5.61% Coventry Equity Release Lifetime Mortgages

Remove tax-free equity from your property with Coventry Equity Release.
No need to make regular monthly payments
Use the cash to pay off loans and credit cards.
Do you still have a mortgage? We can help with that.
Continue to live in your home.

How much can I get?

You can achieve 60% of your home’s valuation. For example, if your house is valued at £220,000, you can release £132,000.

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Recently completed mortgage, equity release and lifetime mortgage cases

Julia A

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

Mr G from Kent

I took out an interest-only lifetime mortgage and gave my sons £100,000 each to put down as a deposit on a home. My money gave them an excellent mortgage deal, especially for one of their poorly paid sons.

Mrs Daly from Glasgow

My daughter lives in the States and does not have health insurance. My £30,000 lifetime mortgage paid the medical bills for her son’s birth and a year’s rent in advance for a new flat for the baby.

Mrs E from London

I was advised to take out an equity release on 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 that 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 valuation and solicitor fees for my lifetime mortgage but no lender or broker fees. 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 do not need to move from home.

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.

Mr Smith from Kendal

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

Mrs V from Hastings

I had spent my life accruing credit card debt and loans, then getting interest-only mortgages to pay it off. I reached 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 a £180,000 equity release, and now I am more comfortable with no monthly repayments. I also spent £20,000 on a new bathroom and kitchen, so I now know I can stay 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.

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.

Sandra from Manchester

I got an equity release to give my daughter money to buy a house. Without the money I borrowed, her buying a home would have been impossible.

Does Coventry offer Lifetime Mortgages?

Yes, Coventry does lifetime mortgages at 2.18% MER. Coventry Lifetime Mortgages have a loan-to-value (ltv) of 75%.

Does Coventry offer Equity Release Under 55?

Yes, Coventry Equity Release Under 55 is 1.99% MER.

Does Coventry offer Retirement Mortgages?

Yes, Coventry Retirement Mortgages are 1.95% APRC.

Does Coventry offer Pensioner Mortgages?

Yes, Coventry Pensioner Mortgages are 2.24% MER.

Does Coventry do Equity Release plans?

Yes, Coventry Equity Release is 1.99% APRC.

What are Coventry’s interest rates for equity release?

Coventry rates for equity release are 2.26% APR.

Retired business owners that may be interested in Home Reversion Schemes

Technical and vocational secondary education in East Cowes
Casting of light metals Burton Latimer
Licensed carriers Uppingham
Residential care activities for the elderly and disabled Epworth
Manufacture of other non-metallic mineral products n e c Yateley
Other letting and operating of own or leased real estate Royal Leamington Spa
Manufacture of plastics and rubber machinery Bentham
Residential nursing care facilities Chapel-en-le-Frith
Travel agency activities in Carterton
Machining Lewes
Wholesale of live animals Coalville
Another retail sale of new goods in specialised stores, not commercial art galleries and opticians, Haslemere
Renting and leasing of agricultural machinery and equipment in Middleton
Sale of new cars and light motor vehicles in Kidderminster
Manufacture of other milk products, Stockport
Manufacture of condiments and seasonings Great Torrington
Manufacture of light metal packaging Reepham
Manufacture of electrical and electronic equipment for motor vehicles and their engines Horley

Does Coventry have positive reviews for equity release?

Yes, Coventry reviews are tip-top for equity release.

Equity Release LTV

60% home reversion schemes Old Mutual Wealth
30% loan to value monthly payment, equity release Evolution Money
50% LTV interest-only lifetime mortgages Paragon Personal Finance
30% LTV home reversion schemes BlueZest
Coventry Equity Release

Areas of the UK where equity release is routine

Gravesend
Great Yarmouth
Potton
Brampton
Rothbury
Winchcombe
Haverhill
Stonehouse
Driffield
Ampthill
Knutsford
Penrith
Todmorden
Ashbourne
Diss
Nantwich
Northam
Diss
Clare
Clun
Tipton
Shipston-on-Stour

Common LTV ratios of TSB mortgages for 60-year-olds, Barclays Bank mortgages for 60-plus, NatWest mortgages for over-60s, Legal and General mortgages for people 60-plus, RBS interest-only lifetime mortgages for over-70s 70s and Nationwide BS mortgages for pensioners over 60 are 50%, 55% and 70%.

Common LTV ratios of Liverpool Victoria equity release schemes for over 55’s, More to Life mortgages for pensioners over 60, One Family mortgages for over 70s, YBS mortgages for over 50-year-olds, Principality Building Society remortgages for people over 50 years old and Sun Life mortgages over 70s are 35%, 55% and 70%.

The lender will want to know if the property is a Freehold terraced house or a Leasehold flat, and if the resident is an owner-occupier’s Primary Residence.

