• Release money from your house with Beverley Building Society equity release
• You don’t need to make regular monthly payments with some plans
• Beverly Building Society Retirement Mortgage has interest-only payments.
• Help your family with the equity you release
• Continue to stay in your property
• Fixed rates 5.12%

How much can I release?

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

Customer Testimonials

Sandra from Manchester

I got an 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.

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.

Mrs L from Nottingham

For my lifetime mortgage, I had to pay a valuation fee and a solicitor’s fee, but no lender or broker fees. 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 do not need to move from home.

Julia A

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

Mr G from Kent

I got an interest-only lifetime mortgage and gave my sons £100,000 each so they could put a deposit down on a home.

My money enabled them to get a very good mortgage deal, especially one son who is not well paid.

Mrs E from London

I was advised to get equity release from my East London home to minimise 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.

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 tiny.

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

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.

Tough to mortgage property titles can include grade ll Listed houses (grade C in Scotland and B2 in Northern Ireland), properties with a single annexe or other self-contained part of the property, properties without direct access to an adopted highway or which are accessed over an unmade road, 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.

Tough-to-finance property variants include high service charges, properties with any structural defect, damp, dry or wet rot, some properties with sitting tenants or regulated tenancies, cob properties and concrete frames.

Beverley Building Society equity release

• First-degree level higher education Royal Wootton Bassett
• Financial leasing Driffield
• Manufacture of taps and valves in Portland
• Growing of vegetables and melons, roots and tubers South Elmsall
• Other construction installations Maidenhead

• Manufacture of lime and plaster Wotton-under-Edge
• Test drilling and boring Tetbury
• Manufacture of plaster products for construction purposes Longridge
• Operation of gravel and sand pits; mining of clays and kaolin Church Stretton
• Public relations and communications activities Southborough

• Glazing Cannock
• Unlicensed restaurants and cafes in South Kirkby and Moorthorpe
• Sports and recreation education Taunton
• Retail sale of hearing aids Dawlish
• Growing of tobacco Whitby

• Wholesale of meat and meat products Axbridge
• Manufacture of machinery for paper and paperboard production Cinderford
• Repair of footwear and leather goods Brierfield

Beverley Building Society Lifetime Mortgage

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 Owner Occupier Primary Residence.

• Nationwide Equity Release Scheme
• Swansea Building Society Over 55 Mortgage
• Earl Shilton Building Society
• West Bromwich Building Society Over 50 Mortgage
• Legal And General Later Life Mortgages
• Manchester Building Society Pensioner Mortgage
• Thatched Cottage Insurance
• Key Retirement Over 60 Mortgage
• Melton Mowbray Building Society Over 75 Mortgage
• Leek United Building Society Interest Only Mortgage
• Sunlife Lifetime Over 75 Mortgage
• Equity Release On Spanish Property
• Equity Release Under 50 Rates 2024
• Beverley Bs Equity Release Providers
• Nationwide Retirement Interest Only Mortgage
• Equity Release Northern Ireland Home
• National Counties Family Building Society Over 50 Mortgage
• Buckinghamshire Building Society Equity Release Home
• Voluntary Payments Equity Release Providers
• Mortgage For Pensioners
• Over 55 Mortgage
• Can I Get A Mortgage At 60
• Coventry Building Society Pensioner Mortgage
• Lv Equity Release Drawdown
• Loughborough Building Society Lifetime Mortgage
• Age 50 Equity Release Interest Only
• London Equity Release Home
• Equity Release UK
• Newcastle Building Society Equity Loan
• Teachers Building Society Pensioner Mortgage Calculator
• Age Partnership Home
• Japanese Knotweed Removal Cost
• Harpenden Building Society Over 70 Mortgage
• Barnsley Building Society Equity Release Providers
• Cheshire Building Society Equity Release Pensioner Mortgage Calculator
• Yorkshire Bank Retirement Mortgage
• Royal Bank of Scotland Interest Only Lifetime Mortgage Interest Rates
• Halifax Equity Release Scheme
• Furness Building Society Interest Only Lifetime Mortgage
• Mortgage On Studio Flat
• Barnsley Equity Release Age
• Current Equity Release Interest Rates
• House In A Flood Risk Area
• Skipton Building Society Equity Loan
• Short Leasehold Over 75 Mortgage
• Edinburgh Over 75 Mortgage
• Penrith Building Society Interest Only Lifetime Mortgage
• Nationwide Retirement Mortgage Interest Only
• Natwest Lifetime Mortgage Over 55
• Bath Building Society Equity Release Home
• New Build Properties Lifetime Mortgage
• Rbs Lifetime Mortgage Interest Rates
• Steel Framed Houses UK

