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Age 50 Equity Release via a Lifetime Mortgage

Age 50 Equity Release
  • Remove tax-free money from your house with Age 50 Equity Release
  • You don’t need to make regular monthly payments
  • Buy a family member a home without a mortgage
  • Stay living in your own house for as long as you like
  • Steel frame/panels ok
  • Concrete frame/panels ok
  • Over 10 acres of land ok

Loan to value for equity release?

You can release 70% of your property’s valuation. For example, if your house is valued at £270000 you can borrow £189000.

  • Free No Obligation Quote

  • Please enter a number from 3000 to 2000000000.
  • Please enter a number from 30000 to 100000000.
  • Leave blank if no mortgage outstanding
  • About You

Testimonials and Example Cases

RIO

Sandra from Manchester

I got equity release to give money to my daughter to buy a house. Without the money I borrowed, her buying a home would have been impossible.

RIO

Mr Williamson from Chiswick

My son is a chef in a care home. He is not well paid. No way his bank would lend him the money to buy a flat. My equity release enabled him to put a substantial deposit down so his mortgage was very small.

My equity release interest rate was close to the interest rate offered by his bank.

RIO

Mrs E from London

I was advised to get equity release from my East London home to minimize inheritance tax.

My son and daughter used the money to pay down their mortgages. The interest rate on the equity release was so low it was close to their mortgage rate.

RIO

Ms T from Hammersmith

My husband recently died leaving me with a mortgage I could not afford to pay.

The lifetime mortgage allowed me to pay off the mortgage and have enough money left over for a new bathroom, kitchen, and roof repair.

RIO

Mrs L from Nottingham

I had to pay a valuation fee and a solicitor’s fee, but no lender or broker fees for my lifetime mortgage.

As I was divorcing my husband of 30 years the money went to him for his share of the house. I am happy now as I am secure, and I do not need to move from my home.

julia-a

Julia A

My mother has dementia. With my solicitor and my power of attorney, I got equity release on my mother’s house to pay for specialist modifications for her comfort.

RIO

Mr Smith from Kendal

My financial advisor told me that I should get equity release and gift money to my 5 children now as it would save a massive amount of inheritance tax.

RIO

Sophie G from Aberdeen

The financial advisor I’ve had for 25 years said I could save inheritance tax by getting £350,000 of equity release.

The money was lent at a very low interest rate close to 2% and competitive with normal mortgages you would get by providing income. I have saved a lot of tax.

RIO

Mrs. E from London

My mortgage needed to be repaid to the existing lender. I thought I was going to lose my house. Thanks to Concise I got equity release to pay off my mortgage.

  • Free No Obligation Quote

  • Please enter a number from 4000 to 20000000.
  • Leave blank if no mortgage outstanding
  • About You

  • By clicking Submit and ticking the box above you agree to be contacted by an FCA authorised advisor that you have read and agreed to our Terms & Conditions and our Privacy Policy.
Putney Home
Homeowner in their 70s
London House Finance
Under 65 Home owner
  • More to Life Capital Choice Plus Plan
  • More to life Flexi Choice Drawdown Lite Plan
  • Just Retirement Equity Release Schemes
  • L&G Legal & General Premier Flexible Lifetime Mortgage
  • TSB Lifetime Interest Only Mortgage
  • Saga home reversion schemes
  • More to life Flexi Choice Drawdown Lite Plan
  • Age 50 Equity Release
  • Liverpool Victoria LV Equity Release Schemes
  • More 2 Life Flexi Choice Drawdown Lite Plan
  • NatWest Equity Release Schemes
  • Aviva Lifetime Mortgage
  • Hodge Indexed Lifetime Mortgage
  • Just Retirement Interest Only Lifetime Mortgage
  • Liverpool Victoria LV= Flexible Lifetime Mortgage
  • Pure Retirement Drawdown Plan
  • NatWest Equity Release Schemes
  • Age Partnership Lifetime Mortgage

