• Release tax-free money from your house with Hinckley and Rugby Building Society Equity Release
• No need to make monthly payments
• Buy a family member a home without a mortgage.
• Continue to stay in your property for as long as you like
• 4.04%

Loan to value for equity release?

You can get 60% of your property’s valuation. For example, if your house is worth £200,000, you can release £120,000.

Customer Testimonials

Julia A

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

Mrs M from Birmingham

With no broker or lender fees, I got an interest-only retirement mortgage, which I pay monthly from my private pension. The money released went to my daughter for her wedding and a deposit for her next house. She wanted a family, and her flat was too small.

Mrs E from London

My mortgage needed to be repaid to the existing lender, and I thought I was going to lose my house. Thanks to Concise, I got an equity release to pay off my mortgage.

David P

With my power of attorney, I got an equity release on my father’s house to pay for disability provisions, including a lift and a new kitchen.

Mr Smith from Kendal

My financial advisor told me I should get equity release and gift money to my five children now as it would save a massive amount of inheritance tax.

William from London

My lawyer told me 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.

• Nationwide Bank Retirement Mortgages over 60 House
• Barclays Retirement Interest Only Mortgage On Second Property
• Natwest

Understanding Equity Release Rates

As homeowners approach retirement, the equity built up in their property becomes a valuable asset, offering financial security for their later years. Equity release is a mechanism that allows homeowners to unlock this value. This extensive guide delves deep into the intricate world of equity release rates, clarifying what homeowners should expect as they age.

Mortgages Over 55

At 55, most individuals start considering their retirement finances. The options available are broader due to the longer expected loan term.

Typical Rates and Options

The typical equity release rates for homeowners over 55 are slightly higher, reflecting the longer potential loan duration. However, many providers offer competitive deals catering specifically to this age group.

Considering Future Moves

At 55, homeowners might still consider relocating. Therefore, evaluating portability features in any equity release product is essential.

Hinckley Rugby Building Society Mortgages Over 60

As homeowners edge closer to retirement age, their financial needs might shift.

Shift in Lending Criteria

Many providers offer attractive rates to those over 60, as the loan term expectation shortens.

Planning for Retirement

This age bracket is crucial for evaluating retirement finances and ensuring a buffer for unexpected costs.

Hinckley & Rugby Building Society Mortgages Over 65

The official retirement age for many, 65 is a pivotal age for equity release.

Benefits of Age

The equity release market for those over 65 is vast, with more competitive rates and flexible conditions.

Assessing Health and Longevity

It’s also the time many consider health in their financial planning, potentially affecting how much they wish to release.

Hinckley and Rugby Building Society Mortgages Over 70

Post-retirement, the focus shifts from long-term savings to immediate financial security.

Maximizing Property Value

Homeowners can maximise their release value since the property might be fully paid off.

Considering Lifestyle Changes

Travel, medical expenses, and supporting family can all influence the decision on how much equity to release.

Mortgages Over 75

The options narrow slightly, but equity release is still a viable financial tool.

Higher Release Percentages

Given the shorter expected loan term, providers may allow a higher percentage of the property’s value to be released.

Ensuring Comfort

The focus here is ensuring comfort and financial stability in the later stages of life.

Types of Equity Release Products

Retirement Remortgages

This is an option for those who have paid off their mortgage but wish to tap into their property’s equity without selling.

How They Work

Retirement remortgages allow homeowners to borrow against their property, with the loan repaid when the property is sold.

Interest Rates

Rates vary, but due to their short-term nature, they can be higher than standard mortgages.

Pensioner Remortgage

Designed explicitly for pensioners, these cater to the financial needs of retirees.

Advantages

Lower interest rates and more extended repayment terms are the hallmarks of pensioner remortgages.

Eligibility

Lenders might have specific criteria, including age and pension income.

Lifetime Mortgage

The most popular equity release product, lifetime mortgages, doesn’t require monthly repayments.

Types

There are various types of lifetime mortgages, including drawdown, interest-only, and enhanced.

Repayment

The loan is repaid from the home’s sale proceeds, typically when the homeowner passes away or moves into long-term care.

Release Equity

The process of unlocking the value tied up in a home.

Methods

Homeowners can choose from home reversion plans or a lifetime mortgage to release equity.

Factors to Consider

The amount of equity that can be released, the value of the home, and the homeowner’s age are all critical factors.

Equity Release

A broad term encompassing various products allowing homeowners to access their property’s value.

Benefits

Equity release provides tax-free cash and doesn’t require homeowners to move.

Things to Watch

It’s vital to consider interest rates, potential early repayment charges, and the impact on inheritance.

