Release cash from your home
Problematic property titles are all considered
No need to make monthly payments
Use the money to buy another house
Are you still paying a mortgage? We can help with that
Continue to stay in your property for as long as you like
Often used to help with tax planning

How much cash can I release?

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

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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.

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.

William from London
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.

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.

Free No Obligation Quote
How Much Would You Like Borrow/Release?*
Please enter a number from 10000 to 2000000000.
Value of your property*
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Approximate outstanding mortgage you have on your property (if applicable)
Leave blank if no mortgage outstanding
About You
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It is very common to discover people searching for lump sum lifetime mortgages, lump sum lifetime mortgages or home reversion plans, however, Sunlife Plans like Maximum Cover Equity Release are keen to see paperwork to show your personal circumstances in the form of pension statements.

How much is it common to release from a home

The older you are and the more serious your illnesses you are the more cash you can release.

The 1st and 2nd charge lenders will want to know if the property is a Detached freehold house or a Leasehold flat with a share of freehold and if the resident is a Private Tenant.

Crown Equity Release

Does Beverley Building Society have positive reviews for equity release?

Yes, Beverley Building Society reviews are commendable for equity release.

Canada Life Lifetime Mortgages

Pure Retirement Drawdown Lifetime Mortgages

What are the current Beverley Building Society interest rates for equity release?

Beverley Building Society rates for equity release are 2.27% APRC.

Drawbacks of Lifetime Mortgages

Home reversion schemes can reduce your estate value. Lumpsum lifetime mortgages may impact the ability to get state benefits. You may need to pay a valuation fee and you could have higher rates to pay with some schemes.

Understanding Contaminated Lands

In the realm of property transactions, environmental and land-related concerns are gaining prominence. With the rise of industries and urbanization, more lands are becoming polluted or contaminated. This contamination brings forth several challenges, not only for the environment but also for property developers, buyers, and sellers.

The Issue with Contaminated Lands

What Exactly is Contaminated Land?

Contaminated land refers to any ground or soil that contains hazardous substances in quantities that pose a risk to human health, ecosystems, or water sources. This contamination can stem from various sources, such as industrial spillages, leakage from oil refineries, disposal sites, or even from old lands that housed industries decades ago. Such contamination might include chemicals, metals (like lead), or organic materials, which can be harmful in large quantities.

How Do Lands Become Contaminated?

Land contamination can result from several factors:

Industrial Activities: Factories, especially those involved in producing chemicals or metals, often release pollutants into the soil.
Waste Disposal: Landfills or improper disposal of contaminated soil can lead to toxins seeping into the ground.
Oil Spills: Both oil contamination from accidental spills and contaminated oil disposal are significant issues.
Older Sites: Old lands, such as brownfield sites, have a history of industrial usage and might be polluted. For instance, mossbay metals or steel factories might have left a legacy of contamination.

Locating Contaminated Lands

With technological advancements, several tools and databases help identify potentially polluted areas. The contaminated land map UK provides insights into locations with historical industrial activities, making it easier for potential buyers or developers to exercise caution.

Moreover, when selling a property on potentially contaminated land, it’s essential to get a land contamination report. This report provides detailed insights into the type and extent of contamination and might also suggest remediation measures.

Implications of Land Contamination

Health and Environmental Concerns

Contaminated soils pose significant health risks. Chemical contaminants examples, such as heavy metals or industrial solvents, can harm the human body when ingested, inhaled, or even upon contact. These chemicals can seep into groundwater, further affecting drinking water sources and aquatic life.

Moreover, environmental contamination affects the natural flora and fauna. Soil pollutants can alter the pH balance of the soil, making it infertile and adversely impacting the local biodiversity.

Economic Implications

For property developers and investors, contaminated ground or soil can be a substantial financial burden. Remediation of contaminated land is not only costly but also time-consuming. Moreover, properties located on polluted land generally have a reduced market value.

Additionally, legal issues can arise, such as a remediation notice served by local authorities, mandating cleanup. It’s also not uncommon for sellers to opt for a contaminated land indemnity policy to protect against future liabilities.

Remediation: Turning the Tide

Methods and Procedures

Given the risks associated with polluted earth, remediation is critical. Contaminated land remediation involves several steps, starting with assessment and followed by the actual cleanup. Techniques vary based on the type and extent of contamination. Common methods include:

Soil washing
Bioremediation (using organisms to break down contaminants)
Chemical treatment
Landfilling

It’s noteworthy that the HSE land login portal offers guidance on safety protocols during the remediation process, ensuring the safety of workers and the public.

