For many homeowners, releasing equity from their main residence is a way to unlock financial freedom. A common question we hear is whether equity release for a second home can help you purchase another property — perhaps a holiday retreat by the coast or an investment that generates rental income.

The answer is yes. In many cases, you can use equity release to support the purchase of a second home in Devon. Whether you are considering a buy-to-let investment or a peaceful getaway, understanding the options and risks is essential.

At Conran Mortgages, we provide clear, practical advice to help you make the right choice. If you’d like tailored guidance, please call us on 020 8528 2251
or email hello@conranmortgages.co.uk
.

“Unlocking the value in your home could open the door to your dream second property in Devon — whether for leisure, investment, or long-term security.”

What Is Equity Release And How Does It Work?

Equity release allows homeowners, usually over the age of 55, to access the wealth tied up in their property without needing to sell. The two most common types are lifetime mortgages and home reversion plans.

Lifetime mortgage: You borrow against the value of your home while retaining ownership. The loan plus interest is repaid when the property is sold, usually after you pass away or move into long-term care.

Home reversion plan: You sell part or all of your home to a provider in exchange for a lump sum or income while continuing to live there.

Both options can provide funds to help finance a second property, although they come with conditions and long-term implications.

Using Equity Release To Buy A Second Property In Devon

Devon remains a popular destination for second homes. From seaside cottages in Salcombe to countryside escapes near Dartmoor, demand continues to grow. Many homeowners want to know if they can use equity for a second property in Devon — and the answer often depends on affordability checks, lender criteria, and your future plans.

Equity release can provide a tax-free lump sum that you could put towards a deposit or even cover the full purchase cost of a smaller property. This is particularly appealing if you are looking at a second home using equity in Devon, rather than relying on traditional borrowing.

Is Equity Release Suitable For Buy-To-Let Or Investment?

Some clients ask if they can use equity release for a buy-to-let property. While rules differ between providers, in many cases, the released funds can be used to purchase an investment property.

That said, you should always weigh up the returns. Rental yields need to cover ongoing costs, including maintenance, tax liabilities, and any restrictions from the equity release provider. If your intention is to build an investment with equity in Devon, it is vital to consider both the opportunities and the risks.

Advantages Of Using Equity Release For A Second Home

There are several benefits of using equity release to secure a second property in Devon:

Access to tax-free cash: You can unlock funds without selling your existing home.

Lifestyle flexibility: A holiday retreat or dual residence could enhance your retirement lifestyle.

Investment potential: A second home could deliver long-term capital growth.

No monthly repayments: With a lifetime mortgage, interest rolls up until the home is sold.

For many, it offers the chance to enjoy a dual equity lifestyle — balancing your main home with a second residence in Devon.

Risks And Considerations To Keep In Mind

While equity release can be a powerful tool, it’s not without risks:

Reduced inheritance: Equity release will reduce the value of your estate for beneficiaries.

Compound interest: Interest on lifetime mortgages can grow quickly if left unpaid.

Eligibility checks: Providers will assess age, property value, and intended use of funds.

Future flexibility: If you plan to move or sell, early repayment charges may apply.

This is why professional advice is essential before making a decision.

How Much Equity Can You Release For A Second Property?

The amount you can release depends on your age, health, and the value of your home. Typically, the older you are, the more you can release. Property condition and location also matter.

To get a clearer picture, we recommend reading our guide on How to Estimate Equity Release Value in Devon. It explains the factors providers consider and how you can prepare for an application.

Why Work With Conran Mortgages?

Equity release is a long-term financial commitment, and expert advice is crucial. At Conran Mortgages, we:

• Provide independent, FCA-regulated advice.
• Compare products across trusted providers.
• Tailor recommendations based on your lifestyle goals.
• Offer ongoing support as your circumstances change.
• Our role is to make sure equity release works for your needs today and in the future.

Frequently Asked Questions

Can I Use Equity Release To Buy A Holiday Home In Devon?

Yes, many providers allow you to use funds for a holiday home. This can give you the flexibility to enjoy more time in Devon without selling your primary residence.

Can I Use Equity Release For A Buy-To-Let Property?

Some providers permit it, but not all. If you’re considering a buy-to-let, it’s important to review rental yield, tax implications, and product restrictions.

How Do I Know If I’m Eligible For Equity Release?

Eligibility depends on your age (typically over 55), property value, and lender criteria. A consultation will confirm your options.

Will Using Equity Release Affect My Inheritance?

Yes, it will likely reduce the inheritance you leave behind. However, many providers offer inheritance protection features to safeguard part of your estate.

Conclusion

Using equity release for a second home in Devon can open up opportunities, whether for leisure, investment, or retirement security. It is a decision that requires careful thought, but with the right advice, it could be a valuable option.

If you’re ready to explore whether equity release for a second home is the right path for you, contact our friendly team today. Call us on 020 8528 2251 or email hello@conranmortgages.co.uk.