RIO Mortgage

Retirement Interest Only mortgages are a newer offering in the equity release world.

RIO Mortgage

Retirement Interest Only (RIO) mortgages are a distinct solution in the equity release sector designed for older homeowners.

Distinguishing Factors

Unlike standard equity release products, a RIO mortgage requires borrowers to make monthly interest payments, ensuring the loan amount remains constant throughout its term. This makes it an appealing option for those with a steady retirement income who wish to keep their eventual loan repayment from increasing.

Eligibility and Terms

Lenders typically offer RIO mortgages to those aged 60 and above, but the precise age can vary. The loan is repaid when the homeowner sells the property, moves into long-term care, or passes away.

Factors Affecting Equity Release Rates

The rates available on equity release products, including lifetime mortgages and RIO mortgages, can vary significantly. Here’s what impacts these rates.

Age of the Borrower

The homeowner’s age plays a pivotal role in determining the rate.

Younger Borrowers

Younger homeowners, particularly those over 55, might find rates slightly higher due to the potentially longer duration of the loan.

Older Borrowers

Conversely, those over 75 might access better rates since the expected term of the loan is shorter.

Property Value and Location

The property’s worth and its location can influence the amount of equity available and the rates offered.

High-Value Properties

Homes with a higher market value might enable homeowners to release a more significant sum, potentially at more competitive rates.

Geographical Considerations

Property in areas with high demand or growth potential can attract better equity release rates.

Health of the Borrower

Specific equity release schemes, particularly enhanced lifetime mortgages, consider the health and lifestyle of the borrower.

Enhanced Rates

Suppose a homeowner has specific health conditions or lifestyle habits that could reduce their life expectancy. In that case, they might qualify for enhanced rates, which would allow them to release more equity from their home.

Standard Rates

In contrast, those in good health will receive standard rates, reflecting the potential longer duration of the loan.

How to Navigate Equity Release

Navigating the world of equity release requires research, professional advice, and careful consideration.

Seek Professional Advice

Before making any decisions, seeking advice from a qualified equity release advisor is crucial.

The Role of an Advisor

An equity release advisor will assess the homeowner’s financial situation, needs, and objectives and provide tailored recommendations on the most suitable products and lenders.

Ensuring Safety

Always ensure that the advisor is registered with a recognized body, such as the Equity Release Council in the UK, ensuring adherence to a strict code of conduct.

Consider Alternatives

Equity release might not be the best solution for everyone.

Downsizing

Some may find it more beneficial to sell their current property and move to a smaller, more affordable home, freeing up cash.

Family Assistance

Sometimes, family members might be willing to assist by providing financial help or joining joint property ventures.

Understand the Long-Term Impact

Equity release has long-term implications, not only for the homeowner but also for potential heirs.

Impact on Inheritance

Since equity release reduces the estate’s value, potential heirs might inherit less. It’s crucial to have open discussions with family members about this.

Future Financial Needs

When deciding how much equity to release, ensure you’ve accounted for potential future needs, such as care costs.

Homeowners must understand the plethora of products, rates, and factors in the evolving equity release landscape. As life expectancy increases and the need for financial flexibility in retirement grows, equity release is a pivotal tool for many. Always approach cautiously, arm yourself with knowledge, and seek expert advice to ensure the best outcome for your circumstances.

• Natwest Equity Release Advice
• Nationwide Lifetime Mortgage Buy To Let
• Nationwide Retirement Mortgage Broker
• Under 40 Equity Release From Property
• Tipton & Coseley Mortgage Reviews
• Under 50 Equity Release Scheme
• Best Mortgages For Over 50s Retirement Mortgage Comparison
• steel framed Houses Mortgage Lifetime Mortgage Drawdown Scheme
• Nationwide Equity Release Advice
• Natwest Lifetime Mortgage Broker
• Yorkshire Building Society Lifetime Mortgage Home Reversion Plan
• BISF Equity Release Plans
• Power Lines Equity Release Plans
• Bad credit Home Equity Release 2025

The 1st and 2nd charge 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 Assured shorthold tenancy tenant.

It is very common to encounter people searching for monthly payments, lump sums, or lifetime mortgages with flexible drawdown cash release. However, like VitalityLife Equity Release, More to Life is keen to see evidence of your situation in the form of bank statements.

Aviva Drawdown Lifetime Mortgages
Equity Release Under 55

Crown

One Family Retirement Mortgages

Challenging to finance home titles can include rent-charged properties with a high estate rent charge, leasehold properties with a short lease, typically less than 70 years, or a defective lease, properties of non-standard construction, timber buildings, and concrete panel houses.

