Based on checking the website, Equityreleaseworks.co.uk appears to offer services related to equity release and lifetime mortgages. However, it’s crucial to understand that equity release, by its very nature, involves elements that are not permissible within Islamic financial principles, primarily due to the presence of Riba (interest) and the concept of a debt that grows over time without a clear, defined end based on a sale or lease. The website explicitly mentions “fixed low rate for life” and that “accrued interest, would be repaid upon death, or moving into long term care,” which clearly indicates an interest-bearing mechanism. This makes the entire service framework problematic from an Islamic finance perspective.
Overall Review Summary:
- Service Offered: Equity Release and Lifetime Mortgages
- Key Feature: Unlocking tax-free cash from property value.
- Core Issue: Based on Riba (interest) and indefinite debt accrual.
- Islamic Permissibility: Not permissible due to Riba.
- Website Transparency: Provides detailed explanations of the process and risks, including “no negative equity guarantee” and “right to live in your home for life.”
- Fees: A fee of £1,695 is payable only if proceeding and the case completes, which can be added to the loan.
- Regulatory Status: Implied independence from lenders.
- Overall Recommendation: Not recommended for Muslims due to fundamental conflicts with Islamic finance principles.
The website presents equity release as a solution for various financial goals, such as repaying debts, making home improvements, or helping loved ones, all while allowing individuals to remain in their homes. While the benefits like tax-free cash and no monthly repayments might seem appealing on the surface, the underlying mechanics of a lifetime mortgage involve interest accumulating on the released equity. This accumulated interest, combined with the principal, is then repaid when the homeowner passes away or moves into long-term care. This is a direct conflict with the prohibition of Riba (usury or interest) in Islam, which is considered a major sin. Riba refers to any unjust, exploitative, or gratuitous increase in a loan or debt, and the structured interest accrual in equity release falls squarely into this category. Furthermore, the concept of a debt that grows over an indefinite period without a clear, interest-free repayment structure raises concerns about financial uncertainty and potential exploitation. Therefore, for Muslims seeking ethical financial solutions, equity release as described on Equityreleaseworks.co.uk is fundamentally incompatible with their faith. It’s always a bad outcome when one engages in Riba, as it carries severe spiritual and often practical repercussions, leading to a lack of blessing in wealth and potential financial distress.
Best Alternatives for Ethical Financial Planning (Non-Equity Release):
- Islamic Home Financing (Murabaha/Ijara): This involves a bank purchasing the property and then selling it to the customer at a profit margin or leasing it with an option to buy, ensuring no interest is involved. Key features include a fixed price or rental payment, no Riba, and Sharia compliance. Prices vary based on property value and financing structure. Pros: Ethically sound, transparent. Cons: May have a slightly higher overall cost than conventional mortgages due to profit margin.
- Halal Investment Funds: These funds invest in Sharia-compliant businesses and assets, avoiding sectors like alcohol, gambling, and interest-based finance. Key features include diversification, ethical screening, and potential for growth. Average prices are based on investment amounts and fund management fees. Pros: Ethical wealth growth, professional management. Cons: Market risks apply, may not be suitable for immediate cash needs.
- Takaful (Islamic Insurance): A cooperative system where participants contribute to a fund to support each other in times of loss, based on mutual assistance rather than conventional interest-based insurance. Key features include risk sharing, Sharia compliance, and transparency. Prices depend on the type of Takaful plan (e.g., family Takaful, general Takaful). Pros: Ethical protection, community-based. Cons: Limited product range compared to conventional insurance.
- Ethical Wills (Wasiyyah): While not a financial product in itself, proper Islamic estate planning through a Wasiyyah ensures that assets are distributed according to Sharia principles, including provisions for charitable giving (Sadaqah) and safeguarding inheritance for loved ones. Key features include specifying beneficiaries, charitable bequests, and avoiding disputes. Costs involve legal fees for drafting the will. Pros: Ensures compliance with Islamic inheritance laws, peace of mind. Cons: Requires careful planning and legal consultation.
- Sadaqah Jariyah (Ongoing Charity): Instead of equity release, which often involves taking on debt, considering Sadaqah Jariyah involves making lasting charitable contributions that continue to benefit others, such as building wells, schools, or supporting sustainable projects. Key features include spiritual reward, lasting impact, and no debt. Prices vary based on the project. Pros: immense spiritual benefit, helps community. Cons: Does not provide personal financial liquidity.
