Are You Considering Equity Release in Northern Ireland?

Are You Thinking of Releasing Equity in Northern Ireland? Discover How It Works and the Top Equity Release Solicitors in Northern Ireland. Let’s Unpack This.
  • Last Updated: 12 Dec 2023
  • 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

  • Equity release is a financial option for senior homeowners in Northern Ireland to unlock capital from their property for their senior years.
  • The eligibility for equity release often includes being over 55 years old and owning a home worth at least £70,000.
  • The process involves consulting with a financial adviser to determine if it's the best option and to understand the process and risks involved.
  • Equity release might involve a home reversion plan or a lifetime mortgage, requiring the repayment of any existing mortgage.
  • The decision for equity release should consider other financial options, as it's a complex process that affects long-term finances.

Are you a Northern Ireland retiree who wants to know more about equity release?

Equity release is often a complicated process, so it's best to know as much about it as you can to help you along the way.

For your convenience, we have created this guide to equity release in Northern Ireland.

In This Article, You Will Discover:

    Our dedicated team of experts has gone through a lot of equity release data to give you the information you may need to help you make this life-changing decision.

    Learn more below!

    How Does Equity Release Work?

    Individuals or couples over the age of 55 can use equity release.

    Among other things, the age of the youngest homeowner is used to decide how much equity can be released.

    Some equity release plans require that the homeowner be at least 60 years old.

    Northern Ireland Quick Info

    Northern Ireland Country Info

    Northern Ireland1 is a country, province, or region that is part of the United Kingdom, according to various definitions.

    Northern Ireland is located in the northeast of the island of Ireland and shares a border with the Republic of Ireland to the south and west.

    Equity Release in Northern Ireland, UK

    Northern Ireland Equity Release

    Equity Release Solicitors & Advice in Northern Ireland

    The first step in getting equity release is to talk to a good financial adviser who's qualified for equity release.

    When searching for equity release or "lifetime mortgage solicitors near me", make sure that your adviser or lawyer is a member of the Equity Release Council2, because they have experience with equity release and regulate their members.

    The Equity Release Council (ERC) regulates the equity release market in the United Kingdom.

    The members' adherence to the organisation's principles and code of conduct helps to keep you safe.

    Here's the ERC's member search page, where you can locate an equity release adviser or attorney in Northern Ireland.

    In addition, your are welcome to use our equity release calculator to estimate how much equity you could release from your home.

    If you choose to use our calculator, a professional adviser from Northern Ireland will contact you to discuss your needs, concerns, and any questions you may have about equity release.

    The adviser can provide you with additional contact information for their preferred equity release solicitors.

    How to Release Equity for a Northern Ireland House?

    If your are considering equity release, you are required by law to speak with a registered financial adviser to establish whether it's the best option for your particular circumstances.

    This is the initial step required if you want to release equity from your house in Northern Ireland.

    When speaking with an adviser, you'll be guided through the process step-by-step.

    Use the above calculator if you'd like a quick estimate of how much home equity you could release.

    Common Questions

    How Does Northern Ireland Equity Release Work?

    Is it possible to obtain equity release in Northern Ireland?

    Conclusion

    Equity release is a complicated process that can affect your finances for a long time.

    It may also not be right for everyone, which is why your advisor will help you think about other options before moving forward.

    Equity release may involve a home reversion or a lifetime mortgage, which is secured against your property. To understand the features and risks, ask for a personalised illustration. Equity release requires paying off any existing mortgage. Any money released, plus accrued interest would be repaid upon death, or moving into long-term care.

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