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The Loughborough Building Society Equity Release new for 2024

loughborough building society
  • Release equity from your house with Loughborough Building Society Equity Release
  • Not necessary to make monthly payments
  • Help your family to buy a house
  • Stay living in your own home

How much cash can I borrow?

You can borrow 60% of your property’s valuation. For example, if your house is valued at £230000 you can get £138000.

  • Free No Obligation Quote

  • Please enter a number from 3000 to 2000000000.
  • Please enter a number from 30000 to 100000000.
  • Leave blank if no mortgage outstanding
  • About You

Customer Reviews

RIO

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.

RIO

Ms G from Dover

I divorced my husband who was a violent alcoholic. I really feared losing my home as I sometimes look after my daughter’s children. Equity release enabled me to pay off my ex and stay secure in my home.

RIO

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 the interest rate offered by his bank.

RIO

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.

RIO

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.

RIO

Mr Smith from Kendal

My financial advisor told me that I should get equity release and gift money to my 5 children now as it would save a massive amount of inheritance tax.

RIO

Mrs M from Birmingham

RIO

With no broker fees and no lender fees, I got an interest-only retirement mortgage which I pay each month 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 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.

Under 65 Home owner
Homeowner in their 60s
Over 55 Home owner





Loughborough Building Society Mortgages Over 55: Starting the Equity Release Journey

The modern financial landscape offers various mortgage solutions for individuals who are 55 or older. These instruments enable homeowners to unlock the equity in their homes, providing flexibility during retirement.

Loughborough Building Society Mortgages Over 60: Not Too Late for a Mortgage

For those who have crossed the 60-year mark, there are still ample mortgage opportunities. Whether it’s about remortgaging an existing property or buying a new one, numerous tailored options cater to this age bracket.

Age and Its Impact on Borrowing

As age progresses, lenders might have specific concerns related to the loan’s tenure and the borrower’s repayment capability. But with the right product, these hurdles can be easily navigated.

Loughborough BS Mortgages Over 65: Embracing the Golden Years

Hitting 65 doesn’t mean the end of your mortgage prospects. In fact, it might be a great time to consider equity release products.

Equity and Retirement

Releasing equity at this age can fund a comfortable retirement, pay off debts, or even finance a dream holiday.

Loughborough BS Mortgages Over 70: Still in the Game

With increasing life expectancies and active lifestyles post-retirement, many financial institutions have created mortgage products specifically for those aged 70 and above.

What Lenders Look At

While age might be a number, lenders do assess health, life expectancy, property value, and other sources of income before granting a mortgage.

Mortgages Over 75: The Ultra-Senior Bracket

Believe it or not, there’s a mortgage market for individuals over 75. These products are usually more specialized and might have certain restrictions.

Why Choose a Mortgage at This Age?

From funding long-term care to helping grandchildren with their finances, mortgages over 75 can offer a financial boost when it’s most needed.

Loughborough Building Society Retirement Remortgages: Refinancing for a New Chapter

Retirement need not be the end of your mortgage journey. Remortgaging can provide a fresh perspective and financial structure tailored to the retirement phase.

The Rise of Retirement Remortgages

With the evolution of the financial sector, retirement remortgages have become increasingly popular, offering bespoke solutions for retirees.

Loughborough BS Benefits and Pitfalls

While these remortgages can offer better interest rates and terms, it’s vital to be wary of hidden charges and long-term implications.

Loughborough BS Pensioner Remortgage: Tailored for the Silver Generation

Pensioner remortgages are specifically designed for those who are enjoying their pension years. These remortgages consider the unique financial situations of pensioners.

Why Consider a Pensioner Remortgage?

It’s all about flexibility. With a pensioner remortgage, you can potentially reduce monthly outgoings or release a lump sum for immediate needs.

Navigating the Process

From application to approval, understanding the intricacies can smooth the remortgage journey.

Lifetime Mortgage: A Popular Equity Release Option

Lifetime mortgages are one of the most popular equity release schemes in the UK.

How Does It Work?

You secure a loan against your property. Instead of monthly repayments, the interest rolls up, and the loan plus interest is repaid when you die or move into long-term care.

Fixed vs. Variable Interest Rates

Like conventional mortgages, you can opt for fixed or variable interest rates. The choice will dictate how much the loan will cost over time.

Release Equity: Turning Brick and Mortar into Cash

Equity release schemes, such as lifetime mortgages or home reversion plans, let homeowners access the money tied up in their homes.

The Mechanics of Equity Release

You can either borrow a portion of your home’s value or sell a share of your property in return for a lump sum or regular income.

Impact on Inheritance

One crucial consideration is the effect on inheritance. As the property’s value is used up, it can reduce the amount left for heirs.

Equity Release: A Deep Dive

More comprehensive than mere lifetime mortgages, equity release encompasses various products designed to free up cash from properties.

Types of Equity Release Plans

The market primarily offers Lifetime Mortgages and Home Reversion Plans. Both have their unique features and benefits.

