Equity Release

Equity Release for the Police family
We aim to help the Police family lead a financially healthier and happier life, whatever stage of life you are at. That's why we have partnered up with Responsible Life* to bring you a personal equity release offering.
What is equity release?

Equity release works by allowing you to access some of your home’s value, tax-free.
Is equity release for me?

If you’re a homeowner aged 55+ and looking for ways to release some funds in your later life, perhaps to fulfil some long-held dreams, or to renovate your home, equity release might be for you.

The most common type of equity release product is a Lifetime Mortgage, though other types of later life lending also allow you to take advantage of your home’s value. Equity Release is provided by Responsible Life and allows you to consider the available options.

Police Mutual have partnered up with Responsible Life to provide a equity release offering.

The equity release calculator is provided by Responsible Life and they can give you an estimate of how much you could release from your home. You get an estimate in minutes, plus receive a free guide to equity release.

More information about Responsible Life and how the information you provide in the calculator is processed is available in their privacy policy https://www.responsiblelife.co.uk/privacy-policy/

Releasing equity with a Lifetime Mortgage

There are a number of different options available when you are looking at a Lifetime Mortgage - Responsible Life advisors can take you through these.

Lump Sum Lifetime Mortgages

A Lump Sum Lifetime Mortgage lets you release equity from your home in one lump sum of money.

You don't need to make any payments, so the amount borrowed, plus interest is repaid at the end of the term, which is when the last homeowner on the deeds dies or enters long-term care.

Drawdown Lifetime Mortgages

A Drawdown Lifetime Mortgage lets you release an initial amount of money, while also creating a reserve account of further funds.

Interest is only added to the amount you access - the reserve is interest-free until you draw down from it.

Why release equity with a Lifetime Mortgage?

  • Tax-free cash from your home
  • No Negative Equity Guarantee (NNEG) – so you can never owe more than the value of your home
  • You don’t have to move out – your home remains yours
  • This is a Lifetime Mortgage which could reduce the value of your estate and affect your entitlement to means-tested benefits. To understand the features and risks, ask your Responsible Life adviser for a personalised illustration.

How does equity release work?
You borrow against the value of your home with an equity release product
You still retain full ownership of your home, so can live in the property for the rest of your life – if you want
You repay through the sale of your home when you die or when you move into long-term residential care - you will never owe more than the value of your home.
Important Information you need to know
If you choose a mortgage with required repayments during your lifetime then your home may be repossessed if you do not keep up with the payments. A Lifetime Mortgage may impact the value of your estate and could affect your entitlement to means tested benefits. Think carefully before securing other debts against your home.

Police Mutual acts as an intermediary for the purposes of introducing it's customers to Responsible Life Limited. You will not receive advice or any recommendations from Police Mutual. Such services which will be provided by Responsible Life Limited.

To understand the features and risks, ask for a Personalised Illustration. Responsible Life’s adviser will talk through the setting up costs of a mortgage before you make any decision to proceed. Only if you choose to proceed and your case completes will Responsible Life charge an advice fee, currently not exceeding £1,490.

If you take out a product recommended by Responsible Life, Police Mutual will receive a fee, for this introduction. If you would like further details about this fee, Responsible Life will be able to provide you with this. More information about Responsible Life and how your information is processed is available on their privacy notice. Find out how Police Mutual manages your personal data.

Do I qualify for equity release?

  • Releasing equity with a Lifetime Mortgage could be the right choice for you if you:
  • are over 55
  • want to borrow at least £10,000
  • own your home and it’s worth at least £70,000
  • are able to clear any existing mortgage on the property, either using the equity released or additional funds. Clearing an existing mortgage is one of the most common reasons to release equity
  • Use the equity release calculator to see an estimate of the cash you could get.
The (not so) small print

Police Mutual have chosen Responsible Life to provide our customers with advice on Later Life Lending products, including equity release. Responsible Life are not part of Police Mutual.

Responsible Life Limited is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register (https://register.fca.org.uk/) under reference 610205.

Responsible Life's registered office is: Mills Bakery, Royal William Yard, Plymouth, PL1 3GE. Registered in England & Wales. Company number 7162252.

Police Mutual is a trading style of The Royal London Mutual Insurance Society Limited provides pensions, savings, investments, equity release, protection products and wellbeing activities.

The Royal London Mutual Insurance Society Limited is authorised by the prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. The firm is on the Financial Services Register, registration number 117672. Registered in England and Wales number 99064. Registered office: 55 Gracechurch Street, London, EC3V 0RL.