Equity Release

Equity Release is a form of later life mortgage aimed at homeowners aged 55+, who have a property worth at least £70,000.

Aged 50 -90 ? we have more options than just Equity Release

 

With various options available including equity release / lifetime mortgages with lump sum or drawdown facilities,  to Retirement Interest Only mortgages ( RIO’s)  or Term Interest Only deals ( TIO’s). Let me help you find the best solution for your circumstances.

To check if you qualify – just give me a call !

Just a few of our Later life lenders…

Hello ... why you can trust me ....

David farrell

No Jargon, no ‘sales pitch’, just the good honest advice , the same as  i would give to my own parents .  If you want impartial advice – and a clear understanding of how it all works – just give me a call ! 

equity release advice ERC council approved member
accredited-later-life-lending 300
we will beat any genuine quote equity release

Compare Equity Release rates

I will always quote you the lowest rate that fits your circumstances

You can stay in your home 'for life'

There are no 'fixed end dates', you can stay in your own home.

Fully 'QUALIFIED' and ' APPROVED '

I am an approved member of the Equity Release Council and I hold the full qualifications for giving you advice in this area.

Informal chat with an FCA Regulated adviser

initial chat - no obligation ( but my fee is lower than most, so you'll be back !)

Please note the Equity Release Calculator is for guidance only, as Equity Release lenders change their rates and lending Loan to values on a weekly basis. The figures shown above should be taken for broad indication purposes only .  We hope you enjoy using the equity release calculator and it helps you understand how much you may be able to borrow against your home using equity release 

PLEASE CONTACT US FOR A PERSONALISED ILLUSTRATION 

Am I eligible for equity release ? In simple terms the main qualifying points are;

  • You are a homeowner
  • You ( the youngest if a couple ) is aged 55+
  • The property is worth at least £70,000  ( £100,000 if a flat or Ex local authority )
  • The property  is standard construction
  • Its freehold or has a long leasehold remaining (70yrs+) 
  • It doesn’t have spray foam loft insulation
  • not immediately adjacent to a commercial business or electricity pylons

Unlike schemes in the 80’s and 90’s  the equity release and lifetime mortgages now come under the control of the Financial Conduct Authority ( FCA )

Equity release mortgages are now generally much safer – They are highly regulated products, and the regulations are designed to make it safer for you to access and use these products.  There are also several additional safeguards, such as no negative equity guarantee’s, right to remain in the property for life etc,  that have made these much more safe and robust products for today’s consumers.

With a lifetime mortgage you don’t have to make any monthly payments. Instead the interest is added to the amount you owe each month.
This means interest will be charged on the loan plus any interest already added. The lifetime mortgage is usually repaid from the sale of your home when you, or the remaining applicant (if the mortgage is in joint names) dies or moves out of your home into long term care. Of course, any money left over would go to your beneficiaries.

You are NOT required to make a monthly payment, however many of the current lifetime mortgage / equity release plans allow for ‘optional overpayments’.  This gives you complete flexibility, in terms of paying some or all of the interest to stop the balance increasing. or even slowly paying off the equity release in full over time.Many lenders typically allow a 10% a year over-payment allowance, without incurring any penalties.  Which is more than enough to cover most equity release plans interest.

In taking out the lifetime mortgage / equity release, your existing mortgage would need to be fully repaid, by the borrowing from the equity release.

In fact one of the main uses of the lifetime mortgage is to repay existing mortgages, that have either come to the end of their mortgage term, or the borrowers no longer wish to keep paying a monthly mortgage payment, and prefer instead to use their retirement income to enjoy their retirement.

The equity release lenders solicitors would handle all that for you as part of the conveyancing process.

Can I move home with equity release ? –   Yes in most cases, Your lifetime mortgage can move with you, subject to term and conditions of your lender. You must discuss moving home with your lender before committing to a purchase.

Property values may change, and any fall in value will affect the equity available to you or the beneficiaries of your estate. Your lenders No Negative Equity Guarantee means you or your beneficiaries will never have to pay back more than the amount your property is sold for. This is provided it’s sold for the best price reasonably obtainable and you have met your lenders terms and conditions for your lifetime mortgage

A lifetime Mortgage typically offers you a cash against the value of your property. This could be in;

  • one large cash lump sum
  • or a  ‘smaller initial lump sum’  and a drawdown facility.

Drawdown equity release plans provide you with upfront cash and provide you with ongoing funds in the future too. The future funds are held in a pre-agreed reserve facility which you can draw upon as you need it. Importantly you will not be charged interest on the money held in reserve.

For equity release – there are no income requirements, unless you opt to make monthly payments, in which case lenders will check its feasible.