Special Agency Involvement

Given the importance of handling contaminated lands responsibly, several special agencies oversee the processes. These organizations provide guidance, regulations, and sometimes financial support for cleanup. Their involvement ensures that the remediation meets environmental and safety standards.

Awareness and Responsibility

Understanding the challenges posed by land pollution is crucial for everyone, not just property developers or sellers. Land pollution effects range from health hazards to economic repercussions, and the responsibility to address them lies with society at large.

Educating oneself about the major pollutant from our use of land, understanding the different pollution types, and recognizing the definition of pollution can make a significant difference. As responsible citizens, it’s essential to advocate for clean, sustainable practices, ensuring that the lands remain fertile and safe for generations to come.

Whether you’re a property lead, a potential buyer, or just a concerned citizen, recognizing the signs of contamination and acting responsibly can pave the way for a greener, healthier future.

Common Contaminants and Their Impact

Different Contaminants and Their Sources

When we discuss land pollution, we’re essentially talking about a myriad of pollutants that can compromise the quality of soil. Here’s a brief overview of the varied contaminants:

Chemical Contaminants: These could be from industrial processes or leakage from waste storage. Examples of chemical contamination include heavy metals, pesticides, solvents, and more.
Oil and Petrochemicals: Spillages from oil transport or leaks from storage facilities can contaminate oil. Oil refineries, evident on the oil refineries UK map, can sometimes be culprits.
Radioactive Substances: While lead itself isn’t radioactive, many are often curious and ask, “is lead radioactive?” There are indeed other radioactive substances, often from industrial or medical processes, which can contaminate land.
Organic Matter: This can come from decaying plants or animals, human or animal waste, or even food waste.

Understanding the Risk

To gauge the impact of these contaminants, one must explain the concept of risk in dealing with specific types of contamination. The risk is usually a combination of the hazard posed by the contaminant and the likelihood of human exposure. For example, while a substance may be highly toxic (high hazard), the overall risk might be low if it’s located deep underground and unlikely to come into contact with humans.

Common Vehicles of Contamination

A typical vehicle of contamination is the medium through which a contaminant is transported. It could be water, air, or even animals. For instance, if contaminants are present in groundwater, they can travel significant distances, potentially affecting ecosystems or human settlements far from the contamination source.

Land Use and Its Impact on Contamination

Factories and Industrial Activities

Factories, especially older ones, might not have had stringent waste disposal protocols. As a result, their proximity, such as the steel factory near me, can hint at potential contamination. Factory pollution, both historical and contemporary, remains a significant factor in land pollution. It’s not just about the pollutants they release, but also about the degradation of the land around them due to the infrastructure.

Land’s Previous Uses: The Brownfield Dilemma

A considerable amount of contaminated land arises from what we term as ‘brownfield’ sites. So, what’s a brownfield site? It’s an area of land previously used for industrial purposes or certain commercial uses that low concentrations of hazardous waste or pollution might contaminate.

Awareness, Mitigation, and Progress

Identifying Contaminated Lands

For potential buyers, sellers, or developers, it’s crucial to identify if a land is polluted. To aid this, there are tools like the Contaminated Land Map UK or reports such as the contaminated land report or land contamination report, which provide comprehensive insights.

Responsibilities and Regulations

The HSE land (Health and Safety Executive) is among the institutions in the UK that lays down guidelines and safety standards, ensuring any land dealing or development is up to par, especially regarding contamination.

Forward Steps: Contamination Isn’t the End

Land once contaminated doesn’t mean it’s lost forever. Through remediation and safe practices, lands can be reclaimed. Whether through natural processes or interventions such as chemical treatment, restoring the land’s health is possible. Such remediation ensures that the lands are not just lost to time, but are revitalized for future generations.

To ensure the continued health of our lands and ecosystems, every stakeholder must play their part, from industries to individuals. Be it through regulations, sustainable practices, or community awareness drives; every step counts. For those in the property business or those looking to purchase properties, understanding the implications of land contamination and its broader context is more than a transactional necessity – it’s a nod to our collective responsibility towards our environment.