- Downsizing Property: Selling a larger, more expensive property and buying a smaller, more manageable one can release significant tax-free cash without incurring any debt or interest. Key features include immediate cash, reduced living costs, and no ongoing financial obligations. Prices involve real estate fees. Pros: Debt-free cash, lower bills. Cons: Involves moving, potential emotional attachment to current home.
- Reverse Murabaha: A niche Islamic finance product, less common but conceptually possible, where an individual sells an asset to a bank for cash and then the bank sells it back to the individual on deferred payment terms, but without interest. Key features include Sharia compliance, cash access. Prices depend on the asset and agreement. Pros: Sharia-compliant alternative for cash. Cons: Less widely available, complex structure.
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Equityreleaseworks.co.uk Review & First Look
When you first land on Equityreleaseworks.co.uk, the immediate impression is one of clarity and a focus on providing a solution for homeowners over 55. The site prominently advertises the ability to “Unlock tax-free cash without the stress of moving,” which is the core proposition of equity release. This direct messaging aims to address a common pain point for retirees or those approaching retirement who might be asset-rich but cash-poor. The overall design is clean, with easy-to-navigate sections.
Initial User Experience and Accessibility
The user experience on Equityreleaseworks.co.uk appears to be designed for straightforward navigation. The “Calculate now” button is prominently displayed, leading users directly to an equity release calculator. This immediate call to action indicates a focus on simplifying the initial qualification process. The website is structured with clear headings such as “Getting started,” “The facts about equity release,” and “It’s important you know,” which suggest a methodical approach to guiding potential clients through the information. From an accessibility standpoint, the text is legible, and the layout is uncluttered, suggesting an effort to make the site usable for a wide demographic, including older individuals who might be less tech-savvy.
Regulatory Information and Disclosures
The website includes important disclosures, such as “Equity release will reduce the value of your estate and may affect your entitlement to means-tested benefits.” It also explicitly states that “Equity release may involve a home reversion or a lifetime mortgage, which is secured against your property” and advises users to “ask for a personalised illustration.” These are critical pieces of information for any financial product, especially one as significant as equity release. The disclosure about fees, stating “Only if you choose to proceed and your case completes would a typical fee of £1,695 be payable, which can also be added to your loan,” provides transparency regarding costs. However, while these disclosures are present, the underlying product—equity release—still operates on principles that are antithetical to Islamic finance, primarily due to the accrual of interest (Riba).
The Inherent Problems with Equity Release
Equity release, at its core, revolves around borrowing money against the value of your home, typically with interest accruing on the loan. This fundamental mechanism presents significant challenges when viewed through the lens of Islamic financial principles, particularly the prohibition of Riba (interest) and the concept of Gharar (excessive uncertainty).
The Issue of Riba (Interest)
The most significant conflict with Islamic finance is the presence of Riba. Equityreleaseworks.co.uk states, “Get a fixed low rate for life” and “Interest rates are going up, we still have plans at starting at 6%.” It further clarifies that “Any money released, plus accrued interest, would be repaid upon death, or moving into long term care.” This explicitly confirms that interest is a core component of the equity release product. In Islam, Riba is strictly forbidden, as it is seen as an exploitative and unjust way of accumulating wealth. The Quran and Sunnah clearly condemn Riba, considering it a grave sin that leads to economic inequality and an unblessed financial system. Even if the rate is fixed or seems “low,” the fact that it is an interest-bearing transaction makes it impermissible. Bookstoptavistock.co.uk Review
The Concept of Gharar (Uncertainty)
Beyond Riba, equity release can also involve elements of Gharar, or excessive uncertainty. While the website mentions a “no negative equity guarantee” (meaning you can never owe more than your home is sold for), the uncertainty lies in the duration of the loan and the eventual repayment amount. The loan term is tied to the borrower’s lifespan or their need for long-term care, which are inherently uncertain events. This can lead to a situation where the final amount repaid (principal plus accrued interest) can be significantly higher than the initial release, making it difficult to predict the true cost over time. While some financial products inherently have an element of uncertainty, equity release’s long-term, interest-compounding nature, tied to an unknown repayment date, exacerbates this issue. This level of uncertainty, combined with interest, further deters its permissibility.
