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Live in a High-rise flat over 6th floor and need equity release? New for 2024

  • Release equity from your high rise flat
  • Other difficult property types are accepted
  • No need to make regular monthly payments
  • Help a family member buy their own home with a smaller mortgage
  • Still, have a few more mortgage payments to make? We can help with that
  • Stay living in your own house

Equity release loan to value?

You can borrow 70% of your property’s valuation. For example, if your house is worth £350000 you can get £245000.

  • Free No Obligation Quote

  • Please enter a number from 10000 to 2000000000.
  • Please enter a number from 50000 to 10000000.
  • Leave blank if no mortgage outstanding
  • About You

Putney Home
Putney Home
Old money home
  • Free No Obligation Quote

  • Please enter a number from 10000 to 2000000000.
  • Please enter a number from 50000 to 10000000.
  • Leave blank if no mortgage outstanding
  • About You

The lender will want to know if the property is a semi-detached freehold house or a Leasehold flat with a share of freehold and if the resident is an Owner Occupier’s Primary Residence.

Downsides of Interest Only Lifetime Mortgages

Lumpsum lifetime mortgages can reduce the inheritance for your family. A monthly payment lifetime mortgage may impact the ability to claim benefits. You may need to pay an advisor’s fee and could be exposed to changes in interest rates with some products.

Pure Retirement - Classic Lite
Just Retirement - Roll-Up Lifetime Mortgage
Just lifetime mortgage
Legal & General - Premier Flexible Black

Some of the most popular retirement mortgage products are TSB mortgages for over 50 year olds, Barclays Bank help to buy for over 60s, Post Office interest only mortgages for over 65 year olds, Legal & General pensioner mortgages and Nationwide Building Society later life borrowing schemes.

Coventry Building Society Over 60 Mortgage
  • L&G Legal & General Flexi Max Voluntary Repayment Plan
  • Pure Retirement Lifetime Mortgage
  • TSB Lifetime Mortgage
  • More to Life Tailored Choice Plan
  • Hodge Equity Release Schemes
  • Just Retirement Equity Release Plans
  • L&G Legal & General Flexible Plus Lifetime Mortgage
  • More to Life Flexi Choice Voluntary Payment Super Lite
  • NatWest Equity Release
  • More to Life Capital Choice Plus Plan
  • Bridgewater Lifetime Mortgage
  • Just retirement-defined benefit
  • More 2 Life Flexi Choice Voluntary Payment Super Lite
  • Stonehaven Equity Release
  • Lloyds Bank Lifetime Mortgage
  • Nationwide Equity Release
  • NatWest Equity Release Plans

Areas where retirement mortgages are popular

  • Southborough
  • Whaley Bridge
  • Batley
  • Hemsworth
  • Wilmslow
  • Southam
  • Stotfold
  • Hemel Hempstead
  • Loughborough
  • Padiham
  • Alford
  • Thornbury
  • Rowley Regis
  • Birkenhead

Common LTV percentages of Lloyds later life interest only mortgages over 60, interest only lifetime mortgages for people over 60, Post Office lifetime mortgages for people over 55, Legal & General over 60 mortgages, Bank of Scotland later life interest only mortgages over 70 and Nationwide BS later life mortgages for over 70s are 50%, 55% and 70%.

Understanding Equity Release and Lifetime Mortgages in the Context of High-Rise Living

The Appeal of Sky-high Living in London

Skyscraper apartment living has grown in appeal, especially in cosmopolitan cities like London. London skyscraper apartments, which dominate the skyline, promise a blend of luxury, stunning views, and a sense of being ‘on top of the world’. High rise flats London, along with their mid-rise counterparts, have transformed the urban landscape and redefined modern living.

Why Skyscraper Apartments are Becoming a Choice for Many

With the likes of skyscraper apartments London and high rise flats in London emerging as coveted addresses, it’s essential to understand their allure:

  1. Iconic Views: Living in high rise apartments London or any London highrise, presents residents with panoramic vistas of the city. The Thames, iconic landmarks, and the sprawling urban jungle become daily visual delights.
  2. Luxurious Amenities: The promise of high end apartments isn’t just about a room with a view. Many of these London high rise apartments come with a range of amenities — from rooftop pools to state-of-the-art fitness centres.
  3. Strategic Locations: Typically, high rises in London are strategically located, close to business hubs, entertainment areas, and cultural sites. This ensures that residents are always at the heart of the action.

