If you own your home with a partner or another person, you might be wondering whether equity release is still an option. The good news is yes—you can take out equity release on a jointly owned property, and it’s actually very common.
In this guide, we’ll explain how equity release works for joint homeowners, what happens if one person passes away or moves into care, and what you should consider before proceeding.
Can Joint Homeowners Release Equity from Their Property?
Yes. If you and your partner (or another person) jointly own your home, you can apply for equity release together. In most cases, this is done through a lifetime mortgage, which allows you to unlock tax-free cash while continuing to live in your home.
The application is assessed based on:
- The age of the youngest applicant (you both need to be at least 55)
- The value of the property
- Health or lifestyle factors that may affect borrowing potential
🔗 Related: How Much Equity Can You Release?
How Does Equity Release Work for Joint Owners?
When you release equity on a jointly owned home:
✔ Both parties must agree to the plan
✔ The loan continues until the last homeowner passes away or moves into long-term care
✔ You can stay in your home for life, with no monthly repayments unless you choose to make them
✔ The loan and interest are repaid when the property is sold
🔗 More details: How Does Equity Release Work?
What Happens If One Person Dies or Goes Into Care?
With joint equity release plans:
- If one person dies or moves into care, the other can remain in the home and the plan continues as normal
- The loan only becomes repayable when the last surviving homeowner passes away or permanently leaves the property
🔗 Related: How Does Equity Release Work If You Go Into Care?
🔗 How Does Equity Release Work When You Die?
How Much Can You Borrow on a Joint Plan?
Your borrowing amount is based on the age of the youngest applicant—which often means slightly less equity can be released compared to a single applicant of older age. However:
✔ The vast majority of plans allow for drawdown facilities, interest repayments, and inheritance protection
✔ The vast majority of lenders offer enhanced terms for health or lifestyle factors, which may increase the amount you can release
🔗 More details: How Does Equity Release Compound Interest Work?
What If You’re Not Married or in a Civil Partnership?
You don’t need to be married to take out joint equity release. As long as you’re joint legal owners of the property, you can apply together.
Ownership is usually set up in one of two ways:
1. Joint Tenants
Both owners have equal rights to the whole property, and if one person dies, the other automatically inherits the full ownership. This is the most common structure for married couples or civil partners.
2. Tenants in Common
Each person owns a defined share of the property. This allows:
- Ownership of unequal shares
- Greater control over inheritance planning
- Flexibility in arrangements for unmarried couples, business partners, or people with children from previous relationships
Equity release is still possible, but both parties must be joint applicants.
What Happens If You Separate?
If your relationship ends after taking out equity release, things can become more complex. Options include:
- Selling the property and repaying the loan
- One party buying out the other’s share, with lender approval
- In some cases, transferring the plan to a new property
It’s important to speak to your adviser if separation is a possibility, so you’re aware of your options.
FAQs: Equity Release on Jointly Owned Properties
Can one person apply alone on a jointly owned property?
Not usually. If both names are on the title deeds, both owners must apply jointly—unless the ownership structure is changed beforehand.
Can the plan continue if one person passes away?
Yes. The plan remains active until the second applicant passes away or moves into care.
Will we lose our home?
No. With equity release, you remain the legal owners and can stay in your home for life. The vast majority of plans include a no-negative equity guarantee, protecting your estate.
🔗 More details: Can You Lose Your House with Equity Release?
Next Steps
If you’re considering equity release on a jointly owned property:
✔ Get your personalised estimate using our Equity Release Calculator
✔ Speak with an expert via our Equity Release Adviser page
✔ Continue learning with these helpful guides:
- What Are the Pros and Cons of Equity Release?
- Can You Do Equity Release More Than Once?
Joint equity release is a common and flexible way to access the wealth in your home—together.
