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Do you own a Property with annexes or two kitchens and need equity release?

annexes
  • Release equity from your house
  • No monthly repayments
  • Use the cash to pay off loans and credit cards
  • Stay living in your own house for as long as you like
  • Could be used to manage inheritance tax bills
  • Self-contained with/without private facilities
  • With/without direct access to the highway via covered common parts
  • No limit of stories
  • No minimum floor area

How much cash can I get?

You can borrow 70% of your property’s value. For example, if your house is worth £220000 you can release £154000.

  • Free No Obligation Quote

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  • Please enter a number from 50000 to 10000000.
  • Leave blank if no mortgage outstanding
  • About You

Customer Reviews

two kitchens equity release

William from London

2 kitchens lifetime mortgage

I was told by my lawyer my inheritance tax bill would be around £250,000. I got a lifetime mortgage to give money to my son and daughter so they could buy bigger homes and we bought a house in the south of France for us all to use as a holiday home.

Mr Smith from Kendal

david-p-london

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.

David P

annexes property equity release

With my power of attorney, I got an equity release on my father’s house to pay for disability provisions including a lift and a new kitchen.

Ms G from Dover

I divorced my husband who was a violent alcoholic. I really feared losing my home as I sometimes look after my daughter’s children. Equity release enabled me to pay off my ex and stay secure in my home.

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Homeowner in their 70s
Southfields House
Wandsworth Family Home
Access home equity
Under 65 Home owner

Downsides of Equity Release Schemes

A lifetime mortgage with a flexible drawdown cash release can reduce the inheritance for your family. Lifetime mortgage with flexible drawdown cash release may impact ability to claim entitlements. You may need to pay a legal fee and some products expose you to changes in interest rates.

Pure Retirement - Classic Super Lite
More to life  - Capital Choice Plan
Hodge Lifetime - Flexible Repayment Plan - NO Early Repayment Charges

Tough to finance home variants include high service charges, ground rent where the lease or any deed varying the lease provides for a ground rent exceeding, or where the escalating provisions would result in the ground rent exceeding £250 per annum (or £1000 per annum where the property is in Greater London), derelict property or where part of the building is in severe disrepair and needs demolishing, thatched buildings and concrete panel houses.

Canada Life Home Finance lifetime mortgage
Short Leasehold Retirement Mortgage

Lifetime Mortgage Interest Rates Over 60 and Equity Release Rates Over 70 in the UK: The Rise of Houses with Annexes

The Growing Demand for Houses with Annexes

In recent times, the demand for homes offering additional living spaces like annexes has grown considerably in the UK. Whether it’s for multi-generational living or providing privacy to older members of the family, houses with annexes are becoming a popular choice for many homebuyers.

What is an Annexe?

For those unfamiliar, an annexe or annex in the UK context refers to a self-contained living space that’s part of a main property but has its own separate facilities. This could range from a simple room with a bathroom to a space with 2 kitchens.

But what constitutes a kitchen for mortgage purposes? In the UK, a kitchen is generally defined by its functionalities – if it has a sink, oven, and space for food preparation, it’s usually considered a kitchen. Some homes with annexes have two kitchens, one for the main house and one for the annexe.

Houses with Annexes: Benefits

Houses with granny annexes or houses with self-contained annexes offer multiple benefits:

  1. Multi-generational Living: Such homes are perfect for multi-generational families. They offer the older generation privacy while keeping them close. Hence the increasing search for multi-generational homes for sale UK.
  2. Additional Income: Homeowners can rent out the annexe to generate an extra income stream. However, homeowners need to be aware of regulations surrounding renting out an annexe in the UK. The question of can I rent out my annexe UK has various legal and tax implications.
  3. Increased Property Value: Properties with an annexe generally fetch a higher resale value, making them a worthy investment.

The Financial Implications: Mortgages and More

Mortgage Implications for Homes with Annexes

When purchasing a house with an annexe, the mortgage process might differ slightly. This is due to the presence of additional living spaces, especially when there are 2 kitchens. It’s vital to discuss the specifics with a mortgage advisor to understand any implications. After all, lenders might have varying definitions of what constitutes a kitchen for mortgage purposes.

The Equity Release Perspective for Owners Over 60

For homeowners over 60, properties with annexes present an added advantage. The value of such homes is often higher due to the added living space. This is beneficial when considering equity release or lifetime mortgage interest rates over 60. The equity built up in a house with annexe can offer a larger sum when opting for an equity release scheme.

Similarly, for those over 70, the equity release rates for such properties might be more attractive due to the additional value the annexe brings.