Areas in the UK where Age 50 Equity Release is common

  • Garstang
  • Winslow
  • Waltham Cross
  • Princes Risborough
  • Godmanchester
  • North Tawton
  • Radstock
  • Rothbury
  • Upton-upon-Severn
  • Peterlee
  • Barnet
  • Burford
  • Modbury
Yorkshire Bank Retirement Mortgage

It’s very regular to discover people searching for interest-only lifetime mortgages, lumpsum lifetime mortgages or lifetime mortgage with flexible drawdown cash release, however, Key Retirement like Maximum cover Equity Release are keen to see evidence of your circumstances in the form of investment statements.

Equity Release LTV Age 50 Equity Release

The more elderly you are and the more serious your illnesses you are the more money you can release.

One Family

Pure Retirement

Canada Life Drawdown Lifetime Mortgages

More to life  - Capital Choice Plan

Challenging to finance home titles include properties with legal agreements such as Overage, Clawback, Option, Pre-emption, or any onerous Restrictive Covenant, leasehold properties with a short lease, typically less than 70 years, or a defective lease, properties of non-standard construction, thatched buildings and Reema Hollow panel, Schindler and Hawksley SGS, Stent, Stonecrete, Stour, Tarran, Underdown, Unity and Butterley, Waller, Wates, Wessex, Winget and Woolaway.

More to life  - Flexi Choice Super Lite

Tough to finance property variants can include properties built or converted into dwellings more than 10 years ago, properties with grounds in excess of five acres, properties without direct access to an adopted highway or which are accessed over an unmade road, properties with mobile phone masts which are not within influencing distance of the house and properties that have a private water supply provided a contract is in place with an approved maintenance company for regular testing and maintenance.

Legal & General - Flexible Indigo

Difficult to mortgage property variants include eco houses and modern methods of construction, properties with single skin brickwork where the single skin comprises more than 20% of the surface area of the external walls, properties constructed or converted within the past 10 years, freehold/feuhold flats (Scotland only) and freehold flats (England, Wales, Northern Ireland).

Hodge Lifetime lifetime mortgage

Age 50 Equity Release is common among business owners like below

  • Private security activities Maidstone
  • Transmission of electricity Masham
  • Processing and preserving of fish, crustaceans and molluscs Market Harborough
  • Manufacture of tobacco products Oakham
  • Manufacture of non-electronic industrial process control equipment Bradley Stoke
  • Data processing, hosting and related activities Selsey
  • Agents involved in the sale of fuels, ores, metals and industrial chemicals Sandown
  • Construction of commercial buildings Redcar
  • Security dealing on own account Corsham
  • Manufacture of soft furnishings Banbury
  • Manufacture of other products of wood; manufacture of articles of cork, straw and plaiting materials Bampton
  • Manufacture of industrial gases Cullompton
  • Cultural education Marlborough
  • Operation of rail freight terminals Ryde
  • Wholesale of office furniture Harpenden
  • Distilling, rectifying and blending of spirits Halesworth
  • Publishing of newspapers Edmonton
  • Activities of call centres Clun

Hard to finance property variants can include homes requiring essential repairs, entirely tenanted properties, right to buy – properties in Scotland, leasehold properties (with the exception of flats and maisonettes) and properties with single skin brickwork.

Understanding Lifetime Mortgage Interest Rates for Those Over 60 and Equity Release Rates for Those Over 70

For UK residents, the concept of equity release and lifetime mortgages has become an integral part of retirement planning, especially for those aged over 60 and 70. These financial tools allow homeowners to access the wealth tied up in their homes, providing financial flexibility in their later years.

Equity Release and Lifetime Mortgages Explained

Lifetime mortgages, a predominant form of equity release, allow homeowners, primarily those over 55, to secure a loan against their property. Unlike standard mortgages, there are no monthly repayments. Instead, the loan and accumulated interest are repaid once the homeowner dies or moves into long-term care.

