Can I get Equity Release under 55?

Equity release is a form of a later life mortgage that is accessible to homeowners aged 55+ who have a property that is worth at least £70,000.

Equity release is a form of a later life mortgage that may be accessible to homeowners with or without a mortgage, who aged 55+ and have a property that is worth at least £70,000.

Even though there is an age requirement for this type of mortgage option, it can still be good to set out a flexible plan that would allow you to comfortably pursue a lifetime mortgage when you become eligible to go down this route.

You can achieve this by getting in touch with an expert later life mortgage advisor, who will help you to prepare for your future plans as a homeowner in later life.

To understand the features and risks, ask for a personalised illustration.

A lifetime mortgage may impact the value of your estate and it could affect your entitlement to current and future means tested benefits. The loan plus accrued interest will repayable upon death or moving into long term care.

Can I get Equity Release under 55? | MoneymanTV

Can I get Equity Release under 55?


Hi, Dan. So we have a question. Can I do equity release if I'm aged under fifty five?

Obviously, this product is normally associated with with later life.

So, perhaps you’ve got someone here in their early fifties, thinking about doing this now or in the future.


I mean, the short answer is that if you're under fifty five, you're not eligible for equity release.

But it's a really good time to start planning for that eventuality.

To look towards what you're going to need in terms of borrowing in your later life.

We've got a whole team of brokers here who are really adept at putting in place flexible solutions, which can lead into retirement really comfortably.

It saves having to do a scramble at the last minute because you're just coming up to retirement.

It’s something that we can phase in over a period of years.

But the planning at the early stages can put you in a much better position when it's time to take equity release later on.


Malcolm: I mean, it's been very difficult in our world to get these interest only mortgages for a few years, and this is obviously off the back of the downward mis selling crisis of the '80s and '90s.

But actually, it is still possible in certain circumstances.

The lenders will want to look at your, what we call, repayment strategy.

So there are only so many of these that they allow such as a realistic future downsize or money coming perhaps from other investments.

Future inheritance from a family member, unfortunately, isn't one.

But I guess, if then an interest only was possible, then it could be almost like a two stage process here, where you've got a plan in place until you're fifty five or sixty five or older with a view to then, look at potentially some life options, with yourself.


Yes. And what this means is that you're not forced into doing equity release at too young an age where the rates can be higher than they are later on.

You know, you can you can use a flexible later life interest only mortgage and maybe make some over payments to bring the balance down, which again will put you in a better position for later on.

As I said, the key is facing up to what's gonna happen later and making preparations for it now.


Brilliant. Thank you, Dan.


Bye. Thanks.

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