Understanding Equity Release and Its Variants

Equity release has emerged as a popular financial solution for homeowners, especially the elderly, looking to unlock capital tied up in their homes. This guide delves into the various facets of equity release, highlighting its benefits, potential pitfalls, and the different schemes available.

What is Equity Release?

Equity release refers to the process where homeowners can access a portion of the capital (or equity) tied up in their homes without having to move out. This method is particularly attractive to older homeowners who may have limited monthly income but substantial equity in their homes.

Why Consider Equity Release?

Financial Flexibility: It offers an immediate cash injection that can be used for various purposes, such as home renovations, travel, or helping family members.
Stay in Your Home: Unlike selling the property, equity release allows homeowners to continue living in their homes while accessing its financial value.
Tax Advantages: The money acquired through equity release can be tax-free, depending on individual circumstances.

Types of Equity Release Plans

There are two main types: lifetime mortgages and home reversion. This guide will primarily focus on the former, diving deep into its sub-categories.

Lifetime Mortgages

A lifetime mortgage is the most common type of equity release. Here, homeowners take out a mortgage on their home but retain ownership. The loan amount and any accumulated interest are paid back when the homeowner dies or moves into long-term care.

Features of Lifetime Mortgages:

No Mandatory Monthly Payments: Unlike traditional mortgages, homeowners are not obliged to make monthly repayments. Instead, interest gets rolled up, increasing the loan amount over time.
Retain Ownership: Homeowners maintain full ownership of their property throughout the loan’s duration.

Interest-Only Lifetime Mortgages

An interest-only lifetime mortgage is a subset of lifetime mortgages where homeowners only pay the interest on the loan each month. This prevents the loan amount from increasing and ensures that the original loan amount remains constant.

Why Choose an Interest-Only Lifetime Mortgage?

Stable Loan Amount: Monthly interest payments mean the initial loan amount doesn’t increase over time.
Reduced Debt: By making interest payments, homeowners can ensure that beneficiaries aren’t left with escalating debt.

Interest-Only Retirement Mortgages

These are similar to interest-only lifetime mortgages but typically have a fixed term, often until a certain age. Homeowners make monthly payments to cover the interest, ensuring that the debt doesn’t increase. However, the principal loan amount is repaid at the end of the term or when the homeowner sells the property or moves into care.

Advantages:

Fixed Term: This can clarify planning, as homeowners know when the loan should be repaid.
Interest Management: Monthly payments prevent the debt from compounding.

Retirement Mortgages

Retirement mortgages are traditional mortgages tailored for older homeowners. Unlike lifetime mortgages, they may require both capital and interest repayments. The borrowing criteria are often more relaxed, considering pension incomes and other assets.

Who Should Consider Retirement Mortgages?

Older Borrowers: Especially those who might not meet the criteria for standard mortgages.
Flexible Repayment: Those looking for varied repayment structures might find retirement mortgages appealing.

Pensioner Mortgages

These are mortgages explicitly designed for pensioners. They consider the specific financial circumstances of retirees, such as pension income, and often have features tailored to their needs.

Highlights:

Age Consideration: These mortgages are designed for those in retirement age, offering flexible terms and conditions.
Income Sources: Accepts multiple income types, like pensions, investments, and annuities.

RIO Mortgages (Retirement Interest Only Mortgages)

RIO mortgages are a relatively new offering. They allow homeowners to pay just the interest on the loan monthly, with the capital being repaid when the house is sold, the homeowner moves into care, or upon death.

Features of RIO Mortgages:

No Set Term: RIO mortgages don’t have a set end date. This is beneficial for those unsure about future plans or timings.
Interest-Only: Monthly payments only cover the interest, ensuring the original loan doesn’t increase.

Eligibility:

RIO mortgages typically have specific criteria, such as a minimum age limit (often 55 or 60) and a sustainable retirement income.

Release Equity: How It Works

Releasing equity is about accessing the ‘locked’ value in your home. The amount you can release depends on several factors, including your age, property value, and specific plan type. The funds from

equity release can be received in one lump sum or in smaller, regular amounts, depending on your preferences and the plan’s structure.

Things to Consider When Releasing Equity

Interest Rates: Depending on the scheme, interest might compound, potentially increasing the total amount owed over time.
Early Repayment Charges: Should you choose to repay your equity release plan earlier than expected, there may be charges.
Impact on Benefits: Releasing equity might affect your eligibility for certain state benefits.
Inheritance Implications: The eventual repayment of the equity release loan will reduce the amount you can leave as an inheritance.

