Crown Equity Release & Lifetime Mortgage Review in 2024

Are You Considering Equity Release with Crown to Supplement Your Income? In This Article, We Take a Closer Look at Crown and It’s Equity Release Plans: What Does It Provide, How Much Does It Cost, and Is It Right For You?
  • 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

  • Crown equity release operates by allowing homeowners aged 55 or over to unlock the value tied up in their property without needing to sell or move out.
  • Engaging with them comes with advantages such as supplementing retirement income and no monthly repayments, but also drawbacks like reducing your estate's value and potential early repayment charges.
  • The amount you can borrow largely depends on factors such as your age, health condition and the value of your property.
  • Crown equity release stipulates that you must be at least 55 years old to access their services, with no upper age limit.
  • Alternatives to equity release include downsizing your home, securing a retirement-interest only mortgage, or exploring other equity release plans from different providers.

If you are worried about having enough money to last you through your retirement, you could consider Crown's equity release .

Many people face difficulty in retirement due to having a limited income combined with the extra costs of ageing.

Releasing equity from your home may be the solution. 

Chances are you have probably researched a few equity release providers already,  but you still require guidance on which could be the best equity release companies for you to choose from.

We are here to help.

Did you know Crown's equity release can make home reversion offers on a broader range of properties and personal circumstances than most providers?

In This Article, You Will Discover:

    We scoured the internet for information and customer reviews on Crown's equity release to help you make a more informed decision.

    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 Crown. This article must not be interpreted as advice, nor is it a solicitation to conduct transactions in any financial product provided by Crown.

    Who Is Crown?

    Crown is an independent capital provider that specialises in bespoke home reversion plans. 

    Authorised and regulated in the UK by the Financial Conduct Authority (FCA), Crown has been helping it's clients enjoy a more relaxed retirement since 2001. 1

    What Is Equity Release?

    For those over 55, equity release serves as a method to access the financial value of their home equity, without the need to sell the property.

    It's a way to financially leverage home value. What sets equity release apart is the timing of its repayment.

    The loan, along with the interest, is paid back at the home's subsequent sale, usually after significant life events of the homeowner.

    Learn More: What's Equity Release?

    What Is The Process for Obtaining Crown Equity Release?

    Obtaining crown equity release is a straightforward process that involves a number of steps.

    Firstly, you'll need to get independent advice from a financial adviser who specializes in equity release to ensure it's the right choice for you.

    Once you're confident in your decision, the next step is to evaluate your property's value, as this will determine the amount that can be released.

    After your property has been evaluated, you'll be presented with a no obligation offer which signifies the beginning of the application process.

    The application involves legal checks and the signing of contracts, which should be thoroughly reviewed.

    The final step is the release of funds that are tax-free and can be used as you choose.

    Remember, releasing equity from your home will reduce its value and may affect your entitlement to means-tested benefits.

    Why You Should Consider Crown

    You should consider Crown because it provides an individual approach to equity release. 

    Crown has recently revealed that it has now passed the £100mln mark of home reversions from properties by Crown.2

    It's plans are funded by private investors, which allows Crown to offer much higher loan-to-value schemes with more flexibility on the types of property it will accept than most other providers.

    What Services Does Crown Offer?

    The services Crown offers are equity release and home reversion plans.

    Crown provides the means to sell any amount up to 100% of your home's value and offers a lump sum and monthly payments in return.

    Does Crown Offer Equity Release or Lifetime Mortgages?

    Yes, Crown offers equity release to people aged between 60 and 95 with property valued at £80,000 to £1mln, situated in England or Wales.

    Crown sometimes makes exceptions for applications from two or more homeowners with homes valued higher than £1mln.

    Crown’s Equity Release Schemes

    Crown's equity release schemes are incredibly flexible. 

    If you choose Crown's home reversion plan, it will buy all or a percentage of your home in return for a lump sum or regular monthly payments.

    You can then decide whether you would like to pay rent on your property, which would enable you to release a larger amount.

    The property is sold once you move into permanent care or pass away. 

    Once this happens, you (or your beneficiaries) will receive the percentage of your home's value that you still own.

    Crown’s Equity Release Scheme Features

    Crown's equity release scheme features include the possibility of releasing up to £350,000.