Deciding the Best Fit

Several factors, including age, health, and financial goals, play a role in determining the best equity release product.

RIO Mortgage: The New Kid on the Block

RIO or Retirement Interest Only mortgages are a recent addition to the financial landscape. They offer a hybrid solution, blending elements from interest-only mortgages and equity release products.

Why Choose RIO?

For retirees who can afford to pay monthly interest but not the capital, RIO provides an option to stay in their home and only repay the capital upon sale or when moving into care.

The Future of RIO Mortgages

Given their flexibility and the ageing UK population, RIO mortgages are poised for growth. However, they might not be suitable for everyone, making personal financial advice critical.

To navigate the complex world of equity release rates and products, seeking professional advice is invaluable. Whether you’re looking at traditional mortgages post-55 or exploring the nuances of RIO mortgages, understanding the implications on your finances and inheritance is critical to making informed decisions.

Understanding the Long-term Implications of Equity Release

Engaging in an equity release plan, be it a lifetime mortgage or a RIO, is not a decision to be taken lightly. These arrangements often span decades and can significantly influence one’s financial health, property ownership, and legacy.

Long-Term Cost Analysis

While the immediate benefits of obtaining a lump sum or monthly payouts can be enticing, it’s essential to evaluate the long-term costs. Interest rates, especially when compounded, can substantially increase the amount owed over time.

Equity Erosion Over Time

The rolled-up interest in products like lifetime mortgages can erode a significant portion, if not all, of the property’s equity. This reduction can impact the residual value of the home, leaving little to no inheritance for loved ones.

Property Value and Market Fluctuations

The property market is dynamic, with values rising and falling based on various economic and regional factors. An understanding of potential market fluctuations is essential when considering equity release, as it impacts the equity left in the home.

Downsizing as an Alternative

Before opting for equity release, homeowners might want to consider downsizing. Selling a larger family home in favour of a smaller, more manageable property can release a significant amount of equity without the need for loans or giving away a portion of the property.

Benefits of Lifetime Mortgages and Equity Release

Despite the cautions and considerations, there are undeniable benefits to equity release schemes tailored to older homeowners.

Enhanced Financial Freedom

For many, the most apparent advantage is the immediate financial boost. Whether it’s to supplement a pension, make home improvements, or help family members, the funds can greatly enhance one’s quality of life.

Tailored Solutions for Varied Needs

From drawdown lifetime mortgages that allow periodic withdrawals to enhanced lifetime mortgages offering higher amounts for those with specific health conditions, the equity release market caters to diverse needs.

No Negative Equity Guarantees

A comforting feature of many equity release plans is the “no negative equity” guarantee. This ensures that, regardless of how the interest accumulates, the amount to be repaid will never exceed the property’s value, protecting homeowners and their heirs from further debt.

Choosing the Right Equity Release Product

Given the variety of equity release products, from the more traditional lifetime mortgages to the newer RIO mortgages, selecting the right one can seem daunting.

Seek Professional Advice

Professional advisers can provide clarity on the most suitable product based on individual circumstances, financial goals, and future plans. They can offer a comprehensive understanding of the implications, both immediate and long-term.

Research and Due Diligence

Beyond professional advice, doing personal research is invaluable. Look into different providers, read reviews, compare rates, and understand the fine print. Familiarising oneself with industry terms and standards can also be beneficial when discussing options with advisers or providers.

Consider Future Plans and Desires

Equity release might impact future plans, whether it’s the desire to move homes, travel, or leave an inheritance. Reflecting on these desires can guide the decision-making process.

Open Conversations with Family

As equity release can influence inheritance, having open and transparent conversations with family members is advisable. It ensures that everyone involved understands the reasons behind the decision and its implications.

The world of equity release, with its varied products and options, offers older homeowners a route to financial flexibility. While there are undeniable benefits, understanding the long-term implications and costs is crucial. Whether considering a lifetime mortgage post-60 or exploring other equity release schemes, informed decisions, guided by research and professional advice, will ensure a secure and comfortable financial future.

Equity Release Lenders

  • Key Retirement
  • Stepchange
  • More to life

Canada Life Retirement Mortgages

Legal and General Lifetime Mortgages
Equity Release Mortgage Under 55

Challenging to mortgage home titles can include properties that will be assessed for flood risk, properties close to mining works, areas of landfill, areas of recent flooding or subsidence, properties where there are boundary disputes or where planning applications have not been applied for correctly, thatched buildings and concrete panel houses.

