Is Equity Release available for the self-employed?

Are you self-employed, retired, or unemployed and wondering if equity release is an option for you? The good news is that yes, you can apply for equity release! While the process can get a bit tricky, especially when it comes to eligibility, we’re here to guide you through it every step of the way.

Does Your Employment Status Affect Your Eligibility?

Your employment status won’t affect your ability to apply for equity release. The only time proof of income is needed is if you choose a payment plan.

What Is Equity Release and How Does It Work?

With equity release, you don’t have to worry about repaying the loan right away. Some lenders do offer interest servicing plans, which allow you to pay interest periodically and could even provide a discount on the interest rate. If you go for one of these plans, we’ll need proof of income—usually your last SA302 form or three months’ payslips. Alternatively, we can use a three-month bank statement showing the income going into your account.

Are There More Complicated Equity Release Plans?

Yes, there are some mortgage-style equity release plans that turn into Lifetime Mortgages when you reach retirement age. These plans have stricter criteria and require proof of income similar to a regular residential mortgage. However, these are less common due to their rigid requirements.

Need Help with Equity Release?

Navigating equity release can feel overwhelming, but you don’t have to do it alone. We’re here to take the hassle out of the process and help set you up for a more secure future. Get in touch today, and let’s talk through your options!