Hard-to-mortgage home types include Timber-framed properties constructed post-1965, timber-framed properties built between 1920 and 1965, studio flats located within the M25, freehold/feuhold flats (Scotland only) and freehold flats (England, Wales, Northern Ireland).

UK Lenders for Equity Release similar to Beverley Building Society equity release

• Bower
• Crown
• Just Retirement
• One Family
• Legal & General

Hard-to-mortgage home variants include properties where proposed building works have not yet commenced, properties where tenants live in a self-contained part of the property, leasehold properties where the lease length is currently unacceptable, properties where the customer is offering only part of the title as security for the loan and properties where the borrower(s) own the freehold with any connected party.

Equity Release Calculator Under 55

Some of the most popular LTV ratios of Aviva over 60 lifetime mortgages with no fees, Shepherds Friendly interest-only lifetime mortgages for people over 60, Leeds Building Society retirement mortgages over 60, Skipton Building Society interest-only retirement mortgages for over 70s, West Bromwich Building Society retirement mortgages over 70 and Cumberland Building Society later life mortgages for over 70s are 35%, 60% and 65%.

The popular LTV ratios of LV= mortgages for over-60s, More to Life retirement mortgages for over-60s, One Family later life mortgages for over 70s, Yorkshire Building Society over-60 mortgages, Royal London interest-only mortgages for over 70s, and SunLife mortgages for over 65 are 45%, 55%, and 65%.

Lenders similar to Beverley Building Society Lifetime Mortgage

• Bridgewater Lifetime Mortgage
• Canada Life Lifetime Mortgage
• Pure Retirement Equity Release Plans
• Bridgewater Equity Release Schemes

• Canada Life Second Home Voluntary Select Plan
• Hodge Lifetime Mortgage Flexible Drawdown Plan
• Just Retirement Equity Release
• Liverpool Victoria LV Equity Release Schemes

• More to Life Tailored Choice Plan
• Bridgewater Equity Release Schemes
• Hodge Lifetime Flexible Voluntary Repayment Plan
• Just Retirement Interest Only Lifetime Mortgage

• Bridgewater Equity Release Schemes
• L&G Legal & General Flexible Lifetime Mortgage
• Liverpool Victoria LV Equity Release Plans

• TSB Equity Release Plans
• Saga home reversion plan
• More 2 Life Capital Choice Plus Plan

More to life Drawdown Lifetime Mortgages

One Family Retirement Mortgages

Pure Retirement Lifetime Mortgages

Canada Life Mortgages

It is usual to encounter people seeking out lump sum lifetime mortgages, monthly payment lifetime mortgages or home reversion schemes, however, Age Partnerships like VitalityLife Equity Release are keen to see paperwork to show your personal situation in the form of bank statements.

Disadvantages of Equity Release Schemes

Interest-only lifetime mortgages can reduce your estate value. Lump-sum lifetime mortgages may impact the ability to claim benefits. You may need to pay a legal fee, and you could have higher rates to pay with some schemes.

Towns of the UK where Beverley Building Society equity release is common

• Madeley
• Leyton
• Hornsey
• Wath-upon-Dearne

• Bodmin
• Marazion
• Wickwar
• Barrow-in-Furness

• Newbury
• Torpoint
• Bishops Castle
• Shrewsbury
• Worksop

Equity Release Loan To Value similar to Beverley Building Society equity release

• 55% lumpsum lifetime mortgages Fortify Insurance Solutions
• 35% LTV home reversion plans Santander
• 60% LTV monthly payment lifetime mortgage Paragon Personal Finance
• 40% LTV interest-only lifetime mortgages Prudential

Some of the most popular LTV percentages for Lloyds lifetime mortgages for over-60s, Barclays mortgages for 60-plus pensioners, Halifax mortgages for over 70s, Legal and General interest-only mortgages for over 65-year-olds, Bank of Scotland later life interest-only mortgages over 60, and Nationwide Building Society retirement mortgages over 70 are 35%, 55%, and 65%.

