Equity Release in Northern Ireland

If you’re a homeowner in Northern Ireland and curious about unlocking the value in your home, you might be wondering: is equity release even available here? The short answer is yes — and it’s becoming an increasingly popular option for those looking to boost their finances in later life.

With house prices steadily climbing and flexible new plans on offer, equity release is no longer just an option for homeowners in England. Let’s break down how it works in Northern Ireland, what’s changed in recent years, and how you could make the most of your property wealth without having to move.

Property values in Northern Ireland have risen sharply over the past decade — up by over £77,000 on average. And as prices rise, so does the potential for homeowners to release tax-free cash from their homes.

In fact, between 2017 and 2021, the number of equity release plans arranged in Northern Ireland grew by 30%, according to data from the Equity Release Council. That’s a clear sign that more homeowners here are using equity release to support their retirement, improve their homes, help loved ones, or simply enjoy a better quality of life.

Equity release is a way for homeowners aged 55 and over to access some of the value locked in their property — without having to sell or move.

The most common type of plan is called a lifetime mortgage. It allows you to release a lump sum or smaller withdrawals over time, and you won’t need to make monthly repayments unless you want to. The loan (plus interest) is usually repaid from the sale of your home when you pass away or move into long-term care.

And yes — you still own your home throughout.

While the range of products available in Northern Ireland is slightly more limited than in other parts of the UK, the good news is that the most popular type of plan — lifetime mortgages — is widely available.

Two of the UK’s biggest providers, Aviva and Just, both offer lifetime mortgage plans to eligible homeowners across Northern Ireland. These cover a range of property types, including houses, bungalows, leasehold flats and maisonettes (though not freehold flats).

Each provider has slightly different rules. For example:

• Just offers interest-only lifetime mortgages, while Aviva does not.
• Aviva has a higher minimum release (£15,000) compared to Just (£10,000).

An experienced equity release adviser can help you compare both and find the plan that best suits your needs.

If you’re wondering whether you qualify for equity release in Northern Ireland, here’s what lenders typically look for:

• You’re aged 55 or over
• You own a property in Northern Ireland worth £70,000 or more
• The property is your main residence
• You either own your home outright or have a small mortgage that can be paid off with the funds released

If you tick those boxes, you may be able to unlock thousands in tax-free cash. Want a rough estimate? Use an equity release calculator to get a quick idea of what might be possible.

Modern lifetime mortgages have come a long way in recent years. Plans available in Northern Ireland now offer a range of useful features, such as:

• Voluntary repayments: Pay off interest or reduce the loan without penalty (up to 10% per year)
• Inheritance guarantees: Ring-fence a portion of your home’s value to leave behind for loved ones
• Enhanced terms: Get access to more cash or lower rates if you have certain health conditions
• Drawdown options: Take what you need now, and leave the rest for later — saving on interest

These features can make equity release more flexible, manageable, and tailored to your financial goals.

While equity release is often a long-term arrangement, that doesn’t mean you’re stuck in the same home forever.

If you choose a plan that meets Equity Release Council standards, you’ll have the right to move home and take your plan with you — so long as the new property meets your lender’s criteria. This is known as porting your plan.

If your new home isn’t eligible, you may need to repay the loan in full. In that case, early repayment charges might apply — though some plans waive these under certain circumstances. An adviser can help you explore the options and plan accordingly.

Equity release isn’t something you should arrange on your own — and in fact, you can’t. The Equity Release Council requires all customers to receive expert, regulated advice before proceeding with a plan.

That’s good news. It means you’ll have someone guiding you through the process, explaining the pros and cons, and making sure it’s the right decision for your situation.

A qualified adviser can:

• Confirm your eligibility
• Compare plans from providers like Aviva and Just
• Tailor recommendations to your goals
• Explain your rights and protections
• Handle the application process from start to finish

You won’t pay anything upfront — and there’s no pressure to go ahead if it doesn’t feel right.

Equity release in Northern Ireland is not only possible, but more accessible and flexible than ever before. With rising house prices, more people reaching retirement age, and trusted providers now offering plans in the region, it’s no surprise the market is growing.

If you’re over 55 and curious about how much cash your home could unlock, equity release could provide the freedom to use that value on your terms — whether for peace of mind, extra income, or something more personal.