5.37% Fixed for life L&G Equity Release over 60 free valuation in 2024

• Remove money from your home with L&G Equity Release
• No need to make regular monthly payments
• Use the cash for anything you like
• Stay living in your own property for as long as you like

How much can I borrow?

You can release 70% of your home’s valuation. For example, if your house is worth £210000 you can release £147000.

Recently completed mortgage, equity release and lifetime mortgage cases

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 providing income. I have saved a lot of tax.

Mrs Shaw from Lancaster

I had an interest-only mortgage with Birmingham Midshires. The mortgage had come to the end of its term and they wanted the £127000 back I still owed them. My lifetime mortgage saved me from losing my home and the rate was close to what I paid before.

Mr G from Kent

I got an interest-only lifetime mortgage and gave my sons £100,000 each so they could put a deposit down on a home. My money made it possible for them to get a very good mortgage deal, especially one son who is not well paid.

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.

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.

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.

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.

Challenging to mortgage property titles include properties will be assessed for flood risk, properties without a kitchen or bathroom, some properties with sitting tenants or regulated tenancies, timber buildings and concrete frame.

It’s very regular to find people searching for home reversion plans, monthly payment lifetime mortgage or interest-only lifetime mortgages, however, Aviva like VitalityLife Equity Release are keen to see paperwork to show your personal situation in the form of pension statements.

• Canada Life Landlord Voluntary Select Plan
• Just Retirement Drawdown Lifetime Mortgage
• Stonehaven Equity Release
• Lloyds Bank Equity Release Plans
• L&G mortgages
• Royal Bank of Scotland Equity Release Plans
• More to life Tailored Choice Plan
• Hodge Lifetime Flexible Drawdown Plan
• Stonehaven Interest Select Plan
• Aviva Equity Release Schemes
• L&G lifetime mortgages
• Nationwide Equity Release Schemes
• Royal Bank of Scotland Equity Release Plans
• Hodge Equity Release Plans
• L & G equity release plans
• Stonehaven Interest Only Lifetime Mortgage
• Equity Release Plans

Tough-to-finance property titles can include grade ll Listed houses (grade C in Scotland and B2 in Northern Ireland), properties with grounds in excess of five acres, grades l and ll* Listed Buildings in England & Wales (Grades A and B in Scotland; A, B+ and B1 in Northern Ireland), properties using rooms, land or outbuildings for business purposes which are not personal to the borrower(s) or which extend to more than 50% of the property to be secured 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.

Towns where L&G Equity Release is routine

• Ponteland
• Stalbridge
• Crowland
• Colburn
• Great Torrington
• Chorley
• Amesbury
• Tidworth
• Bourne
• Wednesbury
• Ashington
• Heanor and Loscoe
• Sandiacre

The 1st and 2nd charge lender will want to know if the property is a Detached freehold house or a Leasehold flat and if the resident is an Assured shorthold tenancy tenant.

Legal and General Equity Release reviews percentages of your current property value

• 60% lumpsum lifetime mortgages Old Mutual Wealth
• 55% loan to value interest-only lifetime mortgages Key Retirement
• 45% loan to value (LTV) home reversion plans Stonehaven
• 45% loan to value lifetime mortgage with flexible drawdown cash release Vida
• 35% loan to value lump sum lifetime mortgages Foundation Home Loans

Difficult-to-finance home variants can include difficult roof structures, properties with single-skin brickwork where the single skin comprises more than 20% of the surface area of the external walls, studio flats located within the M25, privately developed flats in blocks of five storeys or more and freehold flats (England, Wales, Northern Ireland).

Lenders for UK Equity Release

• Sunlife Plans
• Prudential
• More to life
• Aegon
• Legal & General equity release

More to Life Retirement Mortgages

Equity Release Rates: A Comprehensive Guide

Equity release is becoming an increasingly popular option for older homeowners looking to unlock the wealth tied up in their homes. The landscape of equity release options is diverse, catering to various age groups and financial situations.

Bad Credit Mortgages Over 55

As the name suggests, mortgages over 55 are tailored for those who are 55 and over. These products are designed to cater to individuals who might have different financial needs than younger borrowers.

Benefits

Financial Flexibility

For many, reaching 55 heralds the beginning of retirement or at least a slowdown in professional commitments. These no credit check mortgages can provide the flexibility needed during this phase of life.

Debt Consolidation

It can be an opportunity to consolidate other debts and potentially reduce monthly outgoings.

Things to Consider

Property Value

It’s essential to evaluate if the amount of loan you’re considering will affect the future sale value of your home.

Retirement Mortgages Over 60

These mortgages are designed for individuals who are transitioning into or are in their retirement years.

Advantages

Extended Loan Terms

With life expectancies on the rise, some lenders are offering extended terms for their mortgages over 60 products.

Tailored Assessments

Lenders often consider pension incomes and other retirement assets when evaluating loan applications.

One Family Retirement Mortgages

Pensioner Mortgages Over 65

Being further into retirement, individuals in this age group have unique needs that mortgages over 65 aim to address.

