• Remove tax-free cash from your property with the Hanley Economic Building Society Equity Release
• No need to make regular monthly payments
• Use the money you release for anything you like
• Stay living in your own house

How much money can I borrow?

You can release 65% of your home’s value. For example, if your house is valued at £340000 you can get £221000.

Recently completed mortgage, equity release and lifetime mortgage cases

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.

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.

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 proving income. I have saved a lot of tax.

Mrs V from Hastings

I had spent my life running up credit cards and loans then getting interest-only mortgages to pay off the debt. I got to retirement age and still owed the bank £160,000. The term was about to expire, and I could not afford the payments on my pension anyway. I got £180,000 equity release and now I am more comfortable with no monthly repayments and I spent £20,000 on a new bathroom and kitchen. I now know I can stay in my home.

Mrs E from London

I was advised to get an 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.

Mrs G from Leeds

My daughter is a single mother, and I got a £120,000 lifetime mortgage to buy her a flat outright as she has had a succession of poorly maintained rental flats not suitable for her child.

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.

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.

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.

Does Hanley Economic Building Society offer Lifetime Mortgages?

Yes, Hanley Economic Building Society does lifetime mortgages at 1.93% APR. Hanley Economic Building Society Lifetime Mortgages have an LTV of 60%. Also, the Hanley Economic Building Society Equity Release is a good deal

Does Hanley Economic Building Society offer Equity Release Under 55?

Yes, Hanley Economic Building Society Equity Release Under 55 is 2.19% APR.

Does Hanley Economic Building Society do Retirement Mortgages?

Yes, Hanley Economic Building Society Retirement Mortgages are 1.88% APR.

Does Hanley Economic Building Society offer Pensioner Mortgages?

Yes, Hanley Economic Building Society Pensioner Mortgages are 1.97% APR.

Does Hanley Economic Building Society do Equity Release?

Yes, Hanley Economic Building Society Equity Release is 2.02% APR.

• Bad Credit Mortgage Lenders
• Over 60 Bank Retirement Mortgages Advice
• Under 40 Equity Release Mortgage
• Nationwide Retirement Mortgage Rates 2024
• Nationwide

Equity Release Rates: A Comprehensive Guide

The financial landscape for older homeowners in the UK has evolved considerably over the past few decades. With the emergence of new products and schemes aimed at helping homeowners access the wealth tied up in their homes, understanding equity release and its associated rates becomes essential. This guide provides insights into the various options available and the rates attached to them.

Mortgages Over 55

Introduction

Once you’ve crossed the age of 55, the mortgage market opens up a plethora of opportunities. These are specially tailored to meet the unique needs and financial situations of older homeowners.

Equity Release Schemes

Many equity release schemes start at age 55, allowing homeowners to tap into the equity of their homes without the need to sell or move.

Interest Rates

Mortgages over 55 often have competitive interest rates, but they vary depending on the lender, the amount of equity being released, and the specific product chosen.

Hanley Economic Building Society Mortgages Over 60

Financial Flexibility

Reaching 60 often marks a pivotal point in many people’s financial journey. The need for a more comfortable retirement and increased medical expenses necessitates looking into alternative financial products.

Specialized Mortgage Products

Lenders have recognized the growing demand in this age group and have introduced mortgage products that cater specifically to this demographic.

Comparing Rates

Rates for mortgages over 60 might differ slightly from those over 55, often leaning towards more favourable terms due to the decreased expected term of the loan.

Hanley Economic Building Society Mortgages Over 65

Transitioning into Retirement

For many, the age of 65 represents a transition into full retirement. The financial needs during this phase shift, with a focus on maintaining lifestyle and covering potential health care costs.

Enhanced Equity Release

Homeowners over 65 might be eligible for enhanced equity release products if they have certain health conditions, potentially allowing them to access more capital.

Rate Considerations

The equity release rates for this age bracket can be more attractive due to the shorter loan term expectations.

Hanley Economic Building Society Mortgages Over 70

Maximizing Assets

As homeowners reach their 70s, the focus often shifts to maximizing assets, ensuring comfortable living, and planning legacies.

Higher Loan Amounts

At this age, homeowners might find that they can release a larger percentage of their home’s value, providing a more substantial sum for their needs.

Rate Variations

While the loan amounts might be more significant, the rates can vary, often dependent on health, property value, and the specific equity release scheme chosen.

