- Remove tax-free cash from your property
- No need to make regular monthly payments
- Use the money you release for anything you like
- Stay living in your own house
Recently completed mortgage, equity release and lifetime mortgage cases
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 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.
- Halifax Retirement Mortgage Lenders
- Lloyds Bank Retirement Mortgages Advice
- Halifax Equity Release Mortgage
- Nationwide Retirement Mortgage Rates 2021
- HSBC Lifetime Mortgage
- HSBC Retirement Mortgage Broker
- Santander Retirement Mortgage
- Lloyds Equity Release Loan
- Halifax Lifetime Mortgage Drawdown Scheme
- Natwest Equity Release From House
- Lloyds Retirement Mortgage
- Nationwide Lifetime Mortgage Interest Only Rates
- Natwest Lifetime Mortgage Reviews
- Santander Lifetime Mortgage Calculator
- Santander Equity Release Drawdown
- Lloyds Lifetime Mortgage Calculator
- HSBC Equity Release On Second Homes
- Lloyds Bank Lifetime Mortgage Drawdown Scheme
- Lloyds Bank Equity Release Retirement
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.
- Aviva Equity Release
- Bridgewater Equity Release Plans
- More2Life Capital Choice Plan
- Pure Retirement Drawdown Plan
- Nationwide Equity Release Plans
- HSBC Equity Release Plans
- NatWest Equity Release Plans
- More to Life Flexi Choice Drawdown Lite Plan
- More2Life Tailored Choice Plan
- More to Life Capital Choice Plus Plan
- Pure Retirement Drawdown Plan
- NatWest Equity Release
- More2Life 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
Areas in the UK where retirement mortgages are common
- St Neots
- Epsom and Ewell
Equity Release Providers
- the Telegraph
Equity Release LTV
The more aged you are and the unhealthier you are the more cash you can release.
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 that may be interested in 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 Bournemouth
- Other credit granting n e c Kingston-upon-Thames
- Book publishing Tottenham
- 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 Edmonton
- Manufacture of household and sanitary goods and of toilet requisites Wellingborough
- Activities of trade unions Slough
How much is it common to release from a home
- 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 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.