you to release some of the cash (equity) tied up in the value of your home. The money released, which can be spent however you like, can be taken as a single lump sum or more than once in smaller amounts, following an initial lump sum. To release equity from your home, you need to get expert advice from a qualified equity release adviser, which is where we can help.
You’ll remain a homeowner
There’s no need to move – you’ll still own 100% of your property once you’ve released its equity
No negative equity guarantee
Never pay back more than what your property is sold for, as long as it’s the best price reasonably obtainable
Tailored interest rate
We’ll always give you a personalised interest rate based on your individual circumstances
Why Clever Mortgages?
At Clever Mortgages we can offer you the support and advice required to ensure you get the right mortgage for your first home. We provide access to a comprehensive range of mortgages from across the market. We are also authorised and regulated by the Financial Conduct Authority (FCA) and adhere to the Treating Customers Fairly (TCF) guidelines, so you can be confident that we will treat you with integrity and only recommend products that meet your needs.
A fixed rate mortgage is where your interest rate stays the same for a set time period (usually between 2-10 years). As a result your repayments are exactly the same each month, regardless of what happens to other mortgage rates. These types of mortgages are popular with first time buyers and people looking to budget each month, especially those who have suffered from a poor credit history.
The main downside to a fixed rate mortgage is that if mortgage rates go down you can be paying a higher amount than you would on a variable rate mortgage. However, this can also go in your favour and if interest rates increase you can be paying less than you would on a variable rate.
Every lender will have their own standard variable rate (SVR), which is considered their basic mortgage. This interest rate goes up and down, usually in line with the Bank of England’s interest rates but the lender is free to raise this at any time.
This means that your monthly payments can go up or down depending on what the interest rate is at a given time. Some months you could be paying more whilst other months you could be paying much less.
A discount mortgage is when a reduction is applied to the lenders Standard Variable Rate (SVR) for a certain length of time (typically 2-3 years). Discount mortgages are attractive as they can allow you to pay slightly less than the bank's standard rate. However as the SVR can still fluctuate they are not ideal for people who are looking to stick to a strict long term budget.
A tracker mortgage is basically a type of variable rate mortgage. What makes them different from other variable rate mortgages is that they follow – track – movements of another rate, the most common rate that is tracked is the Bank of England Base Rate.
A capped mortgage is the same as a variable rate mortgage; however the interest rate can never rise above a set “cap”. These mortgages can work well for people who can budget for different mortgage repayments each month but want the reassurance that their payments will never go above a certain amount.
Offset mortgages are linked to a savings account as well as your current account. Your savings will be 'offset' against the value of your mortgage, and you'll only pay interest on your mortgage balance minus your savings balance. These types of mortgages work well for higher earners or people who have a good amount in savings that they want to use towards paying their mortgage.