Equity Release in Northern Ireland

If you’re a homeowner in Northern Ireland aged 55 or over, an equity release scheme could let you unlock cash from the value of your property.

This guide outlines whether these schemes are available and, if they are, which providers offer them.

Are equity release mortgages available in Northern Ireland?

You can use an equity release scheme if you live in Northern Ireland. That said, availability is more limited than in the rest of the UK, with only two providers currently offering this type of borrowing.

Because of this, if you are focused on equity release rather than other options, your choices will be somewhat narrower. It is therefore sensible to seek advice from a specialist so you improve your chances of securing the best terms available.

Do they work any differently there?

In terms of eligibility, equity release in Northern Ireland follows exactly the same rules as elsewhere in the UK:

• Age: You must be at least 55 to use this type of borrowing.

• Property: Only your main residence can be used. It must be in the UK (here, Northern Ireland), valued at a minimum of £70,000. Freehold flats are not accepted.

• Health and lifestyle: You may qualify for enhanced terms if you have a serious health condition or certain lifestyle risks.

• Existing mortgage: Your home should be mortgage-free or have a small remaining balance that can be cleared with the funds released.

The key difference between Northern Ireland and the rest of the UK is that, while two types of schemes exist — lifetime mortgages and Home Reversion Plans — the providers operating in Northern Ireland do not offer Home Reversion Plans. Only lifetime mortgages are available.

Is professional advice still a legal requirement?

Yes. You are legally required to take professional advice before entering into an equity release scheme, and this applies in Northern Ireland as it does across the UK. The rule is in place to help protect you from agreeing to something that may not meet your needs.

Which equity release providers are available in Northern Ireland?

Only two equity release providers currently offer this type of borrowing in Northern Ireland:

• Aviva

• Just Retirement

With just two options, it’s even more important—beyond the legal requirement—to use an experienced equity release adviser who can explain how the providers differ.

For instance, Just also offers retirement interest-only mortgages (RIO), while Aviva does not.

What are the alternatives?

Given the small number of equity release providers in Northern Ireland, it’s wise to look carefully at other viable alternatives:

• Retirement Interest-Only Mortgage (RIO): Works similarly to equity release but requires regular interest repayments. RIO mortgages are less restricted in Northern Ireland, with a much wider choice of lenders.

• Remortgaging to release equity: Often more suitable if you’re under 55 and still have a mortgage, as equity release would not be available due to age.

• Downsizing to a cheaper property: Lets you release equity without the fees and charges associated with equity release.

• Using existing savings and investments: If you have liquid assets available now, you can avoid borrowing costs altogether.

• Returning to work: Part-time or freelance work can boost retirement income without committing to a full Monday–Friday schedule.

Frequently Asked Questions