Using Equity for Various Financial Needs

One common question homeowners ponder is, “Can you use equity as a deposit?” The answer is yes. Equity can serve as a deposit, be it for a new property or other significant financial commitments. This leads to the subsequent query, “Can I use equity as a deposit for moving house?” Again, the answer is affirmative. You can leverage your home’s equity to facilitate your next move, making transitions smoother.

Equity and Property Types

For homeowners with more than one property, the thought often arises, “Can I release equity from a buy to let property?” The general consensus is that while equity release is primarily designed for primary residences, certain providers may offer equity release for buy to let properties or even a second home.

Navigating the Landscape of Lifetime Mortgage Rates and Equity Release Rates

Reflecting on Past Rates

For those curious about past trends, delving into equity release interest rates 2016 offers insight. Historically, as the market evolved and competition grew, interest rates for equity release products saw a declining trend.

Current Trends: Equity Rates 2022

Today, equity rates 2022 are at some of the most competitive levels. As more providers enter the market and products become more diversified, homeowners can access better terms and conditions.

Tax Implications and Legalities Surrounding Equity Release

Equity Release and Taxes

One of the chief concerns for many is, “Do you pay tax on equity release?” The money obtained from equity release is typically tax-free. However, other tax implications might arise, especially concerning equity release and inheritance tax. For instance, the act of equity release could reduce the value of your estate, potentially altering the inheritance tax liabilities.

Furthermore, there are other equity release tax implications to consider, particularly if one opts to invest the cash obtained. It’s always wise to consult with a tax specialist or a solicitor versed in inheritance tax matters.

Legal Aspects of Equity Release

Diving into equity release often requires legal guidance, mainly due to the nuances involved in contracts and agreements. This brings up the topic of equity release solicitors fees. These fees can vary based on the solicitor’s experience, location, and the complexity of your case. When seeking a solicitor, it’s useful to ask around or search for “equity release solicitor near me.” Remember to read reviews, such as just equity release reviews, to gauge the reliability and expertise of the solicitor.

It’s also worth noting that when dealing with equity release, there might be additional costs like transfer of equity solicitor costs and arrangement fees.

Property Concerns and Equity Release

Extensions and Your Mortgage Lender

If you’re considering property alterations, you might wonder, “Do I need to tell my mortgage lender about an extension?” Generally, informing your mortgage lender about significant property changes is a wise move. Extensions can alter the value of your home, impacting the terms of your mortgage or equity release agreement.

Property Valuation and Equity Release

“How much is a valuation fee?” is a common question among homeowners. Valuation fees can differ based on the property’s size, location, and the valuation company. This valuation is crucial as it determines how much equity can be released.

Furthermore, homeowners often ask, “What happens at a house valuation?” Typically, a professional valuer assesses the property’s condition, size, and location, comparing it with local property sales to determine its market value.

Diverse Equity Release Scenarios and Concerns

Equity Release for Various Endeavours

The flexibility of equity release means it can be utilised for various endeavours:

  • Buying a retirement property: “Can I buy a retirement property for my parents?” With equity release, this becomes a feasible option.
  • Using pension or equity: Homeowners often grapple with the decision, “Mortgage or pension?” or “Pay off mortgage or pension?” While both have their merits, using equity release can provide an alternative means to achieve financial goals without heavily relying on pensions.
  • Borrowing against inherited property: If you’ve inherited a property, you might ponder, “Can I borrow against an inherited property?” Equity release can be an avenue to explore, unlocking the property’s value without selling it.

Protecting Inheritance and Other Key Aspects

For many, the decision to opt for equity release is not taken lightly due to concerns about leaving an inheritance. With equity release inheritance protection, homeowners can ring-fence a portion of their property’s value, ensuring their loved ones still receive an inheritance. This often ties in with questions about equity release and inheritance tax.

Another common question revolves around rental properties: “Can I rent out my house if I have equity release on it?” The answer largely depends on your equity release provider. Some may allow it, while others might have restrictions.