Retirement Interest Only mortgages (RIO’s)

RIO’s  are different or mortgages in retirement, the same rules for standard mortgage affordability apply,  IE  you must have enough income to prove you can maintain the mortgage payments.  Often lenders currently cite that as the last person remaining can still afford the mortgage.  so for a RIO mortgage the calculation is more about

  • The last surviving persons income = can they still afford the mortgage payment ?

Good question,  this is often hidden by many.  Unlike some Advice companies that charge a minimum fee of £1,795  or 1.99%.  

At Quest we believe in a fair and consistent fee,  so we charge a set price of £995*  ( we do NOT charge for any lifetime mortgage deals which release over £200,000.)

How that compares in real life –  You ask for a lifetime mortgage release plan for £160,000;

  • Our Competitor at £1,795 minimum  / 1.99%  would charge = £3,184
  • Quest Finance Fee = Maximum of £995
  • Saving you at least £2,189!

* Note We have Special offers sometime available – ask for details !!

Money received from equity release can affect your entitlement to means-tested benefits such as Pension Credit, help with health costs and Council Tax Support (Council Tax Reduction Scheme in Wales).

That’s why its important you openly discuss all your finances and income with the equity release advisor, so they can check how it could affect you, and suggest alternatives that might mean you don’t lose any of your benefits income.

The most obvious alternative to equity release is to downsize – i.e. sell your current home and move into a smaller property (or at least one that is less expensive)

 
 
Equity Release does not impact your State Pension entitlement. As the money released is a loan, it is not income, so there is no tax to pay.

What is equity release & how flexible is it ?

If you are a homeowner with a property that is worth at least £70,000 and are aged 55 or over, equity release /a lifetime mortgage,  may allow you to release tax free funds from your home either as a single lump sum or as an initial amount with further reserve funds available to drawdown at any time in the future.


Equity release provides an element of control back to your personal and financial life, though it’s not for everyone. A qualified later life mortgage advisor will make sure this is right for you.

In its most basic form, the interest is added to the balance each year (compound interest) and the loan, together with accrued interest, is repaid when you either die or go into long-term care.

retired couple equity release cruise

Doncaster & Sheffield Equity Release Advice

For Local Equity Release Advice Call: 0800 246 5698

CERTIFIED & TRUSTWORTHY

Looking for help on Equity Release? Paying off an outstanding mortgage? Gifting an early inheritance? checking if you are eligible ? paying for home improvements? Making adaptations to your home? Boosting your income in retirement? Paying for care or support? Helping Family members ? gifting family house deposits? going on the holiday of a lifetime?

equity release advice doncaster

We are proud to be a member of the Equity Release Council

Created by potrace 1.16, written by Peter Selinger 2001-2019

" Get dedicated personal equity release advisers - "

. I will treat you as if you were my own family making this decision - because I care about making sure it's right for you !

No Obligation phone call- just ask me your questions!

I am fully Qualified and Approved.

COVID SECURE - Phone, video or home appointments

Google 5 Star customer ratings

Hello !  I’m David Farrell, the owner of Quest Finance Ltd.   I’m not tied to, or owned by any ONE lender,(unlike some ).  So I can guarantee impartial  equity release advice is always what’s right for YOU from the whole of the market. I am here to represent YOU, not the lender that owns me! 

  • Which lenders could charge high variable exit fee’s of up to  25%?
  • Which lenders have true downsizing options ?
  • Which deal and lender is right for you ? 
  • What for example – can Scottish Widows Offer? ( they are part of the Lloyds Banking Group)

 

The easiest way to get started is to request a callback  or call me direct and we can discuss your case and I can see what fits your circumstances the best.

Get impartial advice that suits you the best with an adviser that will look at approved lenders for you.

I look forward to personally helping you

Davi

David farrell

David Farrell

Director,  Quest Finance Ltd

Tel 0800 246 5698   /  0777 981 9891

we will beat any genuine quote equity release

I don't pay for TV adverts........ so I don't make you pay for them either....

Tell-your-Friend about this page

Releasing Equity made easy

equity release advice ERC council approved member

Here’s 10 Top protections for you..