Equity Release: Unlocking Value in High-rise Homes

For many homeowners, the value tied up in their high rise apartment or london skyscraper apartments can be significant. Equity release offers a pathway to tap into this value without selling the property.

  1. Leveraging Property Value: Given the prime locations and desirability of high rise flats in London, their valuation is often substantial. Equity release allows owners to capitalize on this without parting with their prized property.
  2. Lifetime Mortgages – A Popular Equity Release Mechanism: Among the various equity release schemes, lifetime mortgages stand out. Here, homeowners can borrow a portion of their home’s value. The loan amount, plus accrued interest, is repaid when the homeowner passes away or moves into long-term care.

The Implications of Equity Release for High-Rise Owners

  1. Understanding Property Valuations: Since the equity release amount depends on the property’s value, it’s vital for high rise apartments London rent or own, to get accurate valuations. Given the exclusivity and demand for high rise London properties, their valuation might differ from traditional homes.
  2. Considering Future Market Dynamics: The real estate market is ever-evolving. Factors like new high rise apartments being built, or changes in urban infrastructure, can influence property values in areas with London high rises.
  3. Decoding the Fine Print: Equity release schemes come with terms and conditions like all financial products. Understanding these is crucial, especially when the property in question is a high-value high rise flat.

Mid-rise vs High-rise Living: An Overview

While skyscraper apartments and highrise apartments have their appeal, mid-rise living offers its own set of advantages:

  1. More Intimate Communities: Mid rise housing or mid rise apartment complexes often foster tighter-knit communities. The scale ensures residents often know their neighbours, leading to a more communal living experience.
  2. Balancing Views with Accessibility: Mid rise apartments often provide the advantage of elevated views without the potential vertigo-inducing heights of skyscrapers. It offers a balance for those who seek an elevated living experience without being too high up.
  3. Design Variations: Given their scale, mid-rise buildings often have more architectural variations and can sometimes blend more seamlessly into the urban fabric than towering skyscrapers.

Decoding the Dimensions: How Tall is Too Tall?

For those uninitiated, the world of high-rise and mid-rise buildings can be confusing. Here’s a simple guide:

  1. Low Rise: Typically, these are buildings with 1-3 floors. They’re more common in suburban areas.
  2. Mid Rise: The definition can vary, but generally, mid-rise buildings are those with 4-12 floors. They strike a balance between height and accessibility.
  3. High Rise: These are the towering structures that define city skylines. Anything above 12 floors generally falls into this category.

Why Consider Equity Release in Urban Living Spaces

As the urban population grows and space becomes a premium, the vertical growth of cities is inevitable. With this rise in high rise residential building and mid-rise apartments, understanding equity release becomes essential:

  1. Future Financial Security: Especially for older residents in mid-rise or high-rise buildings, equity release can provide a financial cushion for their retirement years.
  2. Flexible Financial Planning: Lifetime mortgages, a popular equity release product, allow homeowners to tap into their property’s value without selling.
  3. Maintaining Lifestyle Standards: For many, their home, whether it’s in a high rise or mid rise apartment, is central to their lifestyle. Equity release ensures they can maintain this lifestyle even in their later years.

Navigating the Highs and Lows of Urban Living

As cities like London grow and evolve, the demand for high-rise and mid-rise apartments will surge. For homeowners in these vertical communities, understanding their property’s value and the opportunities it presents will be key. Equity release and lifetime mortgages offer pathways to harness this value, ensuring financial security without compromising on the urban living experience.

Some of the most popular loans to values of Liverpool Victoria later life borrowing schemes over 55, More to Life retirement interest only mortgages over 75, One Family mortgages for over 60s, YBS retirement mortgages over 70, Principality Building Society pensioner mortgages over 70s and Sun Life mortgages for over 50 year olds are 45%, 55% and 65%.