Pitfalls and Cautions with Equity Release

Like any financial product, equity release comes with potential pitfalls. Awareness of equity release scams is crucial. It’s paramount to ensure any equity release provider or adviser is registered with the appropriate regulatory bodies.

Navigating the landscape of equity release and lifetime mortgages requires careful consideration. By understanding the various facets, from rates to tax implications and legal aspects, homeowners can make informed decisions tailored to their unique needs and financial goals.

Lifetime Mortgage Interest Rates Over 60 and Equity Release Rates Over 70: A UK Perspective

Equity release and lifetime mortgages have grown in popularity among UK homeowners, especially for those aged 60 and over. Both these options offer a means to access the financial value tied up in a property, aiding in a range of financial decisions.

Understanding Lifetime Mortgages and Equity Release

A lifetime mortgage, as the name suggests, allows homeowners to borrow a sum against the value of their home. This loan, along with the interest accrued, is repaid after the homeowner’s passing or if they transition into long-term care.

Equity Release Mechanisms

Equity release refers to the means by which homeowners can unlock the value of their homes without needing to move. There are multiple products within this realm, one of the most prominent being the enhanced lifetime mortgage. This particular type of mortgage takes into account the health and lifestyle of the homeowner, potentially offering more considerable sums if there are certain health conditions present. Its counterpart, enhanced equity release, operates similarly, factoring in health for potential loan amounts.

Diverse Applications of Equity Release

Equity Release for Property Ventures

A common consideration for many homeowners is whether they can utilise equity release for diverse property-related ventures. Questions such as “Can equity be used as a deposit?” or “Can I use the equity in my house as a deposit when I move?” arise frequently. The straightforward answer is that it often depends on the terms set by the equity release provider. However, it’s generally feasible to use equity as a deposit, whether for buying another property or as part of a move.

For those contemplating more niche property endeavours like a buy to let equity release, the market does cater to such needs. Equity release schemes now accommodate those who wish to release equity from buy-to-let properties, though terms might differ from conventional equity release.

Costs and Fees Associated with Equity Release

One of the first things homeowners grapple with when considering equity release is the associated costs. Questions like “How much does equity release cost?” or “What does equity release cost?” are frequent. The costs often comprise a combination of the interest rate and any setup or equity release set up costs. Other potential costs include equity release advice fees and equity release care home fees.

For those concerned about solicitors fees for equity release, it’s crucial to research and obtain quotes. Different equity release solicitors near me will offer varied rates based on their experience, services, and reputation.

Navigating Equity Release with Other Financial Considerations

Equity Release and Benefits

A significant concern for many potential equity release candidates is how it might affect their benefits. The question, “Does equity release affect pension credit?” or “Does equity release affect benefits?” is not uncommon. In some cases, equity release can impact means-tested benefits, so it’s essential to consult with a financial adviser or benefits expert before proceeding.

Equity Release and Inheritance

Equity release might also have implications for inheritance. Questions such as “What happens when my interest-only mortgage ends?” arise since many people worry about leaving behind debt or reducing the value of the estate they pass on. Solutions like inheritance protection are designed to safeguard a portion of the home’s value for beneficiaries, ensuring they still inherit even after equity release.

Other Financial Scenarios with Equity Release

Various scenarios can intersect with equity release:

  • Equity release and wills: Your will is unaffected by equity release, but it’s vital to ensure that your beneficiaries understand the implications of the loan upon your passing.
  • Equity release with an existing mortgage: It’s possible to use equity release to clear an existing mortgage, but this would reduce the amount you can then access for other purposes.
  • Using pension to pay off mortgage: Some individuals might contemplate using their pension pot to clear their mortgage. However, this can have tax implications and might not be the most efficient use of pension funds.
  • If I sell my house can I still claim benefits UK?: Selling your home might affect your entitlement to certain means-tested benefits. If the sale results in a considerable amount of money left over after purchasing a new property, this might affect your benefits eligibility.