  1. You have a guaranteed right to ‘remain in your own home’ for life.
  2. All Lifetime mortgages are regulated by the Financial Conduct Authority (FCA) since 2004
  3. You will get a ‘No negative equity guarantee’ from our approved lenders
  4. We are an ‘Approved Member’  of the Equity Release Council – all the plans we offer fully meet Equity Release council approval.
  5. Lifetime mortgages are also covered under FSCS ( financial services compensation scheme )
  6. Inheritance Guarantees are available, to ensure some monies are always left for your loved ones.
  7. The ability to ‘move home’ and close or take your lifetime mortgage with you to the next property ( as long as it meets lenders requirements).
  8. Interest rates are normally FIXED FOR LIFE, meaning you have certainty of exactly how it will run.
  9. If you use QUEST, know that we are impartial and whole of market, to get you the most suitable deal from approved lenders.
  10. If you have used QUEST for your initial deal, if rates change and its advantageous for you to move to a  new lower rate. We will NOT charge you a further advice fee.
equity release FAQs

With a lifetime mortgage you don’t have to make any monthly payments. Instead the interest is added to the amount you owe each month.
This means interest will be charged on the loan plus any interest already added. The lifetime mortgage is usually repaid from the sale of your home when you, or the remaining applicant (if the mortgage is in joint names) dies or moves out of your home into long term care. Of course, any money left over would go to your beneficiaries.

Your lifetime mortgage can move with you, subject to term and conditions of your lender. You must discuss moving home with your lender before committing to a purchase.

Property values may change, and any fall in value will affect the equity available to you or the beneficiaries of your estate. Your lenders No Negative Equity Guarantee means you or your beneficiaries will never have to pay back more than the amount your property is sold for. This is provided it’s sold for the best price reasonably obtainable and you have met your lenders terms and conditions for your lifetime mortgage

A lifetime Mortgage offers you a cash sum as the initial loan. If you choose to take less than the maximum amount you’re eligible for, you may have the flexibility to borrow more in the future. You may be able to borrow up to the maximum originally agreed. This could be in one cash sum or a number of smaller amounts. If there is no Drawdown Facility available you may need to apply for a further advance. This is additional borrowing on top of your existing lifetime mortgage. Applications for further advances may be considered 12 months after completion of a lifetime mortgage. Any further borrowing must be on the same basis as an existing lifetime mortgage. The interest rate may be different depending on interest rates available at the time of requesting further advance. The difference between the initial cash sum you take and the maximum amount you could take is called Drawdown Facility

For equity release – there are no income requirements, unless you opt to make monthly payments, in which case lenders will check its feasible.

For RIO’s or mortgages in retirement, the same rules for mortgage affordability apply,  IE  you must have enough income to prove you can maintain the mortgage payments.  Often lenders currently cite that as the last person remaining can still afford the mortgage.

Unlike schemes in the 80’s and 90’s  the equity release and lifetime mortgages now come under the control of the Financial Conduct Authority ( FCA )

There are also several safeguards, such as no negative equity guarantee’s, right to remain in the property for life etc,  that has made these much more robust products for today’s consumers.

Good question,  this is often hidden by many.  Unlike some Advice companies that charge a minimum fee of £1,795  or 1.99%.  

At Quest we believe in a fair and consistent fee,  so we charge a set price of £995

How that compares in real life –  You ask for a lifetime mortgage plan for £160,000;

  • Our Competitor at £1,795 minimum  / 1.99%  would charge = £3,184
  • Quest Finance Fee = Maximum of £995
  • Saving you at least £2,189!

 

advice on equity release

Equity Release advice – Key Reasons to use Quest Finance  advice on equity release;

  • speak directly to equity release advisers
  • I will assess your needs & circumstances
  • FREE  Later Life Lending guide
  • Search across all available Lenders
  • I am NOT tied or affiliated to just one lender so you will get independent advice on equity release 

I want to become your trusted financial adviser .

A Lifetime Mortgage or lending in retirement, may well be the last mortgage /  major financial decision you make.

How Does Equity Release Work?

Read our FREE Equity Release brochure, or better still give me a call !

Tell-your-Friend about this page

Click to View NOW !  or Ask for a FREE postal copy  !

we will beat any genuine quote equity release

What is Equity Release ?

Aged 55+ ?

Later Life Lending covers lending options for those aged 55+,  including; Retirement Interest Only Mortgages, Lifetime Mortgages and  Equity Release.

So What is releasing equity ? One of the main types that is commonly known to most people is Equity Release,  this  is a lifetime mortgage,  which is a loan secured against your home. Typically the loan and compound interest is repaid when the last borrower dies or moves into long-term care.

Lifetime mortgages and equity release need to be given careful consideration, please contact us and we will discuss your options and how each product works. So that you are in an informed position, before committing to anything.

Retirement Interest Only Deals

(RIO’s)

Later Life Lending covers lending options for those aged 55+,  including; Retirement Interest Only Mortgages, Lifetime Mortgages and  Equity Release.

Retirement Interest Only mortgages allow you to borrow against your property and only pay the interest accrued each month. The capital is paid off when you sell your property, move into residential care or pass away.

The amount you can borrow on a RIO is based on affordability, looking at your income and outgoings to make sure you can maintain payments – even when you have fully retired and your only income is from pensions & investments.

