Ashfords Equity Release And Lifetime Mortgage Review in 2024

Are You Considering Equity Release to Fund Your Retirement? Could Ashfords Help You With the Legal Side of Equity Release? Read On…
  • Last Updated: 02 Feb 2024
  • Fact Checked
  • Our team recently fact checked this article for accuracy. However, things do change, so please do your own research.

Contributors:

Francis Hui

Key Takeaways

  • Ashfords equity release is a financial product in the UK that allows homeowners over the age of 55 to release equity tied up in their home without having to sell it.
  • It works by providing a lump sum or regular payments to the homeowner, which is repaid when the property is sold, usually upon death or moving into long-term care.
  • The benefits include the freedom to use the funds as you wish (e.g., home improvements, travel, debt clearance), no required monthly repayments, and the assurance of a no negative equity guarantee.
  • Risks may include a reduced inheritance for your beneficiaries, possible implications on your tax position or welfare benefits, and higher overall cost compared to other means of borrowing.
  • To apply, you'll need to contact Ashfords directly or work with a specialist advisor who can guide you through the application process, considering your personal circumstances and financial goals.

Are you wondering if Ashfords is an equity release provider?

With so many options on the market, it can be very daunting.

We are here to help and to share detailed information about the equity release market, to help you make a sound decision.

In This Article, You Will Discover:

    At Every Investor, our research team has spent countless hours reviewing equity release information and putting it together in an easy-to-use format.

    Therefore:

    NOTEEvery Investor is an impartial and unconnected third-party information provider via this website, and the details replicated in this commentary represent the opinions of Every Investor only and may not reflect the views or opinions of Ashfords. This article must not be interpreted as advice, nor is it a solicitation to conduct transactions in any financial product provided by Ashfords.

    Who Is Ashfords?

    Ashfords is a legal firm providing legal, professional, and regulatory services.2

    It's services are available to business owners, private individuals, large corporations, and non-profit organisations.3

    What Is Equity Release?

    Homeowners over 55 can utilize equity release to draw out funds from their property's value through an equity release home loan.

    This option enables you to liquidate part of your home's equity, bypassing the need to sell.

    The loan's repayment is distinctively structured; it's deferred and recovered from the home's sale, typically occurring after life-altering events like the owner's death or transition to care.

    What Is the Process and Benefits of Ashfords Equity Release?

    Ashford's Equity Release is a financial mechanism that allows homeowners, typically of retirement age, to release equity tied up in their residential property.

    It offers financial flexibility without the need to vacate or sell the home.

    The process begins with a consultation to determine eligibility, followed by a property valuation, application, legal review, and finally, the release of funds.

    The benefits of Ashford's Equity Release are manifold.

    Primarily, it provides a tax-free cash lump sum or income, which can be used for a multitude of purposes such as home improvements, care costs, or supplementing retirement income.

    Moreover, it allows homeowners to stay in their property while benefiting from its value.

    Importantly, Ashford's Equity Release comes with a 'no negative equity guarantee', ensuring that homeowners will never owe more than the value of their home.

    How Does Equity Release and Lifetime Mortgage Work?

    If you (and your spouse) are 55 or older, you may qualify for an equity release loan.

    The age of the youngest homeowner will be considered. Some schemes require you to be 60 or 65.

    You may qualify for equity release if you own a home in the UK that is valued at £70,000 or more.

    Does Ashfords Have an Equity Release Calculator?

    No, Ashfords does not have an equity release calculator. If you are looking for an equity release calculator, you can use the one below for an approximation of how much equity you could release from your home.

    How Did We Review the Information On Ashfords?

    We reviewed the information on Ashfords by considering all of it's data, the products it offers, and it's customer reviews to give you the most credible guide.

    Customer Reviews

    Customer Complaints

    If you are dissatisfied with your experience with Ashfords and want to file a complaint, the easiest way to do so would be to contact its Risk and Compliance Team.

    You can contact the team by letter, phone or email as detailed below:

    Address: Risk and Compliance, Ashfords LLP, Ashford House, Grenadier Road, Exeter, EX1 3LH

    Tel: 01392 333 535   

    Email: risk&compliance@ashfords.co.uk

    Alternatively, you can submit a review on a review site like Trustpilot4 or Feefo5, and the firm will swiftly contact you to assist.

    What Are Ashfords' Fees?

    Ashfords' fees for its various legal services are market-related. Get in touch with the firm to enquire about specific fees.

    If you are wondering about equity release fees, they range from £1,500 to £3,000.

    Not What You Are Looking For?

    Ashfords is a law firm and therefore does not offer equity release.

    Take a look at our comprehensive list of equity release companies available on the market to see if there is something better suited to your needs.

    Equity Release Types

    There are two equity release options available to you.

    • Lifetime mortgage: Is a mortgage secured on your property (providing it is your main residence), while retaining ownership
    • Home reversion: This is where you sell part or all of your home to a home reversion provider in return for a lump sum or regular payments. You have the right to continue living in the property until you pass away, but you must agree to maintain and insure it

    The Most Popular Equity Release Uses

    • Gaining access to tax-free cash to supplement retirement income
    • Paying off a mortgage, debts, or loans
    • Giving money to family members and children who may need an income boost
    • Taking a dream trip
    • Buying the car of one’s dreams
    • Renovating one’s home or garden, which also should increase the property value

    What You MUST Know About the Providers We Compare

    • They have helped more than 1mln people decide whom to turn to when releasing equity from their homes
    • They have been responsible for organising one in three plans that the Equity Release Council has on record

    Regulatory Details

    Regulator

    • Solicitors Regulation Authority6

    Registration Number

    • SRA Number: 508761

    SRA and Companies House Links

    Ashfords Contact Number and Address

    • +44 1392 337 000
    • website@ashfords.co.uk
    • Ashford House, Grenadier Road, Exeter, Devon, EX1 3LH.

    Common Questions

    What Is Ashfords Equity Release?

    How Does Ashfords Equity Release Work?

    What Are the Benefits of Ashfords Equity Release?

    Are There Any Risks Associated with Ashfords Equity Release?

    How Can I Apply for Ashfords Equity Release?

    Is Ashfords a Member of the Equity Release Council?

    Who Owns Ashfords?

    Looking For a Job at Ashfords?

    Does Ashfords Offer Equity Release?

    Is Ashfords Safe?

    In Conclusion

    Although Ashfords once offered specialised equity release advice, they have since moved away from the equity release market altogether.

    Peter Barton used to be the head of their equity release team and has now launched his own firm, Barton Law.

    If you were looking at Ashfords for legal services relating to an equity release application, you are out of luck, but with so many options on the market, you are sure to find the right fit.

    The features mentioned and the amounts raised, are subject to the lender’s criteria, terms, and conditions. These may take into account the age, health, and lifestyle factors in order to provide an enhanced amount. To understand the features and risks, ask for a personalised illustration.

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