Hanley Economic Building Society Mortgages Over 75

Later-Life Financial Planning

The financial landscape for those over 75 leans heavily on ensuring that all assets, including property, are working in the homeowner’s favour.

Flexible Release Options

Many schemes provide flexible options for this age group, recognizing the varied needs of homeowners in their later years.

Rate Implications

Given the advanced age, rates might be among the most competitive in the equity release market, but always hinge on the specifics of the homeowner’s situation.

Hanley Economic Retirement Remortgages

Restructuring Finance in Retirement

Retirement remortgages allow homeowners to refinance their existing mortgages, adjusting the terms to better suit their retirement situation.

Benefits

These remortgages can reduce monthly payments, offer better interest rates, or allow for additional cash release.

Rate Environment

Rates for retirement remortgages are influenced by the broader mortgage market but can be advantageous, especially if the original mortgage had higher interest rates.

Pensioner Remortgage

Specifically for Pensioners

Designed with pensioners in mind, these remortgages consider the fixed incomes and unique financial needs of retirees.

Tailored Solutions

Lenders often tailor these products to cater to pensioners, offering flexible terms and conditions.

Rate Overview

The rates attached to pensioner remortgages might be slightly higher due to the decreased income in retirement, but with proper research, competitive rates can be secured.

Hanley Building Society Lifetime Mortgage

Unlocking Home Equity

A lifetime mortgage is a loan secured against the homeowner’s property.

• Age Partnership
• Powerlines Equity Release Loan
• Tipton & Coseley Mortgage Drawdown Scheme
• Natwest Equity Release From House
• Best Mortgages For Over 50s Retirement Mortgage

ER, which is not required to be repaid until the homeowner either passes away or moves into long-term care. It’s one of the most popular forms of equity release products.

Features and Benefits

The main appeal of a lifetime mortgage is the ability to access a lump sum or smaller, regular amounts without having to make monthly repayments. The interest gets rolled up, which means it compounds over time and is added to the loan amount.

Rate Implications

Interest rates for lifetime mortgages can be fixed or variable. Fixed rates provide the certainty of knowing the rate for the lifetime of the loan. Variable rates can fluctuate, but they usually come with a “cap” or upper limit.

Hanley Economic Release Equity

Turning Property into Cash

Equity release allows homeowners to access the wealth locked up in their properties. It’s a way to obtain a cash sum, a regular income, or both, based on the value of the home.

Types of Equity Release

Apart from lifetime mortgages, there are also home reversion plans where homeowners can sell a part or all of their property.

Interest Rate Considerations

Equity release rates depend on the type of product, the age of the borrower, the property’s value, and market conditions. It’s crucial to get expert advice to understand the rate implications fully.

Hanley Economic Equity Release

Accessing Home Value

This scheme allows homeowners, typically in their later years, to obtain money from the value of their homes without selling them.

How it Works

Homeowners can either borrow against the value of their home or sell a portion of it to provide a steady income or a lump sum, or even both.

Rate Dynamics

Equity release interest rates can vary. Generally, these rates might be slightly higher than conventional mortgage rates, but they offer unique advantages that cater to senior homeowners.

Hanley Economic BS RIO Mortgage

Retirement Interest Only Mortgage

A RIO mortgage is a newer offering in the world of retirement finance. It’s similar to a standard interest-only mortgage but designed for older borrowers.

Functionality

With a RIO mortgage, borrowers pay monthly interest payments. The principal loan amount remains unchanged and is typically repaid when the homeowner sells the property, moves into care, or passes away.

Rates and Comparison

The interest rates on RIO mortgages can be competitive, especially when compared to some equity release products. They provide an alternative for those who can afford monthly interest payments and wish to protect the equity in their home.

Navigating the Equity Release Landscape

The world of equity release offers various products designed to meet the unique needs of older homeowners. Whether it’s releasing a lump sum to fund a once-in-a-lifetime trip, supplementing retirement income, or managing unexpected expenses, there’s likely a product to suit every need.

However, it’s crucial to understand the intricacies of each option, especially concerning interest rates and long-term implications. Homeowners should always seek expert advice and ensure they fully understand any product before proceeding. Equity release can provide financial freedom in retirement, but it needs to be approached with caution and thorough understanding.