If a joint application  ie  Mr & Mrs  the RIO mortgage must be affordable based on the last sole survivors income.

equity release or retirement mortgages

Disclaimer

Equity release includes Lifetime Mortgages and Home Reversion Schemes. We can advise and arrange Lifetime Mortgages and we will refer to an approved specialist for Home Reversion schemes’ as we do not offer Home Reversion schemes ourselves.   

Home reversion plans – involve selling your property and leasing it back – as this is a very niche product, we will pass you onto others for advice on Home Reversion products.

Whereas Lifetime mortgages mean you still OWN YOU HOME and have a permanent right to resdie.

For More Info Call

0800 - 246 - 5698

equity release cruises

How does equity release advice work?

Use our free equity release calculator and find out how does equity release work ?

Is equity release a good idea ? Get lifetime mortgage /  advice on  a wide range of lenders  Aviva  lifetime mortgages, Lifetime mortgages and  from Legal and General for example. We also look at Canada Life deals and LV lifetime mortgage rates and LV equity release plans to find you the deal that suits your circumstances the best.

Lifetime Mortgages / Equity Release with an existing mortgage ?

Whether you need equity release to pay off your mortgage, equity release advice for home improvements, equity release for divorce settlements to buy out ex partner. Or perhaps you already have an equity release lifetime mortgage and want to look at an equity release advice to remortgage onto lower interest rates.

Lifetime Mortgages / Equity release on leasehold properties?

You can get lifetime mortgages / equity release on leasehold properties, but the lease remaining needs to be quite long typically around 100 – 130 years remaining.   If your remaining lease is lower than that – then with some lenders  You can access a lifetime mortgage to purchase a leasehold extension.  

Equity Release Advice - Doncaster, Sheffield , Rotherham, Barnsley, Wakefield & Nearby Areas

Although I can do lifetime mortgages / equity release Nationwide,  and are happy to travel and or conduct the process via phone and video ( I do prefer face to face, but hey Post COVID the world is different !)  So I can offer Face to Face where suitable and allowed, or advice over the phone or video link.

Think of me as your equity release champion looking at all lenders and options for you – I am based in Doncaster South Yorkshire and so whilst I know some customers prefer to search for equity release advisors near me , I am happy to deal  with;  

Lifetime mortgages / equity release in Doncaster and areas surrounding Doncaster including Bawtry, Bentley, Cusworth and Sprotborough

Lifetime mortgages / equity release Sheffield and areas surrounding Sheffield including Killamarsh, Kiveton Park and Eckington

Lifetime mortgages / equity release Rotherhamand areas surrounding Rotherham, Wickersley, Maltby and Rawmarsh

Lifetime mortgages  Barnsley,  and areas surrounding Barnsley including Wombwell, Wath Upon Dearne and Cudworth

Lifetime mortgages / equity release Wakefield,  and areas surrounding Wakefield including Castleford & Pontefract 

Lifetime mortgages / equity release Leeds  and areas surrounding Leeds including Alwoodley, Garforth, Menston, Horsforth, Wetherby, Harrogate and  Pudsey

Gainsborough  and areas surrounding Gainsborough including Retford

Lincoln  and areas surrounding Lincoln

Scunthorpe  and areas surrounding Scunthorpe including Goole & Selby

Lifetime mortgages / equity release Ilkley  and areas surrounding Ilkley

Otley  and areas surrounding Otley

Nottingham  and areas surrounding Nottingham

Morley  and areas surrounding Morley Including Dewsbury, East Ardsley and Outwood

Equity Release Advice - Doncaster, Sheffield , Rotherham, Barnsley, Wakefield & Nearby Areas

Quest Finance Ltd trading as Quest Finance is an Appointed Representative of HL Partnership Ltd, which is authorised and regulated by the Financial Conduct Authority. Quest Finance Ltd is registered in England, number 12267927. The registered office address is 21 Laneham Close, Doncaster, DN4 7HX.

.

You voluntarily choose to provide personal details to us via this website. Personal information will be treated as confidential by us and held in accordance with the Data Protection Act 1998. You agree that such personal information may be used to provide you with details of services and products in writing, by email or by telephone.

The information contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

There may be a fee for mortgage advice, however the precise amount will depend on your circumstances. If a fee is charged, a typical fee is £795 , you will be advised of the exact fee payable before you apply for any mortgage.

Equity release includes Lifetime Mortgages and Home Reversion Schemes. We can advise and arrange Lifetime Mortgages and will refer to an approved specialist for Home Reversion schemes’.   Lifetime mortgages mean you still OWN YOU HOME.

Copyright © 2023 Quest Finance Ltd. All rights reserved.