Equity Release

Equity release refers to the various ways in which homeowners in their later years can utilize the wealth they have accrued in their property to generate income, either with a mortgage repayable on death, or by selling the property but remaining to live in it during their lifetime.

There are two main types of equity release scheme, Lifetime Mortgage and Home Reversion.

What are the key features of each scheme?

Lifetime Mortgage

  • The interest rate is fixed for the term. This is usually a higher interest rate than a conventional mortgage to compensate the lender for the delay in payment.
  • The loan and interest will be secured by a mortgage over the property.
  • The loan can be given in one lump sum, or portioned up and received periodically.
  • It should be noted that some schemes often have significant early redemption penalties.

Home Reversion

  • Involves selling your home, or a percentage of it but still remain living in the property for the rest of your life.
  • When the property is sold, the reversion company receives the proceeds from the sale, proportionate to the percentage sold to them initially.
  • If only a part of the property is sold to the reversion company, you or your family will benefit from any increase in value of the part of the property you kept.
  • You will not receive the full market value for the property from the reversion company due to still living in the property.

What advice do we offer on Equity Release?

There are numerous issues to consider before committing to an Equity Release scheme. We strongly recommend that you speak to an independent financial adviser. We can recommend one if you prefer.

We will ensure that you know the implications of your chosen scheme and are comfortable with proceeding.

If you would like further information, please contact us on 01904 528200 or
e-mail law@hethertons.co.uk.

Residential Property Team

What Our Clients Say

Dr A, York

"Excellent professional service! Would definitely use the Hethertons again in the future if needed. Extremely satisfied!"
2017-10-16T16:42:14+00:00
"Excellent professional service! Would definitely use the Hethertons again in the future if needed. Extremely satisfied!"

Mr B, Gateshead

"Amy was brilliant!"
2017-04-27T11:18:36+00:00
"Amy was brilliant!"

Mrs W, London

"Could not be more pleased with Toby and Lynda, they made a complicated and protected process a lot less painful, delighted with the service we received."
2017-07-26T12:19:57+00:00
"Could not be more pleased with Toby and Lynda, they made a complicated and protected process a lot less painful, delighted with the service we received."

Mr and Mrs P, Dunnington

"Natalie was very courteous & professional in her dealings with both the sale and purchase."
2017-07-20T10:15:04+00:00
"Natalie was very courteous & professional in her dealings with both the sale and purchase."

Mrs S, Cumblesforth

"You made our first experience of buying a house very comfortable and we felt everything was being dealt with effectively"
2017-04-27T11:12:04+00:00
"You made our first experience of buying a house very comfortable and we felt everything was being dealt with effectively"

Mrs S, Thirsk

“Thank you so much for the efficient service you have provided, it is much appreciated.”
2018-07-09T01:27:32+00:00
“Thank you so much for the efficient service you have provided, it is much appreciated.”

Mr and Mrs G, York

I just wanted to thank you so much for the sheer determination trying to and succeeding in getting all parties sorted out. It was very appreciated, it was a bit of a nail biter time!
2017-07-11T09:36:14+00:00
I just wanted to thank you so much for the sheer determination trying to and succeeding in getting all parties sorted out. It was very appreciated, it was a bit of a nail biter time!

Mrs K, Ripon

"No critisism - very grateful for the professional & friendly manner in which I was looked after. Thank you.
2018-01-19T17:53:07+00:00
"No critisism - very grateful for the professional & friendly manner in which I was looked after. Thank you.

Mr Z, York

"I just wanted to say a huge thank you for the work you did in my behalf regarding my conveyancing. It is by far the best conveyancing service I have ever received."
2017-01-09T13:15:54+00:00
"I just wanted to say a huge thank you for the work you did in my behalf regarding my conveyancing. It is by far the best conveyancing service I have ever received."

