What is equity release, and how does it differ from a later life mortgage?

Equity release allows eligible homeowners to access some of the value of their property. A lifetime mortgage is one form: you borrow against your home and retain ownership. “Later life mortgage” is a broader description that can also include retirement interest-only mortgages and standard mortgages available to older borrowers.

The useful question is whether you want to make payments, whether you can afford them and how the borrowing will eventually be repaid.

For more detail, see the Equity Release Council’s lifetime mortgage guide and MoneyHelper’s RIO mortgage guide.

A home reversion plan is another form of equity release. It involves selling a share, or all, of your home rather than taking out a loan. This has different consequences for ownership and inheritance. Age UK explains the distinction.

Meet Alex Amber, your local equity release adviser for Bath

Alex Amber, CeRER, CeMAP, is a Senior Equity Release Adviser at My Later Life and our local adviser for Bath. He offers home visits, so you can discuss your plans face to face without travelling to an office.

Your conversation can cover why you are considering borrowing, what you want to achieve and the questions you have about your home and family. If you would like someone you trust to join the appointment, let us know when arranging your visit.

Meet Alex and the My Later Life team.

Local advisers who come to your home

You do not need to travel to an office to start a conversation with My Later Life. Our local advisers offer home visits in Bath, supported by a nationwide network. Tell us your postcode and preferred appointment arrangements when you enquire.

Whether you live in Widcombe, Larkhall, Bear Flat, Combe Down, Weston or Bathwick, you can ask us about a visit to your home. If you would like a partner, adult child or trusted friend to join you, let us know.

A useful appointment should leave you understanding your choices. Bring the questions that matter to you: could you move later, how might your partner be affected, and what would happen if your plans changed? There is no need to have chosen a mortgage before speaking to us.

Why homeowners choose My Later Life

• Face-to-face conversations: speak with an adviser in the comfort of your home.
• Time to explain your priorities: discuss your property, income, family and plans together.
• Customer feedback you can read: our five-star Google reviews provide another way to get to know our service.

Reviews are a helpful starting point. Your own decision should rest on the advice, costs and suitability of the recommendation you receive.

What should Bath homeowners check about their property?

A period house, a converted flat and a modern family home can raise different questions. When discussing equity release in Bath, give your adviser the details of the property as well as an estimated value.

Converted flats and leasehold homes

For a leasehold property, useful documents include the remaining lease term, ground rent and service-charge information. Lenders set their own rules, so a flat that is acceptable to one may not meet another’s criteria. Aviva’s leasehold guide illustrates the kinds of checks involved; its criteria are specific to its lending.

Listed homes and planned improvements

If your Bath home is listed, mention this early and gather any documents relating to previous alterations. If the money is intended for improvements, check what permissions the work needs before committing to a budget. Listing can affect changes inside a property as well as outside. Historic England explains the responsibilities of listed-home owners.

Borrowing and permission to carry out building work are separate matters. Your adviser, lender and solicitor will need to consider the property’s individual circumstances.

“At My Later Life, we believe in good old-fashioned personal service. We come to your home, take the time to listen and discuss your requirements face to face. Our initial advice is free, so you can start exploring your options without feeling rushed.”—

Graham Clelland, Equity Release Director, My Later Life

Who can apply, and how much could you release?

Lifetime mortgages are generally aimed at homeowners aged 55 and over, although product age limits vary. Your age, property and existing borrowing all matter. Where there are joint applicants, the younger applicant’s age is usually relevant to the amount available. An existing mortgage will normally need to be cleared as part of completion. See Age UK’s eligibility guidance.

Start with the amount you need for a specific purpose. If you are planning work on your home, for example, obtaining quotations can give the discussion a firmer starting point than asking for the largest possible loan.

Our equity release calculator can provide an initial estimate. It is not a mortgage offer or a recommendation; the available amount depends on assessment and the lender’s criteria.

Understand the costs before deciding

Ask for a written breakdown of advice, lender, valuation and legal fees, including when they become payable. Check any early repayment charges and what happens if you want to move. Fees vary; an initial enquiry does not tell you the total cost of arranging a mortgage. MoneyHelper lists the costs and documents to ask about.

For a roll-up lifetime mortgage, interest is added to the borrowing and then attracts further interest. Ask to see how the balance could change over time. If a drawdown facility is available, discuss whether taking money in stages fits your plans. Read how lifetime mortgages work.

With a RIO mortgage, consider whether interest payments would remain affordable after retirement or a reduction in household income. Your home may be repossessed if you do not keep up required mortgage payments. MoneyHelper explains RIO affordability.

Ask your adviser which Equity Release Council standards the proposed plan meets and have the protections and their conditions explained. A guarantee should never replace reading the terms.

Could another approach suit you better?

Before borrowing, consider using some savings, moving to a less expensive property or postponing part of a planned expense. If the money is for adaptations or care, investigate available support first. For problem debts, seek free debt advice before securing more borrowing against your home. MoneyHelper discusses alternatives to equity release.

Make room for your future as well as your current plans. Would you still want this arrangement if you moved closer to family? How much flexibility matters to you? These are useful questions to bring to your home visit.

What happens when you contact My Later Life?

1. Tell us what you have in mind. Share your Bath postcode, a little about your circumstances and whether you would prefer a home visit.
2. Talk through your priorities. Discuss your income, existing borrowing, property and what you want the money to achieve.
3. Understand the recommendation. Ask why it suits you, what alternatives were considered and what it could cost over time.
4. Review the paperwork before proceeding. For equity release, your own solicitor has a separate role in explaining the legal agreement. Read about the advice and legal process.

It helps to have a recent mortgage statement, an outline of your monthly income and spending, and any relevant property documents to hand. You can also write down questions as they occur to you.

Read our step-by-step equity release guide.

Questions about equity release in Bath

Talk it through in the comfort of your own home

You do not have to work out every answer before getting in touch. Tell My Later Life what you are hoping to do, and we can arrange a conversation with a local adviser who visits you at home in Bath.