Benefits

Additional Retirement Funding

This mortgage can provide supplementary funds for a more comfortable retirement, whether it’s for travel, healthcare, or other pursuits.

Interest Rates

Often, individuals in this age bracket can secure competitive interest rates, especially if the home has accrued significant equity.

Pure Retirement Retirement Mortgages

Interest only Mortgages Over 70

Characteristics

Specialist Lenders

Given the advanced age, not all high-street lenders might offer mortgages for this category. However, specialist lenders often have tailored products.

Loan-to-Value (LTV) Ratios

The LTV ratios can vary, but often, older borrowers can access a more significant portion of their home’s value.

Canada Life Mortgages

• Tipton & Coseley Mortgage Reviews
• Natwest Retirement Mortgage UK
• Bad Credit Mortgage Reviews

Bad Credit Mortgages Over 75

Reaching 75 doesn’t mean mortgage options dry up. Instead, the products available are often more specialised.

Features

Flexible Repayments

Some mortgages offer the choice of making interest-only payments, with the capital being repaid after the property is sold.

Age Caps

While some lenders might have age caps, others might consider the application based on the overall health and life expectancy of the borrower.

• Halifax Equity Release Schemes
• Natwest Equity Release Retirement
• Nationwide Lifetime Mortgage Reviews

Poor Credit Retirement Remortgages

Benefits

Rate Reduction

With interest rates fluctuating, retirement remortgages can allow homeowners to switch to a more favourable rate.

Unlocking Equity

For homes that have appreciated in value, this type of remortgage can help in accessing the increased equity.

• Nationwide Retirement Mortgage Broker
• Barclays Retirement Interest Only Mortgage
• Lloyds Bank

Pensioner Remortgage

Features

Income Considerations

Lenders will often consider various income sources such as pensions, investments, and other assets.

Flexible Terms

Given the specific nature of the product, there can be more flexibility in the loan term and repayment structure.

• Lloyds Lifetime Mortgage Maximum Ltv
• Nationwide Equity Release From Property
• Age Partnership Interest Rates

Lifetime Mortgage

Lifetime mortgages are a popular equity release product.

Key Aspects

No Monthly Repayments

Interest gets ‘rolled up’ into the loan, and both the capital and interest are repaid when the homeowner sells the property, moves into care, or passes away.

Fixed Interest Rates

Most lifetime mortgages offer fixed interest rates, ensuring that the rolled-up interest doesn’t skyrocket unexpectedly.

• Lloyds Bank Equity Release From House
• BISF Equity Release Plans
• Natwest Lifetime Mortgage Broker

Release Equity

Benefits of Equity Release

Financial Freedom

This allows homeowners to tap into the value of their home without selling it.

Stay in Your Home

One of the biggest advantages is that homeowners can continue living in their property.

• Best Mortgages For Over 50s Retirement Mortgage Interest Rate
• nationwide mortgages for over 60s Retirement Mortgages Age

Equity Release

Types of Equity Release

Home Reversion Plans

This involves selling a portion of your home to a provider while retaining the right to live in it.

Drawdown Lifetime Mortgages

This allows homeowners to release equity in chunks, based on need, reducing interest accumulation.

RIO Mortgage

Retirement Interest Only (RIO)

Difficult-to-mortgage home types can include homes requiring essential repairs, age-restricted properties, leasehold properties (England, Wales, Northern Ireland) subject to a lease length of 160 years, commonhold properties and properties owned under any form of shared equity scheme.

Disadvantages of L&G Equity Release Schemes

Monthly payment equity release can reduce the value of your estate. Monthly payment equity release may impact the ability to claim entitlements. You may need to pay a legal fee and you could be exposed to changes in interest rates with some products.

L&G Equity Release Loan To Value

The more elderly you are and the more illnesses you have you are the more cash you can release.

Some of the most popular loan-to-value percentage ratios of Standard Chartered mortgages for pensioners over 60, L&G Equity Release, Direct Line RIO mortgages over 75, Leeds Building Society mortgages for 60 plus pensioners, Skipton Building Society later life mortgages for over the 70s, Newcastle Building Society mortgages over 70s and Progressive Building Society mortgages for people 60 plus are 50%, 60% and 65%.

Equity Release Calculator Under 55

Popular loan-to-value ratios of LV= retirement mortgages over 60, L&G Equity Release, More to life retirement mortgages over 60, One Family interest only mortgages for people over 60, Yorkshire Bank mortgages for over 50 year olds, Principality Building Society lifetime mortgages for over 55s and Sun Life mortgages over 65 are 50%, 60% and 65%.

Popular loan-to-value ratios of TSB pensioner mortgages over 60, Barclays Bank interest-only mortgages for people over 70, Halifax over 60 lifetime mortgages no fees, L&G interest only mortgages for people over 60, RBS retirement interest-only mortgages over 60 and Nationwide BS RIO mortgages over 75 are 45%, 60% and 65%.

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Some of the most common retirement loan offerings are TSB RIO mortgages, Barclays Bank interest only mortgages for over 60s, Halifax interest only mortgages for over 60s near London, Legal & General lifetime mortgages and Nationwide Building Society equity release schemes.