Seek Professional Advice

Before deciding on releasing equity, seeking independent financial advice is crucial. A professional can provide tailored insights based on your unique circumstances and help ensure that you’re making a well-informed decision.

The Role of Equity in the Retirement Landscape

With increasing longevity and changing retirement dynamics, equity release is becoming a pivotal part of retirement planning. Many homeowners have substantial capital locked up in their properties, making it a valuable asset to tap into during retirement.

Why Equity Release is Gaining Popularity

Pension Shortfalls: With many facing inadequate pension pots, equity release offers a means to bridge the financial gap.
Rising Property Values: With the growth in property values, especially in the UK, homeowners find themselves asset-rich but cash-poor. Equity release provides a solution.
Changing Retirement Aspirations: Today’s retirees are more active and have varied aspirations, from travelling to assisting grandchildren with education costs. Releasing equity can fund these goals.

The Future of Equity Release and Lifetime Mortgages

As the demand for financial flexibility in retirement grows, so does the equity release market. Innovations are continually emerging to cater to the changing needs of retirees.

Product Innovations on the Horizon

Providers are continuously adapting their offerings, introducing features like:

Downsizing Protection: Allows homeowners to repay their plan in full without penalty should they decide to downsize.
Flexible Repayment Options: Some plans now permit voluntary repayments, allowing homeowners to manage the loan’s growth.
Tailored Interest Rates: Providers might offer different rates based on health and lifestyle factors.

Regulation and Safeguards

Given the growth in the equity release market, regulations are in place to ensure consumer protection. The Equity Release Council, for instance, provides a set of standards that members must adhere to, ensuring transparency and fairness.

Conclusion: Making an Informed Decision

Equity release, with its various forms such as lifetime mortgages, RIO mortgages, and others, offers retirees a potentially valuable tool in their financial planning arsenal. However, as with all significant financial decisions, it’s essential to understand the nuances, benefits, and potential drawbacks.

Considering factors like the impact on inheritance, the potential effect on state benefits, and the accruing interest is crucial. Seeking guidance from financial professionals, understanding the terms, and being clear about your retirement goals will help in making a decision that aligns with your financial well-being and long-term aspirations.

Marsden Building Society Over 50 Mortgage

Do Beverley Building Society do Equity Release?

Yes, Beverley Building Society Equity Release is 1.85% MER.

Providers for UK Equity Release

Legal and General
Step Change
Lifetime Mortgage from L&G
Pure Retirement

Areas of the UK where Lifetime Mortgages are routine

Bootle
Syston
Helston
Whitehaven
Shepshed
Spilsby
Tadley
Stevenage
Newark-on-Trent
Chester-le-Street
Irthlingborough
Exmouth
East Grinstead
Keswick
Maltby
Steyning
Newark-on-Trent
Eastleigh
Appleby-in-Westmorland
Tickhill

Challenging to finance home variants can include rent charges properties with a high estate rent charge, 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), properties of non-standard construction, asbestos construction and Reema Hollow panel, Schindler and Hawksley SGS, Stent, Stonecrete, Stour, Tarran, Underdown, Unity and Butterley, Waller, Wates, Wessex, Winget and Woolaway.

Does Beverley Building Society offer Pensioner Mortgages?

Yes, Beverley Building Society Pensioner Mortgages are 1.8% MER.

What percentage can be released?

50% lump sum lifetime mortgages LV Liverpool Victoria
35% LTV home reversion plans Prudential Lifetime
30% loan to value (LTV) interest-only lifetime mortgages New Street Mortgages
50% loan to value home reversion plans Key Retirement

Marsden Building Society Interest Only Lifetime Mortgage

Do Beverley Building Society do Retirement Mortgages?

Yes, Beverley Building Society Retirement Mortgages are 2.29% MER.

Difficult-to-finance home types can include difficult roof structures, properties with any external treatment applied to the roof after construction, privately developed flats, a maximum of four storeys with a lift, former local authority flats and flats above or adjacent to commercial premises.

