An adviser will be able to tell you which is the best option for you but right now, interest rates are at some of the lowest levels they’ve ever been. Depending on your circumstances some may even offer less than 3%.

One of the standards set out by the Equity Release Council (ERC) is that all potential customers have at least one face-to-face meeting with an independent solicitor. Legal advice is crucial to making sure you fully understand the equity release plan.

There are many benefits of equity release and why it can be the right decision for some people. There are other options you might want to consider before choosing to release cash from the value of your largest asset. 

If you have owned your home for a number of years then you are likely to have benefited from house price increases over the years. Releasing this equity will allow you to use this money for retirement plans or to pay off other debts.

If you are considering an equity release product we always recommend that you talk to one of our qualified advisers first. They will be happy to discuss your needs and help you make a decision about whether equity release is right for you.

If you are considering releasing equity from your home it is important to know the value of your home first, then you can begin calculating how much cash could be available. However, we do have some tips which could help.

A mortgage adviser might believe that advice on equity release is appropriate for their client but they are not qualified to provide specialist advice themselves.

It's important to remember that just like with regular mortgages, there'll be costs to pay when releasing equity from your home. In this article, we look at the typical costs you can expect.