Equity Release in Bishop’s Stortford
Equity release advice for homeowners aged 55 and over in Bishop’s Stortford, Sawbridgeworth and Thorley.
Clear explanations
Lifetime mortgages and home reversion in plain English
Take your time
There is no pressure to go ahead
Family welcome
We encourage you to involve your family
If you own your home in Bishop’s Stortford and are thinking about releasing some of its value in later life, it is important to understand how equity release works and what it means for you and your family. It is a major decision, and it is not right for everyone.
We explain the options, the costs and the risks in plain English, and encourage you to involve your family and to take your time.
Equity release for Bishop’s Stortford homeowners
Many homeowners in the town have lived in their homes for decades, so their homes may be worth far more than they paid. Equity release lets some homeowners use part of that value without moving, through a lifetime mortgage or a home reversion plan. Both reduce what you leave to your family, and both come with costs and conditions.
Some people use the money to help children or grandchildren with a deposit, to pay for care or to improve their home, and each use raises its own questions. We help you think through the alternatives, which can include downsizing within Bishop’s Stortford or to a nearby village, using savings, or other forms of borrowing. If you live in a leasehold flat, a short lease may affect whether a provider will lend. Equity release may also affect means-tested benefits, and you will need independent legal advice from a solicitor. We encourage you to involve your family.
How it works
Initial conversation
We talk about your circumstances and what you want to achieve.
Options and alternatives
We explain equity release and the alternatives, including the risks.
Personalised illustration
If it looks suitable, you receive an illustration showing the costs and features.
Time to think
You can take time to consider it and to talk it through with your family.
Application and legal advice
If you decide to go ahead, a solicitor gives you independent legal advice.
Funds released
The plan completes and the funds are paid out.
For the full guide, see our Equity Release page.
Frequently asked questions
Can I use equity release to help my children buy a home?
Some people do, but it reduces your estate and your options later, so think it through carefully. We explain the alternatives and recommend you involve your family and a solicitor.
Can I get equity release on a leasehold flat?
Some providers will consider it, but they look closely at the lease length and the charges. Tell us the details and we can check which may be suitable.
How much money can I release?
It depends on your age, the value of your property and the plan. A personalised illustration will show what may be available and what it would cost over time.
Will I still own my home?
With a lifetime mortgage you keep ownership of your home. With a home reversion plan you sell all or part of it, in return for the right to live there.
Important information
- Equity release may involve a lifetime mortgage or a home reversion plan. To understand the features and risks, ask for a personalised illustration.
- Equity release will reduce the value of your estate and may affect your entitlement to means-tested benefits.
- Your home is used as security. It could be at risk if you do not meet the conditions of your plan.
The information on this page is general and is not advice. Advice depends on your personal circumstances.
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