Tough-to-mortgage home variants can include properties with outbuildings used for normal domestic purposes (garage, workshop, stables, barn etc), properties converted from modern commercial premises, grades l and ll* Listed Buildings in England & Wales (Grades A and B in Scotland; A, B+ and B1 in Northern Ireland), properties where there is a self-contained part of the property or annexe, i.e. basement flat etc and properties which have been built on a previously contaminated land are acceptable provided the result of an environmental search determines the land to be clear of contamination.

Difficult to finance property types can include properties where proposed building works have not yet commenced, entirely tenanted properties, feuhold/freehold properties (including flats) in Scotland, leasehold properties (except flats and maisonettes) and properties owned under any form of shared equity scheme.

Canada Life Home Finance lifetime mortgage

Common LTV ratios of Standard Chartered retirement mortgages over 70, Zurich interest only mortgages for people over 70, Sainsburys pensioner mortgages over 55, Skipton Building Society over 60 lifetime mortgages, Nottingham Building Society interest only mortgages for over 65 year olds and National Counties Building Society mortgages for over 50 year olds are 45%, 60% and 70%.

Some of the most common LTV ratios of Liverpool Victoria interest only mortgages for over 60s near London, More 2 Life mortgages over 65, One Family over 60 lifetime mortgages no fees, Yorkshire Bank equity release schemes for people over 70, Royal London interest only mortgages for over 70s and Sun Life lifetime mortgages for people over 55 are 35%, 55% and 65%.

Hodge Lifetime - Lump Sum Lifetime Mortgage

Does Beverley Building Society offer Equity Release Under 55?

Yes, Beverley Building Society Equity Release Under 55 is 2.15% MER.

Retired small business owners who may be interested in lifetime mortgages

Growing of other tree and bush fruits and nuts Barrow-in-Furness
Manufacture of mortars Crook
Film processing Croydon
Performing arts Okehampton
Manufacture of plaster products for construction purposes. Crediton
Photocopying, document preparation and other specialised office support activities Warrington
Manufacture of office machinery and equipment except for computers and peripheral equipment Carnforth
Building societies Lostwithiel
Freight transport by road Market Rasen
Manufacture of knitted and crocheted fabrics Whitby
Retail sale of tobacco products in specialised stores Newton Aycliffe
Manufacture of paper and paperboard Southminster
Motion picture projection activities Westerham
General public administration activities Ulverston
Unlicensed carrier Bromborough
Agents involved in the sale of machinery, industrial equipment, ships and aircraft St Helens
Extraction of crude petroleum Hedge End
Combined facilities support activities Rothwell

Typical loan-to-value percentages of Lloyds Bank interest-only mortgages for people over 60, Barclays Bank retirement mortgages over 65, Post Office equity release schemes for over 55’s, Legal & General mortgages for 60 plus pensioners, RBS mortgages for over 50 year olds and Nationwide BS mortgages for pensioners over 60 are 40%, 60% and 65%.

L&G Legal & General Premier Flexible Lifetime Mortgage
More to Life Capital Choice Plan
Pure Retirement Lifetime Mortgage
Lloyds Bank Equity Release Plans
Aviva Equity Release
Canada Life Lifetime Mortgages
Hodge Indexed Lifetime Mortgage
Stonehaven Equity Release
Lloyds Bank Equity Release
More 2 Life Tailored Choice Plan
TSB Lifetime Mortgage
More to Life Tailored Choice Plan
Stonehaven Equity Release
Nationwide Equity Release Plans
Royal Bank of Scotland Lifetime Mortgage
Saga home reversion schemes
Age Partnership Equity Release Schemes
Pure Retirement Equity Release Plans
Stonehaven Equity Release Scheme
TSB Lifetime Mortgage
More 2 Life Capital Choice Plan

Heavy metals such as arsenic, cadmium & lead
Oils and Tars
Chemical substances
Solvents and Gases
Asbestos
Radioactive substances

Land previously used for purposes like

Factory sites
Mines
Steel mills
Refinery sites
Landfill
Farms

Some of the most popular retirement loan offerings are Lloyds Bank mortgages over 65, Barclays Bank mortgages for over 65, NatWest retirement mortgages, Legal & General interest only mortgages for people over 60 and Nationwide interest-only mortgages for over 60s.

Does Beverley Building Society do Lifetime Mortgages?

Yes, Beverley Building Society does lifetime mortgages at 2.25% MER. Beverley Building Society Lifetime Mortgages have a LTV of 65%.

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