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Equity Release Advice in Sussex
A lot of people move to the Sussex coast to enjoy retirement, and plenty have lived here all their lives. Either way, your home may now be worth a lot more than your pension pays out. If you're 55 or over, equity release could let you unlock some of that value as tax-free cash while you stay put.
We advise homeowners right along the coast and inland, mostly in Brighton & Hove, Worthing and Eastbourne. Your adviser visits you at home, searches the whole market and explains every option, including the ones that aren't equity release.
Stay in your home
With a lifetime mortgage the house stays yours. The loan is normally repaid once you pass away or go into long-term care.
"We have advisers covering the whole of Sussex, from Chichester to Hastings, so when you get in touch you'll be speaking to someone who knows the area. Lots of our clients here have retired to the coast, and they want straightforward advice, not a sales pitch. We'll come to your home, sit down with you and your family, and talk everything through properly, including the options that don't involve borrowing at all."
Graham Clelland
Equity Release Director, My Later Life
Tax-free cash
Usually 20% to 60% of your home's value, depending on age, health and the property.
No monthly payments needed
Many plans let you pay some interest if you'd like to keep the balance down.
Regulated advice
My Later Life is FCA-regulated and a member of the Equity Release Council.
House prices vary a lot along the Sussex coast. Brighton & Hove sits above the South East average, while Worthing and Eastbourne are more affordable. That doesn't mean equity release is off the table in the cheaper towns. It just means the amount you can release will reflect what your own home is worth.
Source: ONS / HM Land Registry UK House Price Index. Averages include flats, which bring the figures down in Worthing and Eastbourne.
The reasons people come to us are much the same wherever they live: topping up a pension, clearing an interest-only mortgage, updating a kitchen or bathroom, adapting the house for later life, or helping children and grandchildren with a deposit.
Put simply, you turn part of what your home is worth into tax-free cash and carry on living there. It's available to UK homeowners aged 55 and over, and there are two kinds of plan.
Most popular
This is what most of our Sussex clients choose. You borrow against your home and keep full ownership. Interest is added each year unless you pay some of it as you go. You can take a lump sum, or a smaller amount plus a drawdown reserve to use later, so you only pay interest on what you've actually taken.
Alternative option
You sell all or part of your home to a provider for less than its open-market value, and live there rent-free for the rest of your life. It's less common, and we'll tell you honestly whether it suits you.
Coastal homes can need a closer look. Seafront flats, retirement or sheltered apartments, converted Regency and Victorian buildings, listed properties and homes close to the sea can all narrow the choice of lenders. Retirement flats in particular are only accepted by some lenders, so we check this at the very start. It rarely rules you out, but it does mean specialist advice matters.
Brighton & Hove is the priciest part of the Sussex coast, so homeowners here can often release larger sums. We speak to people in Hove, Rottingdean, Saltdean, Patcham, Withdean and Preston Park, many of whom bought decades ago and now want to help family get a foothold in an expensive city. If you live in a converted period building or a listed Regency property, we'll check lender criteria early. We also cover Portslade, Peacehaven and Lewes.
Worthing has a large retired community, and we meet many clients in Goring-by-Sea, Ferring, Findon Valley, Offington and Tarring. Family bungalows and semis here often have plenty of equity even though the town average looks lower, because the average is pulled down by seafront flats. Common reasons include home improvements, topping up income and clearing a remaining mortgage. We also cover Lancing, Shoreham-by-Sea, East Preston, Rustington and Littlehampton.
Eastbourne is one of the most popular retirement towns on the south coast. Homes in Meads, the Old Town and Ratton tend to be worth more than the town average, while there are also lots of seafront and retirement flats. If you own a flat, lease length and building type matter, so we check them on day one. We also visit homes in Seaford, Polegate, Hailsham, Willingdon and Bexhill.
Other Sussex areas we cover: Chichester, Bognor Regis, Horsham, Crawley, Haywards Heath, Burgess Hill, East Grinstead, Uckfield and Hastings.
“Some of the most rewarding work we do is along the Sussex coast. We’ve helped clients in Worthing clear interest-only mortgages that were keeping them awake at night, couples in Brighton give their children a deposit for their first home, and homeowners in Eastbourne adapt their houses so they can stay there for years to come. What people tell us they value most is that we take our time, explain things in plain English and never push. Many of our new Sussex clients come to us because a friend or neighbour recommended us, and I think that says more about our service than anything we could say ourselves.”
Graham Clelland
Equity Release Director, My Later Life
The biggest factors are the age of the youngest homeowner and what your property is worth. Health and lifestyle count too, and some lenders will offer more if you have certain medical conditions.