• Nationwide Lifetime Mortgage Interest Only Rates
• Natwest Lifetime Mortgage Reviews
• Barclays Retirement Interest Only Mortgage Calculator
• BISF Equity Release Drawdown
• bisf house renovation Lifetime Mortgage Calculator
• Yorkshire Building Society Lifetime Mortgage Drawdown Scheme
• Under 50 Equity Release Retirement

What are Hanley Economic Building Society rates for equity release?

Hanley Economic Building Society interest rates for equity release are 2.22% APRC.

It is usual to discover individuals seeking out a monthly payment lifetime mortgage, lump sum lifetime mortgages or home reversion schemes, however, Sunlife Plans like LV Liverpool Victoria are keen to see proof of your personal circumstances in the form of pension statements.

Do Hanley Economic Building Society have good reviews for equity release?

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

Tough-to-finance property variants can include properties that will be assessed for flood risk, 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 where there are boundary disputes or where planning applications have not been applied for correctly, thatched buildings and concrete frame.

• Aviva Equity Release
• Bridgewater Equity Release Plans
• More to Life Capital Choice Plan
• Pure Retirement Drawdown Plan
• Nationwide Equity Release Plans
• NatWest Equity Release Plans
• More to Life Flexi Choice Drawdown Lite Plan
• More to Life Tailored Choice Plan
• More to Life Capital Choice Plus Plan
• Pure Retirement Drawdown Plan
• NatWest Equity Release
• More to life Flexi Choice Drawdown Lite Plan
• L&G Legal & General Flexible Max Plus
• Liverpool Victoria LV= Flexible Lifetime Mortgage
• Stonehaven Equity Release Scheme
• Canada Life Voluntary Select Gold
• Stonehaven Interest Only Lifetime Mortgage
• Nationwide Interest Only Lifetime Mortgage
• Lloyds Bank Lifetime Mortgage
• Royal Bank of Scotland Equity Release Schemes
• More 2 Life Capital Choice Plan

Challenging to mortgage property variants include properties built or converted into dwellings within the last 10 years, properties with flying or creeping freehold which comprises 15% or less of the total floor area, grades l and ll* Listed Buildings in England & Wales (Grades A and B in Scotland; A, B+ and B1 in Northern Ireland), properties with flying or creeping freeholds which comprise over 15% of the total floor area and properties in coastal areas that may be affected by erosion.

Areas in the UK where retirement mortgages are common plus Hanley Economic Building Society Equity Release

• Oundle
• St Neots
• Slough
• Epsom and Ewell
• Ross-on-Wye
• Halesowen
• Minehead
• Hounslow
• Langport
• Rothwell
• Leyburn
• Epping
• Stockton-on-Tees
• Billericay
• Sutton
• Shipston-on-Stour

Difficult-to-finance home types include eco houses and modern methods of construction, properties with any externally applied insulation to the walls after construction, properties constructed or converted within the past 10 years, and former local authority flats and flats above or adjacent to commercial premises.

Equity Release Providers

• the Telegraph
• Stepchange
• Aviva

Equity Release LTV

The more aged you are and the unhealthier you are the more cash you can release.

LV Equity Release

Canada Life Retirement Mortgages

Hard-to-finance property types can include properties in poor condition, properties where letting arrangement where the tenancy agreement is not appropriate, leasehold properties (England, Wales, Northern Ireland) subject to a lease length of 160 years, 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.

Hodge Lifetime Mortgages

LV Retirement Mortgages

Popular loan-to-value percentage ratios of Standard Chartered interest only lifetime mortgages for over 60s, Zurich mortgages for 60 plus pensioners, Leeds Building Society interest only lifetime mortgages for people over 60, Principality Building Society interest only mortgages for people over 70, Newcastle Building Society mortgages for over 65 and Cumberland Building Society interest only lifetime mortgages for people over 60 are 40%, 60% and 70%.

Common loan-to-value percentage ratios of LVE mortgages over 70s, More 2 Life pensioner mortgages over 60, OneFamily interest only mortgages for those over 70s, Yorkshire Bank over 60 lifetime mortgages no fees, Metro Bank mortgages for 60 plus pensioners and Axa interest only mortgages for over 60s are 50%, 60% and 70%.

Downsides of Home Reversion Schemes

Lump-sum lifetime mortgages can reduce the inheritance for your family. Lifetime mortgage with flexible drawdown cash release may impact entitlements to state benefits. You may need to pay a valuation fee and some products expose you to changes in interest rates.