Mr W, York

"Good Service. Highly Recommended"
2018-01-15T17:52:13+00:00
"Good Service. Highly Recommended"

Mr & Mrs F, York

"We always knew our decision to use Hethertons was never in doubt. My mother-in-law recommended you to us many years ago, and in our will making, power of attorney and house sales, Hethertons Solicitors has never failed us."
2017-05-30T08:54:04+00:00
"We always knew our decision to use Hethertons was never in doubt. My mother-in-law recommended you to us many years ago, and in our will making, power of attorney and house sales, Hethertons Solicitors has never failed us."

Mr and Mrs B, York

"Could not fault it."
2017-06-26T16:38:54+00:00
"Could not fault it."

Mr W, York

"Could not fault anything Natalie so easy to deal with in plain english and always reassuring."
2017-12-15T10:14:28+00:00
"Could not fault anything Natalie so easy to deal with in plain english and always reassuring."

Mrs S, Walton

"Excellent service - thank you."
2017-03-23T16:00:21+00:00
"Excellent service - thank you."

Mr M, Selby

"Having moved house a number of times in the last 15 years and used a different solicitor each time, I can honestly say that Hethertons have been head and shoulders above the rest in every area. Thank you Claire!"
2015-07-10T16:13:02+00:00
"Having moved house a number of times in the last 15 years and used a different solicitor each time, I can honestly say that Hethertons have been head and shoulders above the rest in every area. Thank you Claire!"

Mr S, Scotland

"Thank you to all the staff, from Barbara Stephens down, who were involved in the selling of my brother's property. All was conducted speedily and efficiently to which my wife Ann, my sister Eileen and myself are eternally grateful."
2018-02-02T12:29:07+00:00
"Thank you to all the staff, from Barbara Stephens down, who were involved in the selling of my brother's property. All was conducted speedily and efficiently to which my wife Ann, my sister Eileen and myself are eternally grateful."

Miss W, York

“Amy Blackburn and Lynne, have been amazing throughout a very difficult house selling/buying chain. Always professional, friendly and caring. Thank you.”
2018-08-23T09:32:18+00:00
“Amy Blackburn and Lynne, have been amazing throughout a very difficult house selling/buying chain. Always professional, friendly and caring. Thank you.”

Mrs L, York

"Stan and I wanted to thank you for everything you have done to make the slow process of winding up Kate’s estate so much less stressful."
2017-12-21T14:41:37+00:00
"Stan and I wanted to thank you for everything you have done to make the slow process of winding up Kate’s estate so much less stressful."

Mr and Mrs G, Selby

"If other solicitors were as good as you are it would be very nice!"
2017-11-16T12:52:45+00:00
"If other solicitors were as good as you are it would be very nice!"

Mr L, York

"A huge thanks for the hard work put in over the last few weeks to get me to completion with the sale of Oakdale and purchase of Hawthorne."
2016-10-28T09:28:47+00:00
"A huge thanks for the hard work put in over the last few weeks to get me to completion with the sale of Oakdale and purchase of Hawthorne."

Mr B, York

"Very professional service - Thank you!"
2017-08-11T08:16:45+00:00
"Very professional service - Thank you!"

Mr & Mrs H, York

"We could not recommend Natalie nor Hethertons any higher than 1,000% in her duty of care, professionalism, speed and toughness. We felt very lucky in our chain (small as it was) how lucky we had Natalie acting for us."
2017-08-11T16:35:38+00:00
"We could not recommend Natalie nor Hethertons any higher than 1,000% in her duty of care, professionalism, speed and toughness. We felt very lucky in our chain (small as it was) how lucky we had Natalie acting for us."

Mr B, York

"Thank you for your services in buying and selling my property. Your friendly, professional assistance made the stressful journey easier!"
2017-10-30T17:27:31+00:00
"Thank you for your services in buying and selling my property. Your friendly, professional assistance made the stressful journey easier!"

Mrs W, Harrogate

"Thank you for your excellent service."
2017-02-02T17:09:30+00:00
"Thank you for your excellent service."