Example: Someone aged 65 might be offered about a quarter of their home's value, and at 75 it could be a third or more. On a home worth around £406,000, the Brighton & Hove average, that could mean roughly £100,000 to £140,000 tax-free. On a £300,000 home in Worthing, it might be around £75,000 to £100,000. These are ballpark figures only. Your adviser will give you an exact number.
Interest is the main cost. With a lifetime mortgage the rate is normally fixed for life, but it compounds, which means you're charged interest on interest that has already built up.
A simple example: say you borrowed £100,000 at a fixed 6% a year and made no repayments at all. Here's roughly what you'd owe:
That's just an illustration. Your rate will depend on the lender, your age and how much you take. Paying even a bit of the interest each year can slow things down a lot.
On top of interest there can be an advice fee, a lender's arrangement fee, a valuation fee and solicitor's costs. You'll get every one of these in writing before you agree to anything. [Insert our fee wording here.]
Every plan we recommend meets the Equity Release Council standards. That gives you the right to stay in your home for life, a no-negative-equity guarantee so you'll never owe more than the house is worth, the right to move and take your plan with you, and penalty-free partial repayments on new plans, within set limits.
There are downsides too, and you need to think them through properly. There'll be less to leave to your family. Means-tested benefits such as Pension Credit could be affected. Paying the plan off early can trigger a hefty early repayment charge. And if you don't make any repayments, the balance can grow quickly.
For an independent view, the MoneyHelper guide to equity release is well worth a read.
Good advice includes asking whether you need equity release in the first place. We'll always look at:
Have a chat with us
Ring 0207 100 4255 or ask us to call you back. It's free, with no obligation, and we'll start by asking what the money is for.
Meet your Sussex adviser
We come to your home at a time that suits you. Bring a family member along if you like. We'd actually encourage it.
Recommendation in writing
We search the whole market and explain the costs and risks without the jargon.
Application
You pick your own solicitor, we handle the paperwork, and nothing moves forward until you're happy.
Funds released
Most cases complete within 6 to 8 weeks, then the money goes into your account.
[Adviser name], [qualification, e.g. CeRER]
[One or two sentences in the adviser's own words: how long they've been advising, which Sussex towns they cover, and why they enjoy this work.]
"[Genuine Sussex client review]"
[Client first name], [Town], [Month Year]
Whole-of-market advice · FCA-regulated · Equity Release Council member · Home visits across East and West Sussex, or phone and video if you'd rather
Your first conversation with us is free. If you go ahead, [insert your fee, e.g. "our advice fee is £X, payable only on completion"]. There may also be lender, valuation and solicitor's fees, and we'll set out every cost in writing before you commit.
Yes. Our advisers visit homes across East and West Sussex, including Brighton & Hove, Worthing and Eastbourne, and the towns nearby. If you'd like to talk on the phone or by video first, that's fine too.
Sometimes. Retirement and sheltered flats are accepted by a smaller number of lenders, and they look closely at the lease, the service charge and resale value. We'll check this before anything else so you know where you stand.
That depends on the youngest homeowner's age, what the house is worth and sometimes your health. Prices vary a lot between Brighton, Worthing and Eastbourne, so our calculator is the quickest way to get an estimate. Your adviser will then confirm the exact figure.
Yes, provided the money you release is enough to clear what's left on your mortgage. It's one of the most common reasons people get in touch, particularly those whose interest-only mortgage is reaching the end of its term.
Yes, and lots of our clients do. We'll go through how a gift affects what you leave behind, and whether there could be inheritance tax to think about.
Yes. Many plans let you ring-fence a percentage of your home's value, so that portion is guaranteed to go to your estate.
It can affect means-tested benefits like Pension Credit or Council Tax Support. We'll check this before we recommend anything.
Of course, and we'd encourage it. A lot of our Sussex clients have a son, daughter or close friend sitting in with them.
Usually 6 to 8 weeks from application to the money arriving, depending on the valuation and the solicitors.
Wherever you are in Sussex, the first conversation costs nothing and you're under no obligation. If equity release isn't right for you, we'll tell you.
Call 0207 100 4255 Use Our Online FormEquity release is a big decision, and it should feel like your decision. Take your time, ask as many questions as you need to, and involve your family. We're here to give you the full picture, so whatever you choose, you know why you chose it.
A lifetime mortgage is a loan secured against your home. It will reduce the value of your estate and may affect your entitlement to means-tested benefits. Check that this mortgage will meet your needs if you want to move or sell your home, or want your family to inherit it. If you are in any doubt, seek independent advice. [Insert fee disclosure.]
Find out instantly how much equity you could release...
This information is a guide only and should not be relied on as a recommendation or advice that any particular Equity Release product is suitable for you.
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