Equity Release in Northern Ireland

If you’re a homeowner in Northern Ireland and over the age of 55, an equity release scheme can help you access money tied up in your property. 

In this guide, you can find out if such schemes are available and, if so, which providers offer them.

Are equity release mortgages available in Northern Ireland?

Yes, you can access an equity release scheme if you live in Northern Ireland. However, they aren’t as widely available as they are throughout the rest of the UK, with just two providers currently offering this type of borrowing (see section below for more details). 

This means the options available if you’re interested solely in equity release above all other alternatives will be slightly narrower. As a result, seeking advice from an expert in this area so you have a better chance of securing the best terms available is a shrewd move.

Do they work any differently there?

In terms of the actual qualifying criteria, equity release works precisely the same in Northern Ireland as it does anywhere else in the UK, and is as follows: 

• Age: You must be at least 55 years old to access this type of borrowing. 
• Property: You can only use your main residence for equity release. It must be worth at least £70,000 and located in the UK (in this case, Northern Ireland). Freehold flats would not be accepted. 
• Health and lifestyle: Enhanced terms can apply if you suffer from a severe illness or condition and the provider deems certain lifestyle choices risky.
• Existing mortgage: Your property must be mortgage-free or have a small balance remaining, which can be paid off with the amount you receive.

The main difference between Northern Ireland and the rest of the UK is that of the two types of schemes available - lifetime mortgages and Home Reversion Plans - neither of the providers offers Home Reversion Plans as an option. 

Is professional advice still a legal requirement?

Yes, you’re legally obliged to seek professional advice before agreeing to an equity release scheme, and this applies in Northern Ireland just as it does elsewhere in the UK. This is designed to protect you from making a decision that may not ultimately suit your needs. 

This is where we can help. As members of the Equity Release Council (ERC), our team of specialist advisors has the knowledge and experience to help you make the right decision.

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How much equity can you release?

Typically, the parameters for how much you can release will be between 20% and 60% of your home’s value, depending on where you sit among the factors outlined above. 

Use our calculator below to get an idea of how much equity you could receive based on your own personal situation.

Which equity release providers are available in Northern Ireland?

Only the following equity release providers offer this type of borrowing in Northern Ireland: 

• Aviva
• Just Retirement

With just two providers available, it becomes even more important (in addition to being a legal requirement) to use the services of an experienced equity release advisor to help you determine the differences between them. 

For example, Just also offers retirement interest-only mortgages (RIO) as an option, whereas Aviva doesn’t. 

Our advisors will point out the other key differences between the terms available from both Aviva and Just so you can make the right choice that best suits your specific needs.

What are the alternatives?

As there’s such a small pool of equity release providers available in Northern Ireland, it’s important to strongly consider all the other viable alternatives: 

• Retirement Interest-Only Mortgage (RIO). Similar to equity release, but with mandatory regular interest repayments. RIO mortgages are not as restricted in Northern Ireland, and a much larger pool of lenders offers them.  
• Remortgaging to release equity. A more suitable option if you’re under 55 and still have a mortgage as, due to your age, you’d be ineligible for equity release. 
• Downsizing to a cheaper property. This option allows you to release equity without incurring any of the costs associated with equity release. 
• Using existing savings and investments. If you have other liquid assets available straight away, this will also mean you avoid any borrowing costs. 
• Returning to work. Whether part-time or freelance, you can boost your retirement earnings without committing to working Monday through Friday. 

You can read more about your other options in our guide to equity release alternatives.

Why choose Teito for your equity release needs?

Whether you’re based in Northern Ireland or elsewhere in the UK, we can help you find the right equity release solution that fits your needs. 

As members of the Equity Release Council, our advisors can provide the professional advice required for this complex form of borrowing. 

Here are some of the reasons people choose Teito for their equity release needs:

• Your initial consultation is FREE, with no obligation to proceed
• Our advisors have relationships with both equity release providers in Northern Ireland
• We can guide you through the application process from start to finish
• We are rated 5-star on leading review websites

Ready to take advantage of a free, no-obligation chat with an equity release advisor who specialises in the Northern Ireland market? Get started here.