Mr S, Dunfermline

"Everything was done very satisfactory and quick. Very pleased!"
2018-01-17T17:26:58+00:00
"Everything was done very satisfactory and quick. Very pleased!"

Mr T, York

“I would like to specifically mention Nicola Kersey, who has dealt with proceedings throughout the sale. Nicola has been extremely helpful and patient in all matters and has made a difficult process much more pleasant.”
2018-06-18T08:29:22+00:00
“I would like to specifically mention Nicola Kersey, who has dealt with proceedings throughout the sale. Nicola has been extremely helpful and patient in all matters and has made a difficult process much more pleasant.”

Mr & Mrs P, Hereford

"We wish to thank you for all your help and advice. You are simply the best solicitor that I have ever had dealings with, always considered, professional and supportive. "
2017-03-06T16:44:12+00:00
"We wish to thank you for all your help and advice. You are simply the best solicitor that I have ever had dealings with, always considered, professional and supportive. "

Mrs W, York

"I would like to thank you and all members of staff for your kindness and helpfulness to me on my recent visit to your office. You resolved my problems quickly and efficiently."
2017-11-16T11:32:43+00:00
"I would like to thank you and all members of staff for your kindness and helpfulness to me on my recent visit to your office. You resolved my problems quickly and efficiently."

Mrs M, York

“Thank you so much for all of your help with this – it has been a marathon and you have been really great.”
2018-05-23T09:22:00+00:00
“Thank you so much for all of your help with this – it has been a marathon and you have been really great.”

Mr & Ms M, York

"We were really impressed with the service we received and very much appreciated the degree of communication availability when we needed to speak with Tom"
2017-04-07T12:00:33+00:00
"We were really impressed with the service we received and very much appreciated the degree of communication availability when we needed to speak with Tom"

Mr & Mrs R, Stillington

"I wanted to take a moment to thank you for all your work. You've been great - very professional and I never once didn't know what was happening!"
2016-11-07T17:01:03+00:00
"I wanted to take a moment to thank you for all your work. You've been great - very professional and I never once didn't know what was happening!"

Mrs A, Copmanthorpe

“Thank you to both Lisa and Lynne for their assistance during the sale and purchase of our new home. I would recommend Hethertons to my friends and family."
2015-09-29T10:15:16+00:00
“Thank you to both Lisa and Lynne for their assistance during the sale and purchase of our new home. I would recommend Hethertons to my friends and family."

Mrs S, Tadcaster

"The process of buying a house has not been easy for me and thank you so much for all your support, expert help and advice."
2017-11-27T13:06:25+00:00
"The process of buying a house has not been easy for me and thank you so much for all your support, expert help and advice."

Mr & Mrs B, York

“Natalie Hall was amazing! Updated us without being prompted. We couldn't have asked for better service.”
2018-08-24T09:10:34+00:00
“Natalie Hall was amazing! Updated us without being prompted. We couldn't have asked for better service.”

Mr A, York

“Tom Henry was an absolute gem. He provided a superb, friendly service who would I happily recommend to others. Faultless – thank you Tom!”
2018-06-08T08:23:18+00:00
“Tom Henry was an absolute gem. He provided a superb, friendly service who would I happily recommend to others. Faultless – thank you Tom!”

Mr W, York

“Natalie was very good and dealt with us promptly & courteously, so no criticisms at all.”
2018-08-10T15:05:01+00:00
“Natalie was very good and dealt with us promptly & courteously, so no criticisms at all.”

Mrs R, York

"I would definitely use Hethertons again in the future, should I need their services again."
2017-03-27T16:00:56+00:00
"I would definitely use Hethertons again in the future, should I need their services again."

Ms H, Wetherby

"Nicola was brilliant handling my matter, really clear, nothing was too much trouble and very understanding. I would not hesitate recommending her and your company in the future. Well Done."
2018-01-12T15:51:57+00:00
"Nicola was brilliant handling my matter, really clear, nothing was too much trouble and very understanding. I would not hesitate recommending her and your company in the future. Well Done."