LV Equity Release

Aviva Equity Release

Downsides of Hinckley and Rugby Building Society Equity Release Schemes

A monthly payment lifetime mortgage can reduce the value of your estate. A monthly payment lifetime mortgage may impact the ability to claim entitlements. You may need to pay a valuation fee and be exposed to changes in interest rates with some products.

Challenging to finance property titles can include grade ll Listed houses (grade C in Scotland and B2 in Northern Ireland), properties with a single annexe or another self-contained part of the property, grades l and ll* Listed Buildings in England & Wales (Grades A and B in Scotland; A, B+ and B1 in Northern Ireland), properties that have solar farms or a large number of wind turbines on the land 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 home variants can include complex roof structures, properties with pre-1945 asbestos or similar composition roof tiles, steel frame/clad properties built before 1990, studio flats outside the M25 and flats above or adjacent to commercial premises.

Hard-to-mortgage home types include homes requiring essential repairs, age-restricted properties, and leasehold properties (England, Wales, Northern Ireland) subject to a lease length of 160 years. In these properties, the customer offers only part of the title as security for the loan and properties where the borrower(s) own the freehold with any connected party.

Some of the most popular loan-to-value ratios of Standard Chartered help-to-buy mortgages for over-60s, Shepherds Friendly mortgages for 60 plus, Sainsbury’s equity release schemes for over 55s, Principality Building Society interest-only mortgages for over-60s near London, West Bromwich Building Society pensioner mortgages for over 70s, and Progressive Building Society mortgages for 60 plus pensioners are 40%, 55%, and 65%.

Small business owners are likely with equity to be released from their homes.

• Wholesale of furniture, carpets and lighting equipment Malton
• Banks Chard
• Logging East Cowes
• Repair of consumer electronics in Halifax
• Manufacture of other plastic products Olney

Hinckley and Rugby Building Society Equity Release LTV

The older you are and the unhealthier you are, the more money you can release.

UK Providers for Equity Release similar to Hinckley and Rugby Building Society Equity Release

• Key Retirement
• Stonehaven Mortgage
• Just Retirement

Other lenders similar to Hinckley and Rugby Building Society Equity Release

• Aviva Equity Release Schemes
• Canada Life Interest Select Gold Flexi
• Liverpool Victoria LV= Lump Sum Plus Lifetime Mortgage
• Lloyds Bank Equity Release
• Royal Bank of Scotland Lifetime Mortgage
• Saga Equity Release Plans
• Age Partnership Interest Only Lifetime Mortgage
• L&G Legal & General Flexible Lifetime Mortgage
• Liverpool Victoria LV Equity Release
• NatWest Lifetime Mortgage
• Hodge Equity Release Schemes
• Liverpool Victoria LV Equity Release Plans
• Pure Retirement Equity Release
• Nationwide Interest Only Lifetime Mortgage
• More to Life Capital Choice Plan
• Royal Bank of Scotland Interest Only Lifetime Mortgage
• Saga Equity Release Plans
• Hodge Equity Release Plans
• Lloyds Bank Equity Release Plans
• NatWest Interest Only Lifetime Mortgage
• Royal Bank of Scotland Equity Release Schemes
• More 2 Life Tailored Choice Plan

Common LTV ratios of LV= later life interest only mortgages over 75, More to Life help to buy for over 60s, One Family later life interest only mortgages over 75, Yorkshire Building Society equity release schemes for people over 70, Metro Bank mortgages for 60 plus pensioners and SunLife later life interest only mortgages over 60 are 45%, 60% and 65%.

Equity Release percentages of your current property value

• 50% interest-only lifetime mortgages LV Liverpool Victoria
• 55% LTV home reversion plans Legal and General
• 50% loan to value monthly payment lifetime mortgage Just Retirement
• 25% loan to value interest-only lifetime mortgages West Bromwich Building Society

Common loan to values of TSB retirement interest only mortgages over 75, Barclays mortgages over 70s, NatWest mortgages for 60 year olds, Legal & General mortgages for people 60 plus, RBS retirement interest only mortgages over 75 and Nationwide interest only retirement mortgages for over 70s are 40%, 60% and 70%.

Areas of the UK where Lifetime Mortgages are popular

• Chagford
• Colne
• Thrapston
• Pontefract
• Scunthorpe
• Verwood
• Cockermouth
• Calne
• Long Sutton
• Woking
• Ledbury
• Tickhill
• Raunds

Some of the most common retirement loan offerings are TSB mortgages for people over 70, Barclays interest-only mortgages for people over 60, NatWest equity release schemes, Legal and General lifetime mortgages, and Nationwide BS later life interest-only mortgages for people over 70.