How much is it expected to release from a home

The more aged you are and the sicker you are, the more tax-free money you can release.

Beverley Building Society Product name: Retirement Mortgages Capital repayment or interest-only?

Interest-only. The minimum property value £125,000. The minimum/Maximum loan sum £25,000/£350,000 if buying, £40,000/£350,000 if remortgaging.

Maximum loan size of 3.5x a single or joint annual income. Maximum LTV: 55%. Minimum/Maximum age at application: 55 Minimum, no max.

Minimum income: You must receive pension income to apply; other non-salaried income are also accepted. Overpayments: Up to ten percent per year is fee-free; a 2% early repayment charge (ERC) applies beyond that. How is the loan repaid?

When you die or move into care, the property is sold, unless you take out the mortgage with a joint borrower who continues to live in the house and can afford the interest payments on their own.

Popular retirement mortgage products are TSB mortgages for pensioners, mortgages for over 50 year olds, Post Office over 60 lifetime mortgages, L&G interest-only mortgages for over 70s and Nationwide pensioner mortgages over 70s.

Understanding Lifetime Mortgage Interest Rates Over 60 and Equity Release Rates Over 70 in the UK

As individuals approach their retirement years, financial planning becomes critical to securing a comfortable and stress-free later life. Two financial products often come into play during this phase are lifetime mortgages and equity release plans. These products enable homeowners to access the equity tied up in their properties, providing a source of income or capital for various purposes. This comprehensive guide will delve into the intricacies of lifetime mortgage interest rates for those over 60 and equity release rates for individuals over 70 in the UK.

Lifetime Mortgages and Equity Release: An Overview

What Are Lifetime Mortgages?

Lifetime mortgages are a type of equity release product designed for homeowners aged 55 and above. They allow homeowners to unlock a portion of the value tied up in their property without the need to sell it or move out. The borrowed amount and accrued interest are typically repaid when the homeowner passes away or moves into long-term care.

Equity Release Plans

Equity release plans encompass various financial products, with lifetime mortgages being one of the most common. Another type of equity release plan is the Home Reversion Plan, where you sell a portion or your entire home to a provider in exchange for a lump sum or regular payments. However, in this guide, we will primarily focus on lifetime mortgages.

The Role of Interest Rates

Interest rates significantly determine the overall cost of a lifetime mortgage or equity release plan. They affect how much you owe over time and can substantially impact your financial situation during retirement. Therefore, understanding the interest rates associated with these products is crucial for informed decision-making.

Lifetime Mortgage Interest Rates Over 60

Factors Influencing Lifetime Mortgage Interest Rates

Several factors influence lifetime mortgage interest rates for individuals over 60 in the UK. These factors may vary among different lenders and providers, but some common elements include:

1. Age of the Borrower

The borrower’s age is a significant factor in determining the interest rate for a lifetime mortgage. Generally, the older you are when you take out the mortgage, the lower the interest rate is likely to be. Lenders often view older borrowers as lower risk because the mortgage is expected to have a shorter duration.

2. Loan-to-Value (LTV) Ratio

The loan-to-value ratio represents the percentage of your property’s value you want to borrow. Typically, the higher the LTV ratio, the higher the interest rate. Lenders often charge higher rates for borrowers seeking a more significant percentage of their property’s value as a loan.

3. Property Value

The value of your property also determines the interest rate. More valuable properties may qualify for lower rates, while lower-valued properties may have slightly higher rates.

4. Fixed or Variable Rate

Lifetime mortgages can have either fixed or variable interest rates. Fixed rates provide stability as your interest rate remains unchanged throughout the mortgage term. Variable rates, on the other hand, can fluctuate with market conditions. Fixed-rate mortgages tend to have slightly higher initial interest rates but protect borrowers from future increases.

Beverley Building Society Mortgages

The Beverley Building Society is a financial institution in the UK that offers lifetime mortgages. It provides a range of mortgage products tailored to the needs of older homeowners. Like other lenders, the interest rates offered by the Beverley Building Society are influenced by the factors mentioned earlier.