Diminishing Inheritance and Estate Value
The website itself acknowledges that “Equity release will reduce the value of your estate.” This is a critical point from an Islamic perspective, where safeguarding an inheritance for heirs is highly emphasised. While some plans may allow for “protect[ing] a percentage of your property” to ensure an inheritance, the primary outcome is a reduction in the estate’s value due to the accumulating debt. This goes against the spirit of Islamic inheritance laws, which aim to fairly distribute wealth among rightful heirs. Engaging in a transaction that knowingly diminishes the value of the estate for future generations, especially through an interest-based mechanism, is generally discouraged.
equityreleaseworks.co.uk Cons
While Equityreleaseworks.co.uk aims to provide a solution for financial needs in retirement, the inherent nature of equity release carries significant drawbacks, particularly when viewed through an ethical and Islamic lens.
Inherent Conflict with Islamic Finance Principles
As previously discussed, the primary and most critical con is the fundamental conflict with Islamic finance. The product involves Riba (interest), which is unequivocally forbidden in Islam. The website’s explicit mention of “fixed low rate for life” and “accrued interest” clearly indicates an interest-based mechanism. This is not a minor detail but a foundational issue that renders the service impermissible for Muslims. Any benefit derived from such a transaction is considered unblessed and carries spiritual repercussions. This single point overshadows any perceived financial convenience.
Compounding Debt and Reduced Inheritance
Equity release leads to a compounding debt where the interest adds to the principal, and then interest is charged on the new, larger amount. This can cause the debt to grow significantly over time, often outstripping the appreciation of the property itself. While the “no negative equity guarantee” prevents owing more than the property’s sale price, it doesn’t prevent the debt from consuming a substantial portion, or even all, of the home’s value. This directly translates to a reduced or eliminated inheritance for your beneficiaries, contradicting Islamic emphasis on preserving wealth for future generations. The website states, “Equity release will reduce the value of your estate,” which is a stark reality. Budgetupvc.co.uk Review
Potential Impact on Means-Tested Benefits
The website also rightly points out that equity release “may affect your entitlement to means-tested benefits.” Releasing a large sum of tax-free cash can push individuals above thresholds for various state benefits, potentially leading to a reduction or loss of crucial support. This is a practical downside that needs careful consideration, as the cash injection might inadvertently lead to a net financial disadvantage by impacting other income streams. According to the MoneyHelper service (a UK government-backed service), it’s essential to check how any lump sum released affects benefits like Pension Credit, Universal Credit, and Council Tax Support.
High Fees and Long-Term Costs
While initial advice might be free, the £1,695 fee, payable upon completion, is a significant upfront cost that can even be added to the loan, meaning interest will accrue on this fee as well. Furthermore, while the interest rate might seem “low” at the outset (e.g., “starting at 6%”), when compounded over decades, the total cost of the loan can be substantial. For instance, if £50,000 is released at 6% interest and the homeowner lives for another 20 years, the debt would grow to approximately £160,356. This is a significant sum, illustrating the long-term financial burden and the inherent expensiveness of the product due to compounding interest.
Lack of Independent Advice
While Equityreleaseworks.co.uk claims “100% independent” and “Your Specialist Adviser is not tied to any lender so they can compare the whole market,” the very act of facilitating an equity release product inherently links them to a market that is not permissible in Islam. While they may compare different lenders, the type of product they are recommending remains problematic. For someone seeking ethical financial solutions, this “independence” within the conventional framework doesn’t negate the fundamental issues.
Understanding Lifetime Mortgages
A lifetime mortgage is the most common form of equity release. It involves taking out a loan secured against your home, which you continue to own. The loan, plus accrued interest, is usually repaid from the sale of your home when you die or move into long-term care.
Key Features and Mechanics
With a lifetime mortgage, you typically receive a tax-free lump sum or regular payments. The key feature, as highlighted on Equityreleaseworks.co.uk, is that you “Live in your home for life” without the need to make monthly repayments on the loan itself. The interest on the loan rolls up, meaning it’s added to the capital, and interest is then charged on the new, larger amount. This is why the debt can grow substantially over time. The site mentions options for “Repayments your way,” indicating that some plans allow voluntary payments to reduce the interest, but the default is usually no repayments. A crucial safeguard mentioned is the “No negative equity guarantee,” ensuring that you can never owe more than the sale price of your home. This feature protects against falling property values, but it doesn’t negate the fact that interest is accruing. Betterbraces.co.uk Review
Types of Lifetime Mortgages
While Equityreleaseworks.co.uk doesn’t detail specific types, commonly available lifetime mortgages include:
- Roll-up Lifetime Mortgages: The most common, where interest accrues and is added to the loan, to be repaid at the end of the term.
