Equity Release


We needed help with Equity Release. Stuart helped in every way possible to get a deal that was right for us.

We had a fantastic outcome. 

Mr and Mrs E, Barbican, Plymouth.

What Equity Release can be used for

                     Home improvements or adaptations.

                     You may feel that your home needs a new kitchen or bathroom which releasing funds can help pay for. Some of our clients use Equity Release to raise funds for adaptations to the property for mobility reasons.

Paying off existing loans and debts eg. An existing Interest Only mortgage

One of the most popular uses of the funds released is to pay off an existing Interest Only mortgage at the end of its term. With the ability to pay the interest on a monthly basis or allow it to roll up, modern equity release has many extremely flexible aspects.

Additional retirement income

If your pension is not proving to be enough to fund your lifestyle, you may have the option to raise cash from your property to supplement this. Equity Release is not credit scored or affordability checked.

Later life care at home

You may choose to stay in your home for longer and pay for later life care to visit you in your home.

Helping family or friends onto the property ladder

This use of the funds is becoming increasingly popular. Especially for Parents and Grandparents helping their family to purchase their first home.

Calculating the amount you can raise using Equity Release

How to calculate Equity Release interest

Equity Release options Ocean Mortgages offer

The main type of Equity Release we offer are Lifetime Mortgages. With this type of product, you continue to own your property and can pay some, none or all the interest on your mortgage.

As a feature of many Lifetime Mortgages, there is the option to have a Drawdown facility. This enables you to start with a smaller lump sum, and then draw down further funds when you need them. The principle benefit of this is that you only pay interest on the amount you have drawn down rather than the full sum available.

Buy To Let Equity Release. This product means that you can release some of the equity in your Buy to Let property with no monthly payment payable, and still receive the full rental income.

Borrowing in Retirement

An increasing number of people want to borrow beyond their state retirement age. Previously, the only lenders that allowed this were Equity Release providers.Due to changes brought in by the FCA in early 2018, the number of lenders who allow people to borrow in their later years has grown rapidly.

Many traditional residential mortgage lenders now allow the mortgage term to continue into a borrowers 70’s, 80’s and 90’s. New mortgage products have recently been launched called Retirement Interest Only Mortgages (RIOs). These do exactly as the name suggests and allow the borrower to pay only the interest on the outstanding debt.

Whilst taking on any debt is a big consideration, especially in later life, the fact that there are an increasing number of lenders willing to do so is beneficial. An Independent, Whole of Market firm such as Ocean Mortgages can help guide you through the maze of different options and products now available. We discuss your individual circumstances and give you specialist advice.