Retired business owners who may be interested in lifetime mortgages

  • Retail sale of books in specialised stores Broughton
  • Growing of rice Whitby
  • Manufacture of gas Hayle
  • Manufacture of other fabricated metal products n e c Ashby Woulds
  • Manufacture of oils and fats Clay Cross
  • Manufacture of imitation jewellery and related articles Wickwar
  • Wholesale of coffee, tea, cocoa and spices Pontefract
  • Manufacture of pulp Torpoint
  • Printing of newspapers New Mills
  • Site preparation Ferryhill
  • Manufacture of non-electronic measuring, testing etc equipment, not for industrial process control Bedworth
  • Manufacture of air and spacecraft and related machinery Warrington
  • Hospital activities Newport
  • Renting and leasing of agricultural machinery and equipment Stroud
  • Web portals Malmesbury
  • Television programme production activities in Tottenham
  • Other human health activities in Wellington
  • Activities of investment trust Ross-on-Wye

It’s usual to discover people searching for lifetime mortgages with flexible drawdown cash release, lumpsum lifetime mortgages or interest-only lifetime mortgages, however, Lifetime mortgages from L&G like Legal & General are keen to see paperwork to show your circumstances in the form of investment statements.

Does Manchester Building Society have favourable reviews for equity release?

Yes, Manchester Building Society reviews are superb for equity release.

Common loan to values of Aviva retirement mortgages over 60, Zurich mortgages over 70s, Sainsburys interest only lifetime mortgages for people over 60, Skipton Building Society later life mortgages for over 60s, Nottingham Building Society pensioner mortgages over 55 and Progressive Building Society retirement mortgages over 70 are 50%, 60% and 70%.

How much is it common to release from a home

  • 50% home reversion plans Maximum cover Equity Release
  • 60% loan to value interest-only lifetime mortgages Lifetime Mortgage from L&G
  • 30% loan to value lump sum lifetime mortgages Central Trust
  • 50% loan to value monthly payment lifetime mortgage 1st Stop Home Loans
  • 40% loan to value (LTV) lump sum lifetime mortgages Shawbrook

Aviva Mortgages

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

Manchester Building Society interest rates for equity release are 1.91% APRC.

Hard-to-mortgage property types can include properties in poor condition, properties where tenants live in a self-contained part of the property, feuhold/freehold properties (including flats) in Scotland, properties with unregistered titles subject to these being registered as part of the legal process and properties with leased solar panels.

Release Equity In House Under 55

Does Manchester Building Society offer Equity Release?

Yes, Manchester Building Society Equity Release is 2.13% APRC.

Crown Lifetime Mortgages

Does Manchester Building Society offer Pensioner Mortgages?

Yes, Manchester Building Society Pensioner Mortgages are 1.96% APRC.

LV Retirement Mortgages

How much is it common to release from a home

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

Hard-to-finance property variants can include pre-fabricated reinforced concrete (PRC), timber-framed properties built between 1920 and 1965, large concrete panel systems, former local authority flats and flats above or adjacent to commercial premises.

Coventry Building Society Lifetime Mortgage

Does Manchester Building Society offer Retirement Mortgages?

Yes, Manchester Building Society Retirement Mortgages are 2.08% MER.

Lenders for UK Equity Release

  • Just Retirement
  • LV equity release
  • Just Retirement
  • LV equity release

Do Manchester Building Society do Equity Release Under 55?

Yes, Manchester Building Society Equity Release Under 55 is 2% MER.

Tough-to-mortgage property variants can include properties with land in addition to the domestic grounds up to a maximum property size of five acres, where the land is for everyday domestic use, properties with a large number/scale of outbuildings, properties without direct access to the adopted highway or which are accessed over an unmade road, properties that are being used for personal commercial use 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.

We accept the properties of Standard and Modern Methods of Construction (MMC).

The following methods of construction are maybe acceptable:

Any property of Easiform construction.
Any property containing mundic concrete.
Any property containing no-fines concrete.
Flats or maisonettes in blocks exceeding 20 storeys.
Grade 1 listed buildings in England and Wales / Grades A and B in Scotland.
Mobile homes and houseboats.
Properties constructed with high-alumina cement, timber-framed property with no brick skin or 100% steel or timber-framed property.

High rise developments.

Property designated defective under Part XVI Housing Act 1985, Housing (Scotland) Act 1987 or Pre-Cast Reinforced Concrete (PRC) property (irrespective of whether repaired under a licence repair scheme).

Tough-to-finance property variants include properties that will be assessed for flood risk, high service charges – properties where the Service Charge per annum at the time of application is more than 2% of the property value, properties of non-standard construction, timber buildings and missing planning permission or building regulations approval.

Does Manchester Building Society offer Lifetime Mortgages?

Yes, Manchester Building Society does lifetime mortgages at 2.07% MER. Manchester Building Society Lifetime Mortgages can have a loan to a value of 60%.