- Remove tax-free cash from your home
- You don’t need to make regular monthly payments
- Help your family get a deposit for their own home
- Still, have some mortgage outstanding? No problems
- Continue to live in your own property
Mr Williamson from Chiswick
My son is a chef in a care home. He is not well paid. No way his bank would lend him the money to buy a flat. My equity release enabled him to put a substantial deposit down so his mortgage was very small. My equity release interest rate was close to his interest rate offered by his bank.
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.
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 E from London
I was advised to get 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 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 to be born and a years rent in advance for a new flat for the baby.
With my power of attorney, I got equity release on my father’s house to pay for disability provisions including a lift and a new kitchen.
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.
How much is it common to release from a home
The older you are and the more illnesses you have you are, the more cash you can release.
Drawbacks of Home Reversion Schemes
Lifetime mortgage with flexible drawdown cash release can reduce the inheritance for your family. Home reversion plans may impact the ability to claim entitlements. You may need to pay a solicitor’s fee, and you could have higher rates to pay with some schemes.
Successful business owners who could benefit from equity release tax planning
- Translation and interpretation activities Alford
- Landscape service activities Cirencester
- Manufacture of other electronic and electric wires and cables Grays
- Renting and leasing of passenger water transport equipment Queenborough-in-Sheppey
- Gathering of wild growing non-wood products Colne
- Maintenance and repair of motor vehicles Tamworth
- Retail sale of antiques including antique books in stores Sandhurst
- Other credit granting n e c Hayes
- Other accommodation Hartlepool
- Satellite telecommunications activities Prudhoe
- Sale of new cars and light motor vehicles Leigh
- Cultural education Fazeley
- Repair of consumer electronics Wednesbury
- Plant propagation Chipping Sodbury
- Manufacture of other carpets and rugs Barton-upon-Humber
- Retail sale of musical instruments and scores Wooler
- Manufacture of knitted and crocheted hosiery Market Deeping
- Production of other food products n e c Louth
What percentage can be released?
- 60% monthly payment lifetime mortgage Old Mutual Wealth
- 40% loan to value (LTV) monthly payment lifetime mortgage Shawbrook
- 30% loan to value (LTV) lifetime mortgage with flexible drawdown cash release Kent Reliance
- 50% LTV home reversion plans Aviva
- 50% LTV lumpsum lifetime mortgages Together Money
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 Owner Occupier.
- HSBC Lifetime Mortgage On Second Property
- Nationwide Retirement Mortgage Interest Only
- HSBC Equity Release Plans
- Nationwide Lifetime Mortgage Advisers
- Lloyds Bank Retirement Mortgages Interest Rates
- Natwest Retirement Mortgage Broker
- Santander Retirement Mortgage Providers
- Halifax Lifetime Mortgage Comparison
- Lloyds Lifetime Mortgage Home Reversion Plan
- Lloyds Bank
- Halifax Retirement Mortgage Loan
- Santander Equity Release On Second Homes
- Lloyds Equity Release Scheme
- Lloyds Bank Lifetime Mortgage Calculator
- Natwest Equity Release Drawdown
- Natwest Lifetime Mortgage Advisers
- Nationwide Equity Release Plan
It is very regular to encounter individuals looking for lump sum lifetime mortgages, lump sum lifetime mortgages or home reversion schemes, however, Just Retirement like VitalityLife Equity Release are keen to see proof of your personal situation in the form of investment statements.
Areas in the UK where retirement mortgages are routine
- Lytham St Annes
- Newton Abbot
- Rowley Regis
- TSB Equity Release Plans
- NatWest Equity Release
- More to Life Capital Choice Plan
- Bridgewater Equity Release Schemes
- Just Retirement Drawdown Lifetime Mortgage
- More to Life Flexi Choice Drawdown Lite Plan
- Stonehaven Equity Release Plan
- HSBC Interest Only Lifetime Mortgage
- TSB Lifetime Interest Only Mortgage
- Canada Life Voluntary Select Gold
- Hodge Lifetime Mortgage Plus
- Nationwide Interest Only Lifetime Mortgage
- More to Life Capital Choice Plan
- TSB Equity Release
- Age Partnership Interest Only Lifetime Mortgage
- Just retirement defined benefit
- Nationwide Equity Release
- Lloyds Bank Equity Release Plans
Equity Release Scheme Providers
- Lifetime Mortgage from L&G
- Norwich Union
- Royal London Equity Release