Equity release minimum age

HayDar

Hi.

Just wondered if anyone could advise on the likelihood of equity release being available to someone in their mid to late 40s and what early repayment penalties would be likely to apply if it were paid within the first year or so?

It is for a close friend of mine.

They need to raise a cash lump sum of around £70k on a house they own outright valued at around £370k - but they are likely to be able to repay the amount whether they sell their house or not in about a year.

They have a very low income currently - hence the question about equity release rather than actually taking a mortgage. As their income would not be enough to cover actual repayments.

What would the total cost be likely to be if they were able to do this please?

If anyone can help I would appreciate it.

Thanks in advance.

duffs54

Not sure but possibly 55+, someone with knowledge will be along hopefully

Linton

I do not believe there is any chance of anyone in their 40's getting equity release. The normally quoted minimum age is 55 and at that you would only get about 20% of the equity at the potential cost of the whole house on death.

Equity release seems to be the wrong product for their needs.