Concerns and Considerations in Equity Release

Equity Release Providers and Valuations

Homeowners often wonder about the valuation process. Questions such as “What do valuers look for when valuing a house UK?” or “What happens in a house valuation?” are standard. Valuers typically consider the property’s condition, size, location, and local market trends. Some lenders might opt for desktop valuations, which are done remotely without a physical visit.

Switching Mortgages and Equity Release

A frequent query among homeowners is if they can change their existing mortgage terms in conjunction with equity release. They might ask, “Can I switch to an interest only mortgage?” or “Can I extend my interest-only mortgage term?“. While it is possible to make such switches, it’s essential to consider the long-term implications of switching to interest-only terms, especially as one approaches retirement.

Making the Decision: Equity Release or Alternatives?

The choice between equity release, remortgaging, or other financial avenues is personal. Each homeowner’s circumstances will dictate the best route. Questions like “Remortgage or equity release?” are vital. Remortgaging might offer lower interest rates in some cases, but it requires regular monthly repayments. On the other hand, equity release doesn’t necessitate monthly payments but might accrue more interest over time.

Potential Pitfalls in Equity Release

Like all financial products, equity release is not without its challenges and concerns:

  • Equity release companies to avoid: It’s crucial to choose a reputable equity release provider. Always opt for companies registered with the Equity Release Council.
  • Equity Release Scenarios to Consider
  • Inheriting a House with Equity Release: If you inherit a property that had an equity release scheme in place, you’ll typically have a set period (usually 12 months) to repay the loan. This can be done by selling the house, arranging alternative financing, or using any other means available to clear the debt.
  • Equity Release when Someone Dies: Upon the death of a homeowner with an equity release scheme, the family or the estate executor usually contacts the equity release provider. The equity release debt will then need to be settled, typically from the sale proceeds of the house.
  • Equity Release to Buy Another House: Some homeowners might consider equity release to fund the purchase of another property. Whether this is for investment purposes or helping family members, it’s essential to understand the long-term financial implications and costs involved.
  • Equity Release on a Second Home: While traditionally taken out on primary residences, there are equity release plans available for second homes. Each lender will have its criteria and rules around this.
  • Equity Release and Moving House: One common misconception is that once you’ve taken out an equity release, you’re unable to move. This isn’t the case. Many plans are ‘portable’, meaning you can transfer them to a new property, subject to the new property meeting the lender’s criteria.
  • Risks and Common Concerns:
  • Negative Equity: With equity release, particularly lifetime mortgages, there’s a risk of negative equity, where the loan amount exceeds the property’s value. However, products approved by the Equity Release Council come with a no negative equity guarantee, ensuring you’ll never owe more than the property’s value.
  • Impact on Family: Equity release reduces the value of your estate, which can decrease the inheritance left for your heirs. However, options like inheritance protection can help safeguard a percentage of your property’s value.
  • Equity Release Set-Up Costs: Initial costs can be a deterrent for some. It’s crucial to be clear on setup fees, valuation costs, and solicitor fees before proceeding.
  • Early Repayment Charges: If you decide to repay your equity release plan early, you might face early repayment charges. It’s essential to understand these potential costs from the outset.
  • Navigating the Landscape of Providers and Offers:
  • The UK equity release market is brimming with providers and diverse offers. Here’s a snapshot of some well-known entities and terms:
  • Legal and General Valuation: Legal & General is a significant player in the equity release market, known for its competitive interest rates and transparent products.
  • Royal London Equity Release: Another heavyweight, Royal London, offers various equity release products tailored to different needs.
  • Equity Release Age Partnership: Age Partnership is a prominent equity release broker, helps homeowners find suitable products.
  • First Direct Interest Only Mortgage: While not an equity release product per se, interest-only mortgages like those from First Direct can sometimes be an alternative or supplementary solution for homeowners.
  • Frequently Asked Questions:
  • Can I Change My Mortgage to Interest Only?: Yes, it’s possible, but lenders will assess if it’s affordable for you and if it’s in line with their lending criteria.
  • How Long Does It Take to Remortgage?: Typically, remortgaging can take between 4 to 8 weeks, but this can vary based on the complexity of the application and other factors.
  • What is an Arrangement Fee?: It’s a charge by the lender for setting up the mortgage or equity release. It can often be added to the loan amount, but this means you’ll pay interest on it.
  • Does Inheritance Affect Benefits UK?: Yes, a significant inheritance can affect means-tested benefits. If you’re on benefits and inherit money or property, it’s crucial to understand the implications and report the inheritance to the relevant benefits agency.
  • Seeking Professional Advice:
  • Given the complexities and long-term implications of equity release, it’s highly recommended to seek professional advice. Whether it’s understanding business debt consolidation loans, evaluating equity release vs remortgage, or contemplating medically enhanced equity release, consulting with experts ensures you make informed decisions.
  • Steps Moving Forward:
  • If you’re considering equity release or lifetime mortgages, start by:
  • Research: Understand the basics and familiarise yourself with the terms involved.
  • Consult: Speak with an equity release adviser to get a grasp on your options.
  • Discuss: Talk with family members, as equity release can impact inheritance.
  • Review: Regularly review your plan to ensure it remains aligned with your financial goals.
  • In essence, equity release can be a valuable tool for homeowners over 60 in the UK. By understanding the intricacies, weighing the pros and cons, and staying informed, you can harness your home’s value to serve your financial needs effectively.