Just

Towns where Lifetime Mortgages are common

  • Padiham
  • Pickering
  • Charlbury
  • Crewkerne
  • Cheshunt
  • Haxby
  • Maryport
  • Cleator Moor
  • Newport Pagnell
  • Bideford
  • West Mersea
  • Knutsford
  • Andover
  • Canada Life Prestige Flexi Option
  • Hodge Lifetime Mortgage Flexible Drawdown Plan
  • Pure Retirement Classic Drawdown Lite Plan
  • Stonehaven Interest Select Plan
  • Lloyds Bank Lifetime Mortgage
  • Saga Equity Release Plans
  • Aviva Equity Release Schemes
  • Hodge Lifetime Mortgage Flexible Drawdown Plan
  • L&G Legal & General Flexible Lifetime Mortgage
  • Stonehaven Interest Only Lifetime Mortgage
  • Lloyds Bank Lifetime Mortgage
  • NatWest Equity Release Schemes
  • Saga Equity Release Plans
  • More to Life Tailored Choice Plan
  • Pure Retirement Equity Release Plans
  • Equity Release Plans
  • TSB Lifetime Mortgage
  • Loughborough Building Society Equity Release
  • NatWest Interest Only Lifetime Mortgage
  • Bridgewater Equity Release Plans
  • Liverpool Victoria LV Equity Release Schemes
  • More to life Flexi Choice Voluntary Payment Super Lite
  • Equity Release Schemes
  • Lloyds Bank Lifetime Mortgage

It is usual to discover individuals searching for lump sum lifetime mortgages, monthly payment lifetime mortgage or monthly payment equity release, however, Just Retirement like VitalityLife Equity Release are keen to see paperwork to show your situation in the form of investment statements.

Challenging to mortgage property variants include grade ll Listed houses (grade C in Scotland and B2 in Northern Ireland), properties converted from modern commercial premises, use of the land and any outbuildings for a small amount of personal commercial use., properties that have solar farms or a large number of wind turbines on the land and properties where Japanese Knotweed is present.

The mortgage lender will want to know if the property is a Detached freehold house or a Leasehold flat and if the resident is an owner-occupier.

Examples of retired business owners likely to have equity to release like Loughborough Building Society Equity Release

  • Silviculture and other forestry activities Newport Pagnell
  • Production of abrasive products Smethwick
  • Video production activities Glastonbury
  • Wholesale of fruit and vegetables Dursley
  • Manufacture of other organic necessary chemicals Maryport
  • Artistic creation Stourport-on-Severn
  • Fitness facilities Peacehaven
  • Manufacture of glues Hayes
  • Manufacture of other women’s outerwear Birkenhead
  • Cold drawing of wire Crewkerne
  • Manufacture of photographic and cinematographic equipment Yate
  • Manufacture of rusks and biscuits; manufacture of preserved pastry goods and cakes Pershore
  • Retail sale of other second-hand goods in stores, not including antiques Henley-on-Thames
  • Motion picture distribution activities Saltash
  • Development of building projects Dartmouth
  • Research and experimental development on Biotechnology Loftus
  • Collection of hazardous waste Basingstoke
  • Other holiday and other collective accommodation Broughton-in-Furness
Loughborough Building Society Equity Release

Difficult-to-finance home types can include pre-fabricated reinforced concrete (PRC), properties with spray foam insulation applied to the underside of the roof, studio flats located within the M25, privately developed flats in blocks of five storeys or more and freehold flats (England, Wales, Northern Ireland).

Pure Retirement - Classic Super Lite

Hard-to-finance home types include properties in the course of construction or pre-construction, properties where multiple third parties are living in an annexe, right to buy – properties in Scotland, properties where the customer is offering only part of the title as security for the loan and properties where the borrower(s) own the freehold with any connected party.

LV= Lump Sum+ Lifetime Mortgage

Equity Release Loan To Value

The more aged you are and the sicker you are, the more tax-free money you can release.

Equity Release LTV VS Loughborough Building Society Equity Release

  • 60% lump sum lifetime mortgages Royal London Equity Release
  • 60% loan to value lump sum lifetime mortgages Just Retirement
  • 45% LTV monthly payment lifetime mortgage Saga
  • 60% loan to value lump sum lifetime mortgages Together Money
  • 25% loan to value lumpsum lifetime mortgages Skipton Building Society

Downsides of 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 benefits. You may need to pay a valuation fee, and you could be exposed to changes in interest rates with some products.

Popular LTV percentages of Aviva interest only mortgages for over 60s near London, Direct Line later life borrowing schemes over 55, Sainsburys interest only mortgages for over 60s, Principality Building Society help to buy for over 60s, West Bromwich Building Society later life interest only mortgages over 60 and Cumberland Building Society mortgages for 60 plus pensioners are 45%, 60% and 70%.

Over 60 Retirement Mortgages Home

Popular LTV ratios of Liverpool Victoria mortgages over 70s, More to life equity release schemes for people over 70, One Family remortgages for people over 50 years old, Yorkshire Bank later life interest only mortgages over 75, Metro Bank interest only lifetime mortgages for over 70s and SunLife mortgages for over 60s are 45%, 60% and 70%.

Common loan-to-value ratios of TSB equity release schemes for people over 70, retirement interest only mortgages over 75, Post Office lifetime mortgages for people over 55, L&G lifetime mortgages for over 55s, RBS interest only mortgages for people over 60 and Nationwide