- Interest-only Lifetime Mortgages: You pay the interest each month, preventing the debt from growing, but the capital remains outstanding until the end of the term.
- Drawdown Lifetime Mortgages: You take an initial lump sum and can draw further amounts as and when needed, only paying interest on the amounts released. This can help manage the growth of the debt.
- Enhanced Lifetime Mortgages: Offer better terms (e.g., more cash) for individuals with certain health conditions or lifestyle factors that might shorten their life expectancy.
Why This Mechanism is Problematic for Muslims
The inherent nature of a lifetime mortgage, irrespective of its type, is built upon the concept of interest. The principle of Riba (interest), which is strictly prohibited in Islamic finance, is central to how these mortgages function. Whether it’s “roll-up” interest, or simply paying “interest-only,” the transaction involves a charge for the use of money over time, which is the very definition of Riba. This direct conflict makes lifetime mortgages an impermissible financial tool for Muslims. Furthermore, the long-term, uncertain nature of the debt, which grows over time, adds an element of Gharar (excessive uncertainty) to the transaction, further compounding its unsuitability.
The Ethical Implications of Equity Release
Beyond the specific financial mechanisms, the broader ethical implications of equity release warrant serious consideration, particularly from an Islamic perspective that prioritises justice, fairness, and responsible wealth management.
Impact on Future Generations
One of the most significant ethical concerns is the impact on future generations. Equity release, as stated by Equityreleaseworks.co.uk, “will reduce the value of your estate.” This means that the inheritance intended for your children and grandchildren will be significantly diminished, or in some cases, completely consumed by the loan and accumulated interest. In Islam, there’s a strong emphasis on providing for one’s heirs and ensuring the fair distribution of wealth (Fara’id). While a person has the right to spend their wealth during their lifetime, incurring a growing interest-based debt that strips away the inheritance goes against the spirit of financial prudence and intergenerational equity promoted in Islam.
Encouraging Debt and Financial Dependence
Equity release encourages taking on debt as a solution for immediate financial needs. While presented as “tax-free cash,” it is, in essence, a loan that grows with time. Islam strongly discourages debt unless absolutely necessary and with clear, interest-free repayment terms. The ease with which this debt can be obtained, without immediate repayment obligations, might lead to a reliance on borrowing rather than sustainable financial planning. This cultivates a culture of financial dependence rather than self-sufficiency and ethical wealth management, which are core Islamic principles. The allure of “no monthly repayments” can mask the long-term financial burden. Ukselttest.co.uk Review
The Morality of Interest (Riba)
The ethical foundation of Islamic finance is rooted in the condemnation of Riba. Riba is seen as a system that exploits the needy, concentrates wealth in the hands of a few, and stifles productive economic activity by favouring financial speculation over real economic growth. From an Islamic ethical standpoint, engaging in a transaction built on Riba is not just a financial misstep but a moral failing. It is considered unjust, as it involves an unearned income on capital without corresponding effort or risk-sharing. This makes equity release ethically problematic, regardless of any perceived practical benefits.
Alternatives to Equity Release for Muslims
Given the issues with equity release from an Islamic perspective, it’s crucial to explore ethical and Sharia-compliant alternatives for individuals seeking to access funds or manage their finances in later life.
Ethical Savings and Investments
Instead of leveraging home equity through interest, individuals can build up ethical savings and investments throughout their working lives. This includes investing in Halal Investment Funds that adhere to Sharia principles, avoiding interest-bearing instruments, and industries like alcohol, gambling, and conventional banking. Such investments allow wealth to grow in a permissible manner, providing a liquid fund for retirement or unforeseen expenses without recourse to debt. This proactive approach to financial planning ensures that future needs are met through ethical means, rather than through interest-based borrowing.