    More features:

    • Minimum age: 60
    • Maximum age: 90
    • Minimum release: £25,000
    • Maximum release: £350,000
    • Minimum property value: £50,000
    • Maximum property value: £1mln
    • Minimum lease: 170 years

    Crown offers payment in the form of a lump sum or smaller monthly installments to supplement your retirement income.

    The money released is always tax-free and enables you to unlock equity without selling your house or moving.

    Crown will pay between 30% and 62.5% of your home's current market value depending on your age, health condition, gender, and whether or not you are making a joint application.

    It's schemes are also more flexible than most providers when it comes to the type of property you own.

    What Are Crown’s Equity Release Interest Rates?

    Crown's home reversion plans offer no-rent, 1% rent, 3% rent, and 5% rent options.

    Speak to your equity release advisor for more information on home reversion and how rent works.

    Are you looking for a specific lifetime mortgage equity release scheme instead?

    According to the Equity Release Council, as of January 2024, interest rates on equity release plans averaged around 5.20% to 6.30%.*3

    *While we regularly review our rates, these may have changed since our last update.

    What Are Crown’s Fees?

    Crown Equity Release's fees do not currently include application or valuation fees. Speak to your financial advisor to find out about any fees and costs home reversion may incur.

    Crown's fees vary depending on the package you select. As with a regular mortgage, there are additional expenses and services that you will need to be aware of.

    Crown does not charge extra for:

    • Home valuation
    • Product fees
    • Lenders fees

    Does Crown Have an Equity Release Calculator?

    No, Crown does not have an equity release calculator, but if you are looking for an equity release calculator try our calculator below for an approximation.

    What Are the Advantages and Disadvantages of Using Crown?

    The advantages and disadvantages of Crown's equity release include that it's plans are funded by private investors; however, it only considers applications from clients referred by FCA-authorised and regulated equity release advisers.

    More pros and cons:

    Crown's Pros

    Pros of using Crown include the following:

    • Crown considers any property type.
    • Crown is authorised and regulated in the UK by the FCA.
    • Crown is funded by private investors, which allows it to make high loan-to-value offers (up to 85%).
    • The founder of Crown was one of the original directors of SHIP (Safe Home Income Plans), now known as the Equity Release Council.

    Crown's Cons

    Cons of using Crown include the following:

    • You must be over 60 years old to apply.
    • Crown only considers applications from clients referred by FCA-authorised and regulated equity release advisers.
    • Crown is not currently a member of the Equity Release Council.
    • Equity release will impact the amount of inheritance you can leave.

    How Did We Review the Information on Crown?

    We assessed and compiled the information on Crown by evaluating its plans, the costs involved, its eligibility criteria, and by listening to what its previous customers have to say about Crown.

    We then factored that information against the other providers on the market.

    This is an unaffiliated, independent review of Crown.

    Crown Customer Reviews

    There are not currently any customer reviews of Crown Equity Release available.

    Crown Complaints

    If you are unhappy with the services you received from Crown and would like to make a complaint, you can do so via it's website.

    Customer satisfaction is a priority for Crown, so you can be sure that the matter will be dealt with accordingly.

    Alternatively, you could leave a review on Feefo or Indeed.com.

    Regulatory Details

    Trading Names

    Crown Equity Release Limited

    FCA Permitted Services

    Mortgages and Home Finance

    Regulators

    Financial Conduct Authority (FCA) 

    Registration Numbers

    • FCA Ref Number: 464925
    • Companies House Number: 04252868

    FCA and Companies House Links

    Crown Contact Number and Address

    • +44 20 8875 5665
    • mking@crownequityrelease.com
    • 128, Exeter Rd, Harrow, HA2 9PL, United Kingdom.

    Common Questions

    How Does Crown Equity Release Work?

    What Are the Pros and Cons of Crown Equity Release?

    How Much Can I Borrow with Crown Equity Release?

    Are There Any Age Restrictions for Crown Equity Release?

    What Are the Alternatives to Crown Equity Release?

    Is Crown a Member of the Equity Release Council?

    Who Owns Crown?

    Where Can I Find Crown's Job Openings?

    Does Crown Offer Equity Release?

    Is Crown's Equity Release Safe?

    In Conclusion

    Crown equity release could be a great way to release cash from your home, via a home reversion plan, while residing there. 

    However, you should always seek professional advice before taking the next step.

    A suitably qualified financial adviser can help you fully understand Crown's equity release schemes and what you are committing to.

    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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