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Concise Finance Equity Release And Lifetime Mortgages

interest only lifetime mortgages deals

A new lender is available for equity release from Concise Finance, not available on the comparison sites, 2.23% MER rate with just a valuation fee and no other fees.  No early redemption penalty.  You can make monthly payments if you prefer.

  • Lifetime mortgage products with a high loan amount
  • Flexible drawdown lifetime mortgage equity release options
  • Low-interest rates without lenders’ fees
  • Use the equity from your home to get a lump sum payment without early repayment charges for property improvements.
  • Keep your total exposure to UK property prices going up
  • Help your family members with your cash reserve
  • Get advice from an equity release advisor if it is wise to repay your credit cards.

How much cash can I borrow?

You can release 60% of your property’s value. For example, if your house is valued at £260000, you can borrow £156000.

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Popular loan to value percentages of Lloyds Bank mortgages for over 70s, mortgages over 70s, Post Office interest-only mortgages for over 60s, Legal & General equity release schemes for over 55’s, Royal Bank of Scotland mortgages for 60 plus pensioners and Nationwide low overall cost interest only mortgages over 70 are 45%, 55% and 65%.

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Appealing retirement finance offerings include Lloyds Bank pensioner mortgages, pensioner mortgages, Post Office mortgages over 70, L&G low-cost interest-only mortgages over 70 and Nationwide BS mortgages for 60 plus.

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Typical loan to value ratios of LVE help to buy for over 60s, More to Life interest-only mortgages for people over 60, OneFamily retirement mortgages for those over 65, Yorkshire Bank mortgages for 60 plus pensioners, Aldermore retirement interest only mortgages over 75 and Sun Life retirement mortgages over 60 are 35%, 55% and 70%. You may need to look at the overall cost plus interest and if you make repayments, it is an excellent idea to keep the cost down.

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Some of the most common loan-to-value percentages of Virgin Money mortgages for people over 50, Shepherds Friendly retirement mortgages for over 70,  Building Society interest-only mortgages for over 65-year-olds, Newcastle Building Society interest-only mortgages for over 65-year-olds, and Progressive Building Society mortgages for pensioners over 60 are 35%, 60% and 70%.

Concise Finance offers information about equity release loan products for people under 55 and over 55 years old.

Even if you still have a mortgage, we can help you release the tax-free money you need.

  • Help your family buy their first home
  • Have your dream holiday or buy a motorhome
  • Get money to improve or extend your home
  • Use finance to manage your estate or inheritance tax bill
  • Pay down debts you have and supplement your income
main residence aged 55 minimum age


Concise Finance has options available for people under 55 for equity release.

How much does equity release cost?

Equity release mortgages are debts secured against your home.  You will likely need to pay off your existing mortgage in full if you have one.  An equity release calculator will help you work out the costs, including broker fees, lender fees, solicitor fees, arrangement fees and valuation fees.  These likely add up to several thousand pounds, which will probably be added to the loan.

The most popular form of equity release is an Rates lifetime mortgage.

The most common use of equity release is to pay off an existing mortgage or to help loved ones get on the property ladder.  The money from your home can be raised at a reasonable interest rate without monthly repayments. You may need to raise money to pay your council tax or buy another abandoned property to renovate.

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Nationwide Equity Release, Lifetime Mortgages and Retirement Mortgages

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Liverpool Victoria LV

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UK Building Societies

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The legal charges on the home will be in place until you die or move into long-term care; when your home is sold, the remainder of your home’s value will be released to you. Sometimes, BISF homes can be mortgaged by specialist lenders.

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Equity release customers may find that their entitlement to means-tested state benefits could be impacted, and the equity release adviser may be able to advise you and another family member on this.  This is key to your retirement planning.

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RBS Retirement Mortgages

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Equity release specialists will explain how compound interest works, where the amount you owe goes up over time.  Some lenders have a repayment charge if you sell your home.  A reversion company does not offer debt; they want to buy part or all of your home, which is more prevalent in NI.

Compare Cheshire Equity Release homeowner loans

Fees

Age-related mortgage products for January 2024

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Sometimes farms can have equity release products, too, with some specialist lenders.

Personal Circumstances Related – equity release costs in January 2024

No Credit Check Interest Only Lifetime Mortgage
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Tough-to-mortgage property titles can include flats of less than 30 square metres in any location, properties converted from modern commercial premises, properties without direct access to an adopted highway or which are accessed over an unmade road, properties where there is a self-contained part of the property or annexe, i.e. basement flat or ex local authority flats etc. and properties that have a private water supply provided a contract is in place with an approved maintenance company for regular testing and maintenance.

Area Related

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Northern Ireland and some property on contaminated land.
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A home reversion plan or equity release mortgage can mess up your state benefits, so you should consider this before you work out how much you could release. You may be better off with Liverpool Victoria. Sometimes, you can buy a property with an LG ER product. Flying freeholds can be pretty challenging for the Newbury Building Society.

Hard to mortgage property types and Equity Release

How does equity release work?

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Equity release for joint ownership is a way to use the market value of your home to get one lump sum of cash or regular drawdown payments.  Taking out an equity loan will depend on your property type, as equity release advisers will make clear.  Lump sums are tax-free.

There is a massive demand for Halifax lifetime mortgages, the old Halifax interest-only lifetime mortgage and Halifax later life mortgages. A Halifax lifetime mortgage can have a meagre overall cost, as can a Halifax equity release.

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What are the pitfalls of a lifetime mortgage?

The pitfalls of lifetime mortgages are the impact on your estate when you die, and the dangers of roll up interest.

Who qualifies for a lifetime mortgage?

People over 55 have sufficient equity in their homes. Some property types are excluded from some lenders.

What is the average interest rate on a lifetime mortgage?

The average interest rate on lifetime mortgages is around 3%.

How much can I borrow on a lifetime mortgage?

You can borrow up to 60% of the value of your home with a lifetime mortgage.

What is a lifetime mortgage?

It’s a loan secured on a home with roll-up interest.

Is a lifetime mortgage right for you?

It could be yes, depending on your circumstances.

What is the difference between an equity release and a lifetime mortgage?

Equity release could involve a lifetime mortgage.

What is the difference between a lifetime mortgage and a residential mortgage?

A lifetime mortgage has no monthly payments as the interest rolls up.

How does a lifetime mortgage work?

It’s a loan with roll-up compound interest. You pay it back when you die or go into long term care.

Are lifetime mortgages a good idea?

They can be an excellent idea for people who need to pay off an existing mortgage.

Santander Later Life Finance

In 2023, it is predicted that mortgages for over 60s will be prevalent.

Barclays Mortgages for Pensioners

Another product likely in high demand is Barclays lifetime mortgages for UK homeowners in retirement.