Downsizing or Renting Out a Portion of the Property
A direct and immediate alternative to equity release is downsizing property. This involves selling a larger family home and purchasing a smaller, more manageable property. The difference in property value can provide a substantial tax-free lump sum without incurring any debt. This option provides full ownership of the new, smaller home and eliminates the concerns of interest accrual and diminishing inheritance. Another viable option, if feasible, is to rent out a spare room or a section of the property. This generates a regular, interest-free income stream that can help cover living costs, without selling any part of the property or incurring debt. This approach directly aligns with Islamic principles of earning through legitimate means and asset utilisation. Phoenixtours.co.uk Review
Islamic Home Financing and Reverse Murabaha
For those who need to access funds related to their property but wish to remain Sharia-compliant, traditional Islamic financial products offer solutions. While not directly for “releasing equity” in the same way, the concept of Islamic Home Financing (Murabaha/Ijara) provides interest-free ways to facilitate property ownership. For instance, if an individual needs to pay off an existing conventional mortgage (which would likely be Riba-based), a Murabaha facility could be used to restructure the financing in a permissible way. A more niche, but relevant, concept is Reverse Murabaha or “Tawarruq.” This involves selling an asset to a bank for cash and then buying it back on deferred payment terms. While used cautiously by scholars due to potential for abuse, in specific circumstances, it can facilitate cash access without direct Riba if structured correctly and genuinely.
Family Support and Community Assistance
In Islam, there’s a strong emphasis on family ties and community support. Before resorting to interest-based products, individuals should consider seeking support from family members. This could involve interest-free loans (Qard Hasan), gifts, or shared living arrangements. The Muslim community also has mechanisms for charitable giving (Sadaqah) and support for those in need, often facilitated through local mosques or Islamic charities. These avenues provide a safety net and demonstrate mutual cooperation, aligning with Islamic values of solidarity and benevolence, offering dignified solutions without engaging in Riba.
The Regulatory Landscape of Equity Release in the UK
While Equityreleaseworks.co.uk operates within the UK’s financial regulatory framework, understanding this landscape is crucial, even when deeming the product impermissible from an Islamic standpoint. Regulation aims to protect consumers, but it doesn’t address the ethical permissibility from a faith perspective.
Financial Conduct Authority (FCA) Oversight
In the UK, equity release products, including lifetime mortgages, are regulated by the Financial Conduct Authority (FCA). The FCA sets strict rules for how these products are sold and advised upon, ensuring that consumers receive clear information and that advice is suitable for their individual circumstances. This includes requirements for firms like Equityreleaseworks.co.uk to be authorised and to adhere to principles of treating customers fairly. The FCA’s oversight helps to prevent mis-selling and ensures a degree of transparency in the market.
Equity Release Council (ERC) Standards
Many providers and advisers, including potentially those working with Equityreleaseworks.co.uk, are members of the Equity Release Council (ERC). The ERC is a trade body that sets additional, higher standards of conduct and consumer protection for equity release products. Key ERC safeguards, often mentioned by providers, include: Secmedical.co.uk Review
- No Negative Equity Guarantee: As highlighted on Equityreleaseworks.co.uk, this means you will never owe more than your home is worth.
- The Right to Remain in Your Property for Life: You have the right to live in your home until you die or move into long-term care.
- The Right to Move: You can move home, and your plan can be transferred to a new property, provided it meets the lender’s criteria.
- Fixed or Capped Interest Rates for Life: While the ERC doesn’t eliminate interest (Riba), it ensures that the rate is either fixed or capped, providing certainty on the interest charged over the lifetime of the loan.
These standards, while offering consumer protection, do not alter the fundamental nature of the product as an interest-bearing loan, which remains problematic from an Islamic perspective. According to recent ERC data (Q3 2023), the number of new equity release plans agreed reached 12,014, showing a significant market presence despite the economic climate, indicating widespread acceptance within conventional finance.
Independent Financial Advice Requirement
The regulatory framework mandates that anyone considering equity release must receive independent financial advice. This is why Equityreleaseworks.co.uk promotes speaking to a “Specialist Adviser” and states that “Expert advice with no pressure or obligation to proceed.” This ensures that consumers fully understand the implications, risks, and alternatives before committing to a lifetime mortgage. Advisers must also explore all available alternatives, even those outside of equity release, to ensure the product is genuinely the best option for the client. While this advice is crucial for navigating complex financial decisions, for a Muslim, the advice itself must lead to a Sharia-compliant solution, which equity release fundamentally is not.
FAQ
Is Equityreleaseworks.co.uk a legitimate company?
