TOP REASONS to unlock equity from your property
AN ADVERTORIAL BROUGHT TO YOU BY AGE PARTNERSHIP+
If you’re over 55 and want to access the value built up in your home, equity release might be a solution you can use to turn your retirement plans into reality. Each year thousands of homeowners unlock tax-free cash that's tied up in their property. With a lifetime mortgage, which is a form of equity release, you don’t need to sell your home to do this!
Equity release may involve a lifetime mortgage, secured against your property, or a home reversion plan. It will reduce the value of your estate and impact funding long-term care.
With a home reversion plan you can choose to sell all or part of your property to the provider, typically for less than market value. When the property is sold and if you retained part ownership, your portion of the sale will go to the estate.
A lifetime mortgage is a loan secured against your home which you can receive either as a lump sum or in smaller instalments. Once you die or move into long-term care, any money released, plus accrued interest would be required to be repaid, which can be from the proceed of the property sale.
This is the most popular form of equity release, so the features mentioned in this article only apply to this specific type of plan.
Before you decide whether equity release is right for you, it’s important to understand what the funds you release would be used for. The latest numbers from Age Partnership1 reveal why their customers released cash from their homes last year.
1. Home Makeover – Go for a Glow-Up!
Want to give your home a little (or big!) facelift? You’re not alone! In 2025, 27% of homeowners decided to unlock equity to fund home improvements. Whether it’s a fresh coat of paint or turning your attic into a dreamy loft, equity release may be able to help you get the cash you need. You can have the option to take a lump sum for a specific project, or to release funds gradually through a drawdown facility as your home improvement plans progress. With a drawdown you only pay interest on the funds when they are released, however, they will be at the prevailing interest rate at the time which could be higher than the initial lump sum.
Got some home projects in mind? Use Age Partnership+’s free calculator to find out how much you could unlock.
2. Repay an Existing Mortgage
Looking to reduce your committed monthly expenses? Repaying an existing mortgage was the second most popular reason people unlocked their equity. By repaying your mortgage with the funds you release, you have the opportunity to lower your fixed monthly expenses. Any money released, plus accrued interest, is repaid when you pass away or move into long-term care.
Calculate how much you may be able to unlock >
3. Give a Gift – Make Your Loved Ones Smile
Over 10% of customers unlocked equity to give a financial gift to loved ones. According to a recent report by Nationwide Building Society2, it can take nearly 6 years for a first-time buyer to save a 10% deposit on a typical property in the UK. With the funds you release, you may be able to help your children, or grandchildren, get onto the property ladder by gifting a sum of money towards a house deposit! Equity release could be one option to consider if you are looking to support loved ones financially.
Plus, if you’re worried about inheritance, there are options to ringfence some of your property’s value so you can pass it down to loved ones in the future. It’s worth noting that this will reduce the amount you can release.
4. Consolidate Your Debts
If you have some outstanding credit card bills or car finance, a lifetime mortgage could help you consolidate some, or all of these, into a single amount secured against your property. Interest will continue to roll up over the lifetime of your plan and could cost you significantly more in the long term than the amount initially released.
However, you do have the option to make voluntary repayments as there are plans that may allow you to do this, subject to certain limits. Early repayment charges may apply above a set value.
It’s essential to talk to the experts at Age Partnership+, who can help you consider your options.
5. Upgrade Your Car
Over 8% of customers unlocked their home’s equity to buy a shiny new car. Whether you’re looking for something more reliable or want to go green with an electric model, equity release may be able to help you get behind the wheel of your dream car.
Find out more with your free equity release guide >
Is Equity Release Right for You?
If you’re a homeowner aged 55 or over and your property’s worth at least £70,000, equity release might be an option. But remember – it’s a big decision and it’s not one-size-fits-all. Talk to an adviser to find out if it’s the right move for you.
It also incurs various costs including advice fees, arrangement fees, valuation fees, and legal fees.
You should be aware that equity release requires repaying any existing mortgage. Advice is required before proceeding with equity release and there may be other options which better suit your circumstances. Through the Radio Times equity release service, Age Partnership Plus provide initial advice for free and without obligation. Only if your case completes would an advice fee of £1,995 be payable. Other lender and solicitor fees may apply.
1Age Partnership ‘Reasons to Release’ Data 2025
2Nationwide Housing Affordability Report, January 2026
The Radio Times equity release service is provided by Age Partnership Limited. Radio Times is a trading name of Immediate Media Company London Limited which is an Introducer Appointed Representative of Age Partnership Limited, 2200 Century Way, Thorpe Park, Leeds LS15 8ZB. Company registered in England and Wales No. 5265969. VAT registration number 162 9355 92. Age Partnership Limited is authorised and regulated by the Financial Conduct Authority. FCA registered number 425432 and is trading as Age Partnership Plus.