Some of the most common loan to value ratiosof Standard Chartered pensioner mortgages over 55, Direct Line interest only mortgages for over 60s, Churchill equity release schemes for people over 70, Skipton Building Society over 60 lifetime mortgages no fees, Newcastle Building Society interest only mortgages for people over 70 and Progressive Building Society mortgages for over 65 are 45%, 60% and 70%.

Small kitchen/bathroom extensions of single skin brickblockwork•Concrete or steel frame blocks of flats built after 1980

What percentage can be released Age 50 Equity Release?

  • 50% lumpsum lifetime mortgages Old Mutual Wealth
  • 30% loan to value home reversion schemes Cambridge Building Society
  • 45% loan to value (LTV) lump sum lifetime mortgages Bridgewater
  • 50% LTV lifetime mortgage with flexible drawdown cash release Together Money
Yorkshire Bank Over 60 Mortgage

Popular LTV ratios of Lloyds interest only lifetime mortgages for over 60s, Barclays Bank retirement interest only mortgages over 75, Post Office mortgages for 60 plus pensioners, L&G retirement mortgages over 65, RBS help to buy for over 60s and Nationwide Building Society mortgages for 60 year olds are 50%, 55% and 65%.

Popular loan to values of LV= retirement interest only mortgages over 60, More to life mortgages for 60 year olds, One Family interest only mortgages for people over 60, Yorkshire Building Society interest only mortgages for over 65 year olds, Principality Building Society mortgages over 65 and SunLife interest only mortgages for over 70s are 35%, 60% and 70%.

The mortgage lender will want to know if the property is a semi-detached freehold house or a Leasehold house and if the resident is an AST Tenant.

Pitfalls of Age 50 Equity Release

Lifetime mortgage with flexible drawdown cash release can reduce your estate value. Lump-sum lifetime mortgages may impact entitlements to state benefits. You may need to pay an advisor’s fee and some products expose you to changes in interest rates.

Providers for UK Age 50 Equity Release

  • Key Retirement
  • Prudential Lifetime
  • Legal and General
  • Legal & General

Flat roofs over 50% of the total roof area (except blocks of flats)•Asbestos sheet•Corrugated metal

Many of the most appealing retirement finance offerings are TSB lifetime mortgages, Barclays Bank help to buy for over 60s, Post Office interest only retirement mortgages for over 70s, Legal and General lifetime mortgages and Nationwide mortgages for 60 plus.