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How it works
Tell us about you
Answer some quick questions about your circumstances to help us more accurately calculate your quote.
Compare your deals
If you are eligible, we will match you to a finance provider that can give you the best deal for your needs.
Get your equity release quote
Your finance provider will contact you within 24hrs with a quote and to discuss the next steps.
A quick and easy service that helped me find a better deal than anywhere else - I’ll be using Spotdif again!
Vaughn P., 17 March 2023
What is equity release?
Equity release lets homeowners aged 55 and over release tax-free cash from the value of their home. The amount you can release is based on your age and how much your home is worth. Depending on the equity release product you choose, you can claim your money as one lump sum or as a series of smaller lump sums.
- GIFT TO YOUR CHILDREN OR FAMILY MEMBERS
- PAY OFF ANY REMAINING LOANS
- TO CLEAR THE BALANCE OF YOUR MORTGAGE
- USE FOR LEISURE E.G. FOR TRAVELLING OR HOLIDAYS
- HOME AND LIFESTYLE IMPROVEMENTS
- BUYING A CO-OWNER OUT OF A PROPERTY OR BUSINESS
Equity release options
Lifetime mortgage
With a lifetime mortgage, you take out a mortgage secured on your property provided it’s your main residence, while retaining ownership. You might be able to ring-fence some of the value of your property as an inheritance for your family. You can choose to make repayments or let the interest roll-up. The loan amount and any built-up interest is paid back by selling the property when the last borrower dies or when they move into long-term care.
Home reversion
If you choose a home reversion, you sell part or all of your home to a home reversion provider in return for a lump sum or regular payments. You have the right to continue living in the property until you die, but you have to agree to maintain and insure it. You can ring-fence a percentage of your property for later use, possibly for inheritance by only selling part of your property. The percentage you retain will always remain the same regardless of the change in property values, unless you decide to take further cash releases. When the last borrower dies or moves into long-term care your property is sold and the sale proceeds are shared according to the remaining proportions of ownership.
Is equity release right for you?
Equity release is a way of releasing money from the value of your home without having to move out or pay it back during your lifetime. If you are cash poor but asset rich – i.e. you have a low income but your home is valuable – then it could be a good way of getting your hands on some of that cash without having to downsize.
But like all financial products, equity release isn’t right for everyone, so it’s important to get good financial and legal advice, and to speak to any family members it may involve. That’s why lifetime mortgages can only be taken out through qualified financial advisers. Get a quote to speak to one of our partners today; they’ll help you understand whether equity release is right for you and which equity release product is best for you.
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The site was very easy to use, its layout simple and informative and the whole process took me far less time than I thought it would. The follow up was swift and useful and I would recommend it to even the most tech averse, like myself. Thank you.
Very easy to use and provided all the information I needed to understand whether equity release would be the right option for me . Excellent service.
The person I spoke to today very helpful polite helped me all my questions and would recommend spotdif – thumbs up from me
Very easy to use and provided all the information I needed to understand whether equity release would be the right option for me . Excellent service.
The person I spoke to today very helpful polite helped me all my questions and would recommend spotdif – thumbs up from me
