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Equity Release

Want to raise some money for retirement?

What is equity release?

Equity release is a way to access some of the money tied up in the value of your home without having to move house.

There are different plans that allow you to release this cash, either by taking out a loan secured against your home, or selling a part or all of your home.

With either plan you get to stay in your home until you die or move into permanent care.

Depending on the plan, you can release the money as a lump sum or in instalments, and it’s up to you how you spend it. So, if you find yourself with equity in your home but limited cash to live as you’d like, it can be a solution.

The money you release will need to pay off any outstanding mortgage first. The rest is yours to spend as you wish.

Types of equity release

Lifetime Mortgage

   A Lifetime mortgage is a loan secured on your home so you can stay where you are and keep ownership of your property.

   You don’t necessarily have to make monthly payments. Instead, when you pass away or move into permanent care, your home is sold – and the loan and interest are repaid from the proceeds.

Roll-Up Mortgage

   You get a cash lump sum and maintain home ownership

   There are no monthly repayments

   Interest will accrue on the amount of money you release

   The interest and lump sum will be paid off when you (and your partner in the case of joint applications) pass away or move into permanent care

Drawdown Mortgage

   A drawdown lifetime mortage is just like a roll-up lifetime mortgage, but you can release your money flexibly as and when you need it – rather than taking one lump sum

   You can keep money in a reserve account, ready to ‘drawdown’

   Interest won’t accrue on the money in your reserve, until you decide to release it

   It also gives you a safety net of a cash reserve, which you can access when you need to

Interest Only Mortgage

   Rather than rolling up interest every year, an interest-only lifetime mortgage lets you pay off a certain amount of interest every month

   This way, you can manage the amount of interest that will need to be repaid when your home is sold

Why use a broker?

The media push the idea of using comparison sites all the time for obtaining the best deal, as tempting as it can be this is often not the best idea when it comes to financial products, instead we recommend the use of a specialist mortgage & general insurance broker.

Using a mortgage & general insurance broker greatly enhances your chances of not only getting a mortgage/insurance product but also getting a deal that is right for you. There is no doubt that comparison sites can be helpful but with something as important as your mortgage/life protection we feel you are better of getting the personal touch. By using us at MGI Direct we will analyse your circumstances and pick a product for you that fits the information you provide.

Mortgage FAQ's

The general criteria for a mortgage loan are as follows:

Purchasing a home

  • Have been employed for 3 months or more and can provide payslips
  • Have a minimum deposit of 5% of the property value
  • Can provide bank statements for the past 3 months


  • Have an existing mortgage.
  • Are employed with sufficient income to support a mortgage
  • Have a mortgage balance of no more than 90% of the property value

There are many reasons that remortgaging your home makes sense, whether you are looking for a better deal, looking to raise money to pay off dent or looking to raise money for home renovation.

If you are on your lenders standard variable rate (this is the rate that you revert to when your deal ends) then you should absolutely remortgage, standard variable rates are nearly always more than fixed term rates.

We will never perform a credit check on you ourselves however the lender will, we may sometimes ask you to do a credit check on yourselves if you are declined by a lender so as we can advise you on why the lender has declined you and give us a better idea of who we can place you with going forward.

Whilst most high street lenders like to see a good credit score in order to offer you a mortgage we do have access to many lenders that are a little more forgiving in certain circumstances.

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A lifetime mortgage is a loan secured against your home. It will reduce the value of your estate and may affect your entitlement to means tested benefits

The guidance and/ or advice contained in this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK. You voluntarily choose to provide personal details to us via this website. Personal information will be treated as confidential by us and held in accordance with the Data Protection Act 2018. You agree that such personal information may be used to provide you with details of services and products in writing, by email or by telephone.

MGI Direct Ltd is registered in England & Wales (Company No. 07569731)

Authorised and regulated by the Financial Conduct Authority. Financial Services Registration Number 697649

Owned and operated by MGI Direct Ltd, 27 Bridge Street, Usk, NP15 1BQ.

MGI Direct is a credit broker and not a lender, We work with the whole of the lending market who may pay us a commission. The amount of commission paid varies between lenders.