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Am I eligible for Equity Release?

Each type of equity release scheme has different eligibility criteria, so you must always check the details with the provider.

There are however, some general rules:

  • The youngest applicant for Equity Release must be over the age of 55
    (for some plans this is as high as 60 or 65)
  • Your property must have a minimum value of £70,000
    (some providers may require a higher minimum)
  • Your property must be in England, Scotland, Wales or Northern Ireland (excluding the Channel Islands and Isle of Man)
  • If your property is leasehold, the minimum unexpired term varies from provider to provider, but at least 75 years is required. It may however, be possible to extend your lease
  • If your property is ex-local authority, you must, in most cases, be outside the discount period
  • You must be able to raise enough money through Equity Release to repay any existing mortgage or secured loans

Some types of homes are not suitable security for equity release scheme, including mobile homes, park homes, houseboats, and properties with agricultural or forestry ties. Also, it is more difficult to arrange equity release plans on freehold flats (except in Scotland), properties with commercial or business use, or properties over or adjacent to commercial properties.

To discuss your property with one of our specialist equity release advisers call freephone 0800 077 6885 or use our online equity release calculator to see how much you could raise.

Did you know?

Your property may also qualify for equity release even if you have a tenant living in it, or a younger relative or a carer living with you. To find out if you or your property would qualify for an Equity Release plan, call ERIC’s equity release experts for free on 0800 077 6885 we’re here to help.

Is equity release the right choice for me?

Equity release isn’t the right choice for everybody and that’s why we’ve created this online guide; so you can read all the information and make an informed decision.

Take your time, discuss the options with your friends and family and, before you decide anything, make sure:

  • You understand how Equity Release works
  • You understand the risks involved, not just the benefits
  • You have considered all the alternatives to Equity Release
  • You have spoken to an authorised and specialist Equity Release adviser.