Opening hours
Mon - Sat: 8am - 8pm
Sun: 10am - 5pm
57 High Street
Rayleigh, Essex, SS67EW
Phone numbers
01268 330 880
07738 165 602
Phone numbers 01268 330 880

Equity Release

At Russell Financial Solutions in Rayleigh, we specialise in helping over 55s access some of the money (or equity) that is tied up in their home. Equity Release can also be used to purchase a home! If you are over the age of 55 and a homeowner, you are probably eligible to take out an equity release plan. Equity Release is becoming a common way for over 55s to release tax-free cash from their home to spend on many things including home improvements, repaying debts, holidays and helping their children on to the property ladder.

There are two types of equity release plans – Lifetime Mortgages and Home Reversions.

With a lifetime mortgage, the most common type of equity release plan, there are typically no monthly repayments to make. Your equity release plan is only repaid through the sale of your property when you die or move into long-term care.

There are many different types of lifetime mortgage in Rayleigh which allow the borrower to have lots of flexibility in how they want to repay the cash they release from their home.  

  • Rolled-Up Interest - You have the option to roll the interest up which would mean the capital is repaid on death or when you go in to long term care  
  • Interest Only – You can make compulsory interest only payments (exactly like a typical interest only mortgage you could obtain with a buy to let) to ensure the capital doesn’t increase  
  • Drawdown - A drawdown plan allows you to take lump sums of cash as and when suits you. The benefits of doing this is the interest is only payable as and when you drawdown on the funds

No negative equity guarantee

Lots of Equity Release plans in Rayleigh include the no negative equity guarantee. This means you’ll never owe more than your home’s worth. Therefore, any debt you accrue through equity release can’t be passed on to your loved ones after you’ve gone.

Which Equity Release scheme is best for you will depend on your personal circumstances and your individual needs. It’s important to obtain expert advice from an authorised and qualified Equity Release advisers before proceeding with an Equity Release plan. Russell Financial Solutions have helped many clients realise their dreams by pairing them with a suitable plan.

Contact Our Mortgage Advisers Today

Contact Russell Financial Solutions in Rayleigh today to receive our expert guidance and mortgage advice. Our specialist mortgage brokers are on hand to make finding the right mortgage for you efficient, quick, and stress-free.

Get in touch

Latest news

  • Why we love equity release

    “We approached Darren in order to discuss an equity release mortgage. We own a property but really wanted to see if it was possible to purchase a new property…
  • Kerry Slater
    Very happy with the service we have received! Very quick replies to emails and proactive in helping with the whole process. Not just the mortgage service included but also life and home insurance services too! Many thanks to Jack Johnson and Glen for their help specifically, will continue to use them both in the future :)
  • Hayley Thirkettle
    From day 1 glen and his team showed commitment and such a professional standard. He made sure all my questions and concerns were dealt with promptly. He made getting my first mortgage / property a breeze... highly recommend.
  • Joanna Kurn
    Fantastic service. Found the best deal for our remortgage in very quick time. All went through with no problems. Helped with all the documents we needed and informed us when we had completed on the mortgage. Would highly recommend.
  • Paul Addison
    Brilliant Service, from the initial phone call with Glen, to emails with Maxine it was very easy and painless. Got a great new deal , completed bang on time, and cannot find any fault at all. Would highly recommend, and will back when this deal is due to expire!!
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