Stamp Duty and Annexes

When buying properties with annexes, understanding the stamp duty implications is crucial. The stamp duty annex relief calculator can be a helpful tool in such scenarios. It aids in determining if you’re eligible for any stamp duty reliefs, especially if the annexe is a significant part of the property purchase.

Exploring Different Types of Annexes

The Popularity of Granny Annexes

The granny annexe for sale search term has surged in popularity. Granny annexes are specifically designed keeping in mind the needs of the older generation. They’re usually located on the ground floor for ease of access and might come equipped with disability-friendly features. In essence, they offer a blend of independence and proximity, making houses with granny flats for sale a sought-after property type.

Self-contained Annex vs. Garden Annexe

While a self-contained annexe offers all the facilities within the annexe space, a garden annexe for sale refers to an annexe located in the garden or backyard of a property. These can be separate structures and might often be the result of converting garden sheds or garages.

The Financial Aspect of Building an Annexe

For those considering adding an annexe to their existing property, understanding the financial aspect is essential. How much to build an annex largely depends on its size, location, and facilities. On the other hand, if you’re looking at prefabricated structures, Granny Annex prices UK can offer a ballpark figure.

It’s also worth noting that the cheapest way to build a granny flat UK would be to convert an existing structure on your property.

Legalities and Regulations Surrounding Annexes

h3: Renting Out an Annexe

While houses with annexes for sale are becoming more popular, renting out these spaces can be a grey area. The question “Can I rent out my annexe UK?” is one that comes up frequently. Before renting out, homeowners should ensure they adhere to all local regulations and zoning laws.

Minimum Size and Other Standards

When it comes to building or buying an annexe, there are standards to meet. The minimum size for granny annexe is one such regulation. Ensuring that the annexe meets all local building codes and regulations is paramount.

The Future of Homes with Annexes

With the rising popularity of multi-generational living in the UK, the demand for houses with annexes is only expected to grow. Whether it’s the allure of homes with granny flats or the practicality of having a house with a self-contained annexe, these properties cater to a broad spectrum of needs.

For homeowners over 60 and 70, the financial implications are also noteworthy. The added value that an annexe brings can significantly influence equity release and lifetime mortgage interest rates. As families continue to see the benefits of living closely yet retaining individual spaces, annexes, whether they’re termed as granny flats, garden annexes, or self-contained spaces, will remain a vital part of the UK’s housing market.

Challenging to finance home variants include grade ll Listed houses (grade C in Scotland and B2 in Northern Ireland), properties with grounds in excess of five acres, grades l and ll* Listed Buildings in England & Wales (Grades A and B in Scotland; A, B+ and B1 in Northern Ireland), properties using rooms, land or outbuildings for business purposes which are not personal to the borrower(s) or which extend to more than 50% of the property to be secured and properties adversely affected by existing or proposed issues including roads, rail, airports, power plants, power lines/pylons, wind turbines, substations, sewage works, quarries, fuel stations, refuse sites, sports grounds, noise, light or environmental pollution.

The 1st and 2nd charge lender will want to know if the property is a Freehold house or a Leasehold house and if the resident is an owner-occupier.

Towns of the UK where equity release is popular

  • Ferndown
  • Blyth
  • Rothwell
  • Christchurch
  • Ealing
  • Caistor
  • Bishops Waltham
  • Romford
  • Rye
  • St Neots
  • Thaxted
  • Kempston
  • Heathfield
  • Tamworth
  • Shepshed
  • Kington
Short Leasehold Lifetime Mortgage

Difficult to finance property types can include timber framed properties built before 1920, properties with spray foam insulation applied to the underside of the roof, studio flats located within the M25, privately developed flats in blocks of two storeys without a lift and properties where the flat is accessed via a deck or balcony.

Does Vernon Building Society have good reviews for equity release?

Yes, Vernon Building Society reviews are tip-top for equity release.

What are Vernon Building Society rates for equity release?

Vernon Building Society interest rates for equity release are 2.17% APRC.

Equity Release LTV

  • 60% interest-only lifetime mortgages LV Liverpool Victoria
  • 30% loan to value (LTV) monthly payment life time mortgage Lloyds Bank
  • 35% loan to value monthly payment lifetime mortgage Norwich Union
  • 30% LTV home reversion plans Metro Bank Plc

It’s usual to encounter individuals searching for lump sum lifetime mortgages, lump sum lifetime mortgages or home reversion schemes, however, Age Concern like LV Liverpool Victoria are keen to see proof of your personal circumstances in the form of pension statements.

Hodge Lifetime Mortgages

Does Vernon Building Society offer Equity Release?

Yes, Vernon Building Society Equity Release is 2.09% APR.

