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Equity Release Devon
Considering equity release? The Mortgage Cube provides equity release and lifetime mortgage advice across Devon. We help homeowners aged 55 and over understand their options, compare plans from leading providers and make informed decisions about accessing tax-free cash from their property.
Equity Release Advice
Equity release allows eligible homeowners to access money tied up in their property while continuing to live in their home. For many people, a lifetime mortgage can provide additional retirement income, fund home improvements, repay existing borrowing or support family members financially.
As advisers providing Equity Release Advice Devon wide, we compare plans from a range of lenders and explain the advantages, risks and alternatives available. Every recommendation is tailored to your personal circumstances and long-term objectives.
- Members of the Equity Release Council
- Access to over 100 mortgage lenders
- Local Devon-based advisers
- Recommendations tailored to individual circumstances
You should always think carefully before securing a loan against your property.
A lifetime mortgage will reduce the value of your estate and may affect your entitlement to means tested benefits.
Clearing existing mortgage with a lifetime mortgage may result in higher cost of borrowing.
Mortgage Cube charges a fee for later life mortgage advice. The fee is up to £995.
How Equity Release Works
A lifetime mortgage is the most common form of equity release. It allows homeowners aged 55 and over to borrow against the value of their property while retaining ownership.
Interest is usually added to the loan and repaid when the property is sold, typically after moving into long-term care or following death. For some homeowners, downsizing, remortgaging or restructuring existing borrowing may be more suitable than equity release, and we will always explain all available options before making a recommendation.
For some clients a home mover mortgage may be a more suitable alternative. We can also discuss wider protection insurance options to help safeguard your family's future.
Modern plans offer a range of flexible features including:
- Optional monthly repayments
- Drawdown facilities
- Inheritance protection
As members of the Equity Release Council, we only recommend plans that meet recognised consumer protection standards.
Types Of Equity Release
There are several different types of equity release available across Devon. The most suitable option will depend on your circumstances, objectives and long-term plans. We explain the advantages and disadvantages of each option before making any recommendation.
Lifetime Mortgages
The most common form of equity release, allowing homeowners aged 55 and over to release tax-free cash while retaining ownership of their property.
Drawdown Lifetime Mortgages
Release funds in stages rather than taking the full amount upfront, helping to reduce the amount of interest charged.
Interest-Paying Lifetime Mortgages
Allows voluntary monthly payments to help manage the growth of the balance over time.
Protected Equity Plans
Designed to safeguard a percentage of your property's future value for beneficiaries.
Important Things To Consider
Before proceeding with equity release, it is important to understand both the advantages and potential drawbacks. Our advisers will always explain all available options and help you make an informed decision.
- Interest may be added to the loan over time
- The value of your estate may reduce
- Means-tested benefits could be affected
- Alternative mortgage or borrowing options may be available
- Professional advice is essential before proceeding
We will always explain both the benefits and risks of equity release before making any recommendation.
Why Homeowners Trust The Mortgage Cube
"Hollie and the team are just brilliant. Our situation wasn't straightforward but everything was explained very clearly and communication was excellent throughout. Friendly and efficient from start to finish. Highly recommended."
★★★★★
Trusted by homeowners across Devon with over 500 five-star reviews.
Book Appointment
Book Your Free Equity Release Consultation
Book a free consultation with an equity release adviser. We'll explain your options, compare the alternatives available and help you decide whether equity release is the right solution for your circumstances.
Advice from Equity Release Council members, regulated by the Financial Conduct Authority.
Frequently Asked Questions About Equity Release
What is equity release?
Equity release lets homeowners aged 55 and over access tax-free cash tied up in their property while continuing to live there. The most common form is a lifetime mortgage.
How old do I need to be for equity release?
You must be at least 55 years old to qualify for a lifetime mortgage. Some plans have higher minimum ages depending on the provider.
Do I still own my home with a lifetime mortgage?
Yes. With a lifetime mortgage you retain full ownership of your home and continue to live in it for as long as you wish.
Can I make repayments on an equity release plan?
Many modern plans allow optional monthly interest payments or ad-hoc capital repayments, which can help reduce the overall cost of borrowing.
What happens to my equity release plan when I die?
The loan and accrued interest are typically repaid from the sale of your home after death or once you move into long-term care. Any remaining equity passes to your estate.
Is equity release safe?
Plans recommended by Equity Release Council members include important consumer protections such as the no-negative-equity guarantee and the right to remain in your home for life.
How much equity can I release?
The amount available depends on factors including your age, property value and the lender's criteria. Older applicants can typically access a higher percentage of their property's value.
Will equity release affect inheritance?
Equity release will reduce the value of your estate. Some plans include inheritance protection features which allow part of the property's value to be preserved for beneficiaries.
Can I move house with a lifetime mortgage?
Many modern plans are portable, meaning you may be able to move to another property subject to lender approval and criteria.
Can I repay an equity release plan early?
Some plans allow voluntary repayments and many include flexible features. Early repayment charges may apply depending on the lender and product selected.
What are the alternatives to equity release?
Depending on your circumstances, alternatives may include downsizing, remortgaging, restructuring existing borrowing or using other assets. We will always discuss alternative options before recommending equity release.