Our partner, Chris South at Laterliving now!, is the go-to specialist for equity release!

Click here to use the Laterliving now! equity release calculator

Chris south has 17 years’ experience in specialising in equity release advice and works with Laterliving now! who specialise in equity release.
Laterliving now! won the best equity release advisory firm with less than 5 employers at the equity release awards in January 2022.

Later life lending/lifetime mortgage/equity release basic referral criteria

Age to qualify: youngest age to qualify is 55 years old
Minimum house value: £70,000
Minimum release amount: £10-15,000
Tenure: joint name, tenants in common, sole name
Residence: must be client’s permanent main residence. No commercial activity.
Main residence property with Airbnb: yes can be considered
Declines: usually if property is adjacent to or above/opposite commercial. However, still refer so that suitability can be discussed. Some age restrictive property will not be eligible

Property types:
Freehold houses and bungalows Leasehold house, flats and apartments, subject to number of years remaining on lease and management charges
Most construction types but does not consider prefab housing/non-traditional build methods
Ex-local authority considered

Lending calculation:
The lump sum release available is driven by the youngest age and your client will receive a percentage of the property value either as a lump sum or as a total facility

Types of plans

Lifetime mortgage: lump sum or drawdown
Enhanced lifetime mortgage: written in impaired health - increases lump sum release or reduces interest rate
Fixed lifetime interest rates are offered on a lifetime mortgage
Fixed early repayment charges and variable early repayment charges available
Ability to make ad hoc payments of up to 10% each year with no early repayment charge
Downsize protection options on moving house after 3 or 5 years
1st life dies or enters permanent long term care no early repayment charges for first 3 years.
All providers are equity council members offering lifetime tenure, portability subject to survey, repaying the plan early subject to any early repayment charge and an no negative equity guarantee

Client has an existing mortgage?
The existing mortgage will need to be consolidated into the new lifetime mortgage plan, or if client can pay this off with own funds. The lifetime mortgage provider will have 1st charge on the property at land registry. Other secured charges will need to be repaid as well as a condition.

Powers of attorney
We can provide advice on plans where a power of attorney is in place which is currently being used on behalf of the client who has lost capacity

Common reasons for equity release
Repay existing mortgages which are end of term or clients wants to repay early to provide additional disposable income.
Repay unsecured credit, loans/credit cards, divorce settlements, funding domicile long term care, funding holidays, emergency funding/deposit into savings, home improvements: for enjoyment/redecoration/extension, gifting money to family to help fund a house purchase, gifting funds to family as early inheritance, car purchase, funding university fees for grandchildren, day to day living expenditure and purchase of luxury purchases, to help with inheritance tax planning, funding house purchases