Mrs D, York

"Natalie have responded to any queries we have had quickly and efficiently, and have kept us up to date with what is going on throughout."
2016-10-17T12:26:53+00:00
"Natalie have responded to any queries we have had quickly and efficiently, and have kept us up to date with what is going on throughout."

Mr and Mrs G, York

"Have Tom & Laura explain how they dealt with us and reward them duly. They have been absolutely professional and fantastic."
2017-07-26T11:08:24+00:00
"Have Tom & Laura explain how they dealt with us and reward them duly. They have been absolutely professional and fantastic."

Mrs J, Kingston upon Thames

"We particularly would like to commend Lynne Stillie, who took over from Lisa part-way through. She was entirely efficient, friendly and helpful."
2015-09-16T11:11:00+00:00
"We particularly would like to commend Lynne Stillie, who took over from Lisa part-way through. She was entirely efficient, friendly and helpful."

Mrs J, Boroughbridge

"Tom and Laura were fantastic, there is nothing that needs to be improved. Thank you so much for everything."
2017-05-19T13:51:11+00:00
"Tom and Laura were fantastic, there is nothing that needs to be improved. Thank you so much for everything."

Mr & Mrs D, York

"Just a big thanks for Natalie who was most helpful particularly in the last few stressful days."
2017-04-10T17:39:22+00:00
"Just a big thanks for Natalie who was most helpful particularly in the last few stressful days."

Mr D, York

"Excellent news thanks Nicola thanks very much for your help, this has been the most straightforward house sale I ever experienced!"
2015-07-10T16:12:33+00:00
"Excellent news thanks Nicola thanks very much for your help, this has been the most straightforward house sale I ever experienced!"

Mr R, York

"I have found the service of Hethertons to be professional and attentive and I would like to thank you for always being available and corresponding straight away when I needed to either speak to you or correspond via email."
2017-10-16T17:09:07+00:00
"I have found the service of Hethertons to be professional and attentive and I would like to thank you for always being available and corresponding straight away when I needed to either speak to you or correspond via email."

Mrs G, York

“I was very pleased with the service we received from Natalie. Natalie was a fantastic advisor and I would be happy to instruct her again.”
2018-08-30T08:23:18+00:00
“I was very pleased with the service we received from Natalie. Natalie was a fantastic advisor and I would be happy to instruct her again.”

Mr P, Walsall

"The relaxing atmosphere and general welcome were outstanding, and we left your office with total satisfaction and belief that we were in safe and secure hands."
2017-11-09T14:50:13+00:00
"The relaxing atmosphere and general welcome were outstanding, and we left your office with total satisfaction and belief that we were in safe and secure hands."

Mr W, Withernsea

“Excellent service from Nicola Kersey – as usual.”
2015-10-08T10:30:41+00:00
“Excellent service from Nicola Kersey – as usual.”

Mr E, York

“Cannot fault Amy, She was fabulous.”
2018-04-25T10:41:04+00:00
“Cannot fault Amy, She was fabulous.”

Mr L, York

"I would like you Natalie to know that you and everybody at your office who dealt with us were, kind, caring and professional."
2016-11-11T09:07:18+00:00
"I would like you Natalie to know that you and everybody at your office who dealt with us were, kind, caring and professional."

Mr M, Brighton

“Excellent, efficient, calm and professional service – with good advice from Elaine Copley. Always warm and helpful service from Katie Place too.”
2018-08-30T09:10:41+00:00
“Excellent, efficient, calm and professional service – with good advice from Elaine Copley. Always warm and helpful service from Katie Place too.”

Mr & Mrs M, York

"Everyone we met was really professional and just lovely."
2017-12-21T14:45:03+00:00
"Everyone we met was really professional and just lovely."