Equity Release Mortgage Under 55

Difficult to finance property types include properties currently undergoing substantial alterations, extensions or repairs, properties where letting arrangement where the tenancy agreement is not appropriate, feuhold/freehold properties (including flats) in Scotland, properties where the customer is offering only part of the title as security for the loan and properties with owned solar panels.

More to Life Lifetime Mortgages

Do Vernon Building Society do Pensioner Mortgages?

Yes, Vernon Building Society Pensioner Mortgages are 2.06% APR.

LV Mortgages

Common loan to value ratios of Aviva later life borrowing schemes over 55, Shepherds Friendly mortgages for over 70s, Sainsbury’s mortgages for 60-year-olds, Principality Building Society interest only retirement mortgages for over 70s, Nottingham Building Society later life interest only mortgages over 75 and Progressive Building Society interest only lifetime mortgages for over 60s are 50%, 55% and 65%.

Aviva Retirement Mortgages

UK Equity Release Scheme Providers

  • Bower
  • Saga
  • Key Retirement
  • Fortify Insurance Solutions

Does Vernon Building Society offer Retirement Mortgages?

Yes, Vernon Building Society Retirement Mortgages are 2.17% APRC.

Popular LTV percentages of LVE later life mortgages for over 60s, More to life mortgages for over 65, OneFamily mortgages for 60 plus, Yorkshire Building Society later life interest only mortgages over 70, Principality Building Society mortgages for people 60 plus and SunLife retirement interest only mortgages over 75 are 35%, 55% and 65%.

What percentage can be released?

The older you are and the sicker you are the more cash you can release.

  • Canada Life Landlord Voluntary Select Plan
  • Just Retirement Interest Only Lifetime Mortgage
  • Nationwide Interest Only Lifetime Mortgage
  • NatWest Equity Release Plans
  • Saga home reversion schemes
  • Stonehaven Lifetime Mortgage
  • Royal Bank of Scotland Equity Release
  • Pure Retirement Equity Release Schemes
  • Stonehaven Equity Release Plan
  • NatWest Equity Release Schemes
  • Royal Bank of Scotland Equity Release Plans
  • Stonehaven Equity Release Scheme
  • Equity Release Schemes
  • Lloyds Bank Equity Release

Common LTV percentages of TSB lifetime mortgages for over 55s, Barclays Bank equity release schemes for people over 70, Halifax help to buy for over 60s, Legal & General mortgages for 60 plus pensioners, Royal Bank of Scotland interest only lifetime mortgages for people over 60 and Nationwide BS over 60 lifetime mortgages no fees are 40%, 60% and 65%.

Does Vernon Building Society do Equity Release Under 55?

Yes, Vernon Building Society Equity Release Under 55 is 1.88% APR.

Successful business owners who could benefit from Home Reversion Scheme estate planning

  • Processing and preserving of meat Kirkby Stephen
  • Retail sale of tobacco products in specialised stores Worksop
  • Manufacture of plastic plates, sheets, tubes and profiles Queenborough-in-Sheppey
  • Fire service activities Haslingden
  • Wholesale of live animals Swanage
  • Manufacture of electrical and electronic equipment for motor vehicles and their engines Swaffham
  • Cultural education Preesall
  • Other professional, scientific and technical activities n e c Thorne
  • Translation and interpretation activities Winsford
  • Other telecommunications activities Alston
  • Activities of venture and development capital companies Paddock Wood
  • Retail sale of sports goods, fishing gear, camping goods, boats and bicycles West Bromwich
  • Manufacture of footwear Neston
  • Manufacture of printed labels Devizes
  • Operation of rail passenger facilities at railway stations Eye
  • Wholesale of tobacco products Tavistock
  • Manufacture of glass fibres Kirkham
  • Manufacture of earthmoving equipment Silloth

Non-Standard Property Home Index

Commercial properties, guest houses or hotels•Holiday Lets

Small scale “home office” business use•Small scale bed and breakfast

Properties with more than 6 bedrooms

Common are properties where a ‘granny annexe’ is present. However, we must be able to establish that the annexe does not benefit from its own facilities (self-contained) and will not be occupied independently of the main property.

Many of the most appealing pensioner loan products include TSB later life mortgages, interest only lifetime mortgages, NatWest equity release schemes, Legal and General mortgages for 60 plus and Nationwide interest only lifetime mortgages.

Does Vernon Building Society do Lifetime Mortgages?

Yes, Vernon Building Society does lifetime mortgages at 2.09% APR. Vernon Building Society Lifetime Mortgages have a loan to value (ltv) of 65%.