Popular LTV percentages of Aviva mortgages for those over the 70s, Zurich pensioner mortgages over 60, Sainsbury’s mortgages over 65, Skipton Building Society retirement interest-only mortgages over 75, West Bromwich Building Society retirement interest-only mortgages over 60, and Progressive Building Society mortgages over 70s are 45%, 60% and 65%.

It is common to find individuals seeking lump-sum lifetime mortgages, monthly-payment lifetime mortgages, or home reversion schemes. However, Sunlife Plans, such as Royal London Equity Release, are keen to see evidence of your situation from pension statements.

Drawbacks of Lifetime Mortgages

A lifetime mortgage with a flexible drawdown cash release can reduce the value of your estate. Monthly payment equity release may impact entitlements to state benefits. You may need to pay an advisor’s fee, and you could have higher rates to pay with some schemes.

Hard-to-mortgage home types include homes requiring essential repairs, properties where tenants live in a self-contained part of the property, suitable properties in England, Wales and Northern Ireland, properties where the customer is offering only part of the title as security for the loan and freehold flats (England, Wales, Northern Ireland).

Bridgewater Lifetime Mortgage
Lloyds Bank Equity Release Plans
Age Partnership Equity Release Schemes
Pure Retirement Equity Release Schemes
Stonehaven Equity Release
Nationwide Equity Release Plans
Royal Bank of Scotland Equity Release Plans
Aviva Lifetime Mortgage
Liverpool Victoria LV= Lump Sum Plus Lifetime Mortgage
Pure Retirement Equity Release
Lloyds Bank Lifetime Mortgage
Saga Lifetime Mortgage
More to Life Tailored Choice Plan
Royal Bank of Scotland Equity Release
More 2 Life Flexi Choice Voluntary Payment Super Lite

Hard-to-finance home variants can include Timber-framed properties constructed post-1965, properties with pre-1945 asbestos or similar composition roof tiles, sizeable concrete panel systems, freehold/freehold flats (Scotland only) and privately developed flats in blocks of three or four storeys without a lift.

Lenders for Equity Release

Age Partnership
Prudential
Bower
Coventry Equity Release

Equity Release Loan To Value similar to Coventry Equity Release

The older you are and the more illnesses you have, the more tax-free money you can release.

Tough-to-mortgage home variants can include flats of less than 30 square metres in any location, properties with a large number/scale of outbuildings, properties without direct access to an adopted highway or which are accessed over an unmade road, properties with mobile phone masts which are not within influencing distance of the house and properties that have a private water supply provided a contract is in place with an approved maintenance company for regular testing and maintenance.

Canada Life Retirement Mortgages

Tough-to-finance home variants can include rent charges, properties with a high estate rent charge, leasehold properties with a short lease (typically less than 70 years), a defective lease, some with sitting tenants or regulated tenancies, corrugated iron construction, and concrete frame.

Pure Retirement

Is Coventry closing?

No, Coventry has a long-term plan to be in the UK lending market.

How stable is Coventry?

The Coventry is strictly regulated in the UK. It easily meets all the capital requirements for a financial institution of its size.

Is Coventry Good?

Yes, Coventry BS has excellent RIO mortgages, Lifetime mortgages, equity release, and interest-only lifetime mortgages at low rates, similar to standard mortgages for younger people.

Where is Coventry’s headquarters?

Principal Office: Coventry House, Harry Weston Road, Binley, Coventry, West Midlands CV3 2TQ.

Who are Coventry’s competitors?

Nationwide Building Society, Natwest Bank, Lloyds Bank, TSB Bank, and Cumberland Building Society.

Does Coventry offer pensioner remortgages over 70

Yes, Coventry remortgages for over 70s can have very low rates.

Does Coventry do retirement remortgages for those over 60?

Yes, a Coventry retirement remortgage for people over 60 is a 3.57% APR variable.

Does Coventry offer pensioner remortgages for over-60s?

Yes, a Coventry pensioner remortgage for retired homeowners over 60 is 3.46% APRC fixed for life.

Does Coventry offer a later life remortgage for over 60s?

Coventry’s later-life remortgages for the over-60s are at 3.43% APRC variable.

Does Coventry do the best remortgage for the retired over 60?

Yes, Coventry, the best remortgages for the over 60s are 3.08% AER fixed.

Does Coventry offer remortgaging options for the over-60s?

A Coventry remortgaging option for people over 60 is a 3.68% MER fixed rate.

Does Coventry offer mortgage calculators for the 60s?

Yes, a Coventry mortgage calculator for retired homeowners over 60 will show 3.63% MER variable.

Does Coventry offer a RIO mortgage for retired homeowners over 60?

Yes, Coventry RIO mortgages for the over 60s are 3.49% APR fixed.

Does Coventry do retirement interest-only mortgages for the 60s?

Yes, a Coventry retirement interest-only mortgage over 60 is a 3.74% APRC fixed rate.

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