Based on the website’s professional appearance, clear contact information (including a physical address in Knutsford, Cheshire), and detailed disclosures typical of regulated financial services, Equityreleaseworks.co.uk appears to be a legitimate entity operating within the UK equity release market.
What is equity release?
Equity release is a way to unlock tax-free cash from the value of your home if you are typically aged 55 or over, without having to sell or move out. The most common forms are lifetime mortgages and home reversion plans.
How does a lifetime mortgage work?
A lifetime mortgage is a loan secured against your home, which you continue to own. The loan, plus any accrued interest, is usually repaid when you die or move into long-term care, typically from the sale of your property. Britanniaevents.co.uk Review
Are there any upfront costs with Equityreleaseworks.co.uk?
Equityreleaseworks.co.uk states that they provide initial advice for free and without obligation. A typical fee of £1,695 is only payable if you choose to proceed and your case completes, and this fee can also be added to your loan.
Is equity release permissible in Islam?
No, equity release, particularly lifetime mortgages, is generally not permissible in Islam due to the involvement of Riba (interest) and elements of Gharar (excessive uncertainty) in the accumulating debt structure.
What is Riba in Islamic finance?
Riba refers to any unjust or exploitative increase in a loan or debt, essentially usury or interest, which is strictly prohibited in Islam.
What is Gharar in Islamic finance?
Gharar refers to excessive uncertainty or ambiguity in a contract, which can lead to unfairness or dispute. In equity release, the indefinite term of the loan and the unpredictable final repayment amount can contribute to Gharar.
Will equity release affect my inheritance?
Yes, as stated on Equityreleaseworks.co.uk, equity release will reduce the value of your estate, potentially significantly impacting the inheritance left for your loved ones due to the accumulating debt and interest. Blueprintsw.co.uk Review
Can I still live in my home if I take out equity release?
Yes, with a lifetime mortgage, you retain ownership of your home and have the right to live there rent-free for life, or until you move into long-term care.
Are there alternatives to equity release for Muslims?
Yes, ethical alternatives include Islamic home financing (Murabaha/Ijara), ethical savings and investments (Halal funds), downsizing property, renting out a portion of your home, or seeking interest-free family or community support.
Does Equityreleaseworks.co.uk offer Sharia-compliant options?
No, Equityreleaseworks.co.uk offers conventional equity release products which are based on interest (Riba) and therefore are not Sharia-compliant.
What is the “no negative equity guarantee”?
The “no negative equity guarantee” means that you will never owe more than your home is worth when it is sold, ensuring that any remaining debt cannot be passed on to your beneficiaries.
How does the interest rate on equity release work?
The interest rate on equity release is typically fixed for the life of the plan, as mentioned by Equityreleaseworks.co.uk, meaning the rate won’t change, but the interest will compound and add to your loan over time. Ignys.co.uk Review
Can I make repayments on an equity release loan?
While typically there are no required monthly repayments, some equity release plans, as noted on Equityreleaseworks.co.uk, do allow you to make voluntary payments to reduce the interest and overall debt.
Will equity release affect my state benefits?
Yes, releasing a tax-free lump sum from equity release can affect your entitlement to means-tested benefits, such as Pension Credit, Universal Credit, and Council Tax Support.
Who regulates equity release providers in the UK?
Equity release providers and advisers in the UK are regulated by the Financial Conduct Authority (FCA), and many adhere to the standards set by the Equity Release Council (ERC).
What is the Equity Release Council (ERC)?
The Equity Release Council (ERC) is a trade body that sets standards for equity release products and ensures consumer protections, such as the “no negative equity guarantee” and the right to remain in your home.
How do I contact Equityreleaseworks.co.uk?
Equityreleaseworks.co.uk provides a contact us page with a physical address (Booths Park 5, Chelford Road, Knutsford, Cheshire, WA16 8GS) and presumably other contact methods like phone or email. Mrnnursery.co.uk Review
What should I consider before equity release?
It’s crucial to read “Things to think about” on their website, understand that it reduces your estate’s value, may affect benefits, and involves a secured loan with accrued interest. For Muslims, the fundamental issue of Riba should be the primary consideration.
Can I use equity release to pay off existing debts?
Yes, Equityreleaseworks.co.uk states that popular uses for the released money include repaying debts or an interest-only mortgage, but this would replace one debt with another interest-bearing one.
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