Mr F, Thirsk

"Extremely please with the service we received from Rachael Fell."
2017-09-22T17:01:59+00:00
"Extremely please with the service we received from Rachael Fell."

Mr & Mrs M, Horsham

"We have moved in and are blissfully happy. Thank you for your help."
2017-04-13T15:25:26+00:00
"We have moved in and are blissfully happy. Thank you for your help."

Mrs R, York

"We received excellent services. Thank you to all concerned."
2017-04-27T11:16:27+00:00
"We received excellent services. Thank you to all concerned."

Mrs P, York

"I found Natalie very helpful, she explained things clearly and reacted quickly to any concerns raised. We as a family thank her for her swift actions on my Mothers behalf"
2015-07-10T16:12:47+00:00
"I found Natalie very helpful, she explained things clearly and reacted quickly to any concerns raised. We as a family thank her for her swift actions on my Mothers behalf"

Mrs U, York

"It did take longer than expected but all staff were lovely to deal with regarding buying the house."
2017-07-20T10:10:57+00:00
"It did take longer than expected but all staff were lovely to deal with regarding buying the house."

Mr & Mrs F, York

“Great service – Thank you”
2018-05-23T09:22:21+00:00
“Great service – Thank you”

Mr & Mrs M, York

"Natalie was fantastic throughout, quick at getting back in touch and resolving any issues."
2017-11-22T14:34:48+00:00
"Natalie was fantastic throughout, quick at getting back in touch and resolving any issues."

Mr & Mrs D, Scarborough

“Service was flawless and Natalie was invaluable - She made what can be a stressful time feel smooth and stress-free.”
2018-07-19T08:07:36+00:00
“Service was flawless and Natalie was invaluable - She made what can be a stressful time feel smooth and stress-free.”

Mrs G, York

“Elaine was brilliant, our house sale was particularly difficult and our purchaser frustrating. I was confident in her throughout these difficulties, she was great. Katy dealt with exchange in Elaine’s absence equally proficiently. Highly satisfied.”
2018-02-08T12:22:01+00:00
“Elaine was brilliant, our house sale was particularly difficult and our purchaser frustrating. I was confident in her throughout these difficulties, she was great. Katy dealt with exchange in Elaine’s absence equally proficiently. Highly satisfied.”

Mr P, York

“I would like to highlight Nicola Kersey as been brilliant throughout the process. Genuinely believe that had she not have acted the way she did, we would not have completed on both our sale & purchase! Thank you Nicola!”
2018-08-16T11:45:41+00:00
“I would like to highlight Nicola Kersey as been brilliant throughout the process. Genuinely believe that had she not have acted the way she did, we would not have completed on both our sale & purchase! Thank you Nicola!”

Mr B, York

"Amy Blackburn was brilliant."
2017-11-16T12:54:25+00:00
"Amy Blackburn was brilliant."

Miss Y, York

"I feel that the process has been straight forward and smooth sailing. Obviously I had my breath held until I received your email confirming all is well. First time buyer nerves I guess! The hard work begins now, it’s quite a project!"
2017-06-02T16:15:52+00:00
"I feel that the process has been straight forward and smooth sailing. Obviously I had my breath held until I received your email confirming all is well. First time buyer nerves I guess! The hard work begins now, it’s quite a project!"

Mrs P, York

"Everything was very good. Thank you very much"
2015-10-08T15:29:33+00:00
"Everything was very good. Thank you very much"

Mr R, Hunsingore

"Excellent service from Rachael Fell who was always contactable and kept us fully updated on any developments with the house sale and purchase."
2018-01-08T14:58:18+00:00
"Excellent service from Rachael Fell who was always contactable and kept us fully updated on any developments with the house sale and purchase."

Mr W, York

"Hethertons was amazing! Genuinely a real pleasure to deal with, very prompt, professional and helped everything go smoothly."
2018-01-17T17:24:19+00:00
"Hethertons was amazing! Genuinely a real pleasure to deal with, very prompt, professional and helped everything go smoothly."