Retired business owners who may be interested in Hanley economic interest rates for lifetime mortgages

• Library activities Chingford
• Veterinary activities Royal Tunbridge Wells
• Construction of railways and underground railways Blackwater and Hawley
• The weaving of textiles Lowestoft
• Manufacture of other non-metallic mineral products n e c Cockermouth
• Manufacture of magnetic and optical media Flitwick
• Silviculture and Other Forestry Activities Ipswich
• First-degree level higher education Plympton
• Renting and leasing of other personal and household goods Dinnington St Johns
• Residential nursing care facilities in Bournemouth
• Other credit granting n e c Kingston-upon-Thames
• Book publishing Tottenham
• Hanley Economic Building Society Equity Release
• Scheduled passenger air transport Horncastle
• Repair of footwear and leather goods Long Sutton
• Manufacture of veneer sheets and wood-based panels Buckfastleigh
• Motion Picture Projection Activities in Edmonton
• Manufacture of household and sanitary goods and of toilet requisites Wellingborough
• Activities of trade unions Slough

Some of the most popular loan to values of TSB mortgages over 65, interest-only lifetime mortgages for over 60s, NatWest mortgages for over 70s, Legal & General help to buy for over 60s, Bank of Scotland equity release schemes for people over 70 and Nationwide BS mortgages for over 65 are 40%, 55% and 65%.

How much is it common to be released from a home with Hanley building society

• 55% home reversion schemes Legal & General
• 55% loan to value monthly payment equity release Age Partnership
• 30% loan to value (LTV) lifetime mortgage with flexible drawdown cash release Evolution Money
• 50% LTV lump sum lifetime mortgages Equifinance
• 40% loan to value (LTV) lumpsum lifetime mortgages West One
• 50% LTV home reversion plans Paragon Personal Finance
• 25% loan to value (LTV) lump sum lifetime mortgages Kent Reliance

The lender 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 an AST Tenant.

Hanley Economic Building Society Product name: Retirement Interest-Only Mortgages Capital repayment or interest-only? Interest-only. Minimum property value: £50,000. Minimum/Maximum loan sum: £10,000/£750,000. Maximum LTV: 65%. Minimum/Maximum age at application: 55 Minimum, no max. Minimum income: none, though you’ll need to be able to prove you can afford the interest payments. Mortgage term: 55 years max. Overpayments: unlimited, fee-free. How is the loan repaid? When you die or move into care and the property is sold (although other arrangements will be considered), or when you sell the property and move elsewhere. How to apply: directly or through selected mortgage brokers.

Appealing retirement mortgage products include Lloyds remortgages for people over 50 years old, interest only mortgages for people over 60, Halifax retirement mortgages, Legal & General equity release schemes and Nationwide BS retirement mortgages.

Charlie Holloway from Hereford on Hanley Economic Retirement Mortgage Interest Rates

I decided to explore Hanley Economic’s retirement mortgage options after seeing some favourable reviews on Trustpilot. Their calculator was straightforward, helping me understand the loan to value ratio easily. The low interest rates and no fees policy were exactly what I needed for a worry-free retirement.

Henry Watson from Leeds on Hanley Economic Pensioner Mortgage Interest Rates

My journey with Hanley Economic began after reading positive feedback on Google Reviews. The pensioner mortgage interest rates were incredibly appealing, offering financial stability without the burden of monthly repayments. The free valuation added a layer of transparency and trust to the process.

Reuben Shah from Ely on Hanley Economic Equity Release Interest Rates

After extensive research, including reviews.io, I was drawn to Hanley Economic for their equity release schemes. Their approach to bad credit was reassuring, showing flexibility and understanding. The no credit check policy allowed me to proceed with confidence, securing my financial future.

Delilah Norton from St Davids on Hanley Economic Interest Only Lifetime Mortgage Interest Rates

Opting for an interest-only lifetime mortgage from Hanley Economic was an easy choice, bolstered by the stellar reviews on Trustpilot. Their competitive low interest rates and straightforward no fees policy provided me with the peace of mind necessary for my retirement planning.

Felix Horton from Gloucester on Hanley Economic RIO Interest Rates

I turned to Hanley Economic for a RIO mortgage based on the glowing recommendations on Google Reviews. The clear and helpful calculator, along with their policies of no fees and free valuation, made the process transparent and beneficial, perfectly suiting my financial needs in retirement.