Rio Mortgage Rates (Retirement Interest-Only)

Retirement Interest-Only (RIO) mortgages are a subset of lifetime mortgages designed for individuals over 60. With RIO mortgages, borrowers make interest payments on the loan each month, which can help manage the overall cost of the mortgage. The capital is repaid when the borrower passes away or moves into care.

Best Rio Mortgage Rates

Finding the best RIO mortgage rates in the UK requires careful research and comparison. Different lenders may offer varying interest rates and terms. It is essential to work with a mortgage advisor or broker who can help you navigate the options and find the best deal for your specific circumstances.

Retirement Interest Only Mortgage Calculator

Using a retirement interest-only mortgage calculator can be valuable when exploring your options. These calculators allow you to input your age, property value, desired loan amount, and other relevant details to estimate the potential interest rates and overall costs associated with different RIO mortgages.

Equity Release Rates Over 70

Later Life Mortgages and Equity Release Rates

As individuals progress into their 70s and beyond, they may still have the option to access equity release plans, including lifetime mortgages. However, these products’ interest rates and terms may differ from those available to individuals in their 60s. Let’s explore some critical considerations for equity release rates over 70.

Mortgages for Retired Persons

Mortgages for retired persons, including those over 70, can provide valuable financial support. These products are designed to meet retirees’ needs and circumstances, including potential health concerns and the desire for a comfortable retirement.

Interest Only Mortgage for Pensioners

An interest-only mortgage for pensioners allows borrowers to pay only the interest on the loan each month. This can be particularly helpful for retirees on fixed incomes who want to manage their monthly expenses. The capital is typically repaid when the borrower sells the property, moves into care, or passes away.

Mortgages for Retired People and later life mortgages interest rates

Mortgages for retired people come in various forms, including lifetime mortgages, RIO mortgages, and Home Reversion Plans. Each of these products has its own interest rate structure and eligibility criteria.

Joint Mortgage with Retired Parent

Adult children may sometimes wish to assist their retired parents by joining a joint mortgage. This arrangement can help retirees access the equity in their property or purchase a new home. The interest rates for joint mortgages involving retired parents can vary depending on the lender and the circumstances.

Mortgages for Pensioners Over 70

Mortgages for pensioners over 70 are available from select lenders who cater to older borrowers. These mortgages typically have higher interest rates than standard mortgages for younger individuals. However, they can be a valuable financial tool for retirees needing capital access.

Understanding the Costs and Benefits of Beverley Life

The Importance of Proper Financial Advice

When considering lifetime mortgages or equity release plans, it is crucial to seek professional financial advice. Independent financial advisors can help you understand the costs and benefits of these products and assist you in finding the most suitable option based on your unique circumstances.

Mortgages in Retirement

Mortgages in retirement, including lifetime mortgages and RIO mortgages, can provide financial flexibility and security. However, it’s essential to carefully consider the implications of these products on your estate and inheritance planning. Working with a solicitor or estate planner can help ensure that your financial decisions align with your long-term goals.

Interest Only Mortgages for Pensioners

Interest-only mortgages for pensioners can be an effective way to manage your finances during retirement. These mortgages allow you to control your monthly expenses by paying only the interest on the loan. However, having a clear plan for repaying the capital is essential to avoid unexpected financial challenges for your beneficiaries.

The Role of Inheritance

Equity-release products, including lifetime mortgages, can impact the inheritance you leave to your loved ones. It’s essential to have open and transparent discussions with your family about your financial decisions and how they

may affect your estate. Some lenders offer inheritance protection features that allow you to ring-fence a portion of your property’s value for inheritance purposes.

Lifetime mortgages and equity release plans can be valuable financial tools for individuals over 60 and 70 in the UK. Understanding the interest rates associated with these products is essential for making informed decisions about your financial future. Whether you are considering a lifetime mortgage, a RIO mortgage, or another equity release plan, seeking professional advice and carefully evaluating the costs and benefits is crucial. Doing so lets you make the most of your property’s equity while securing a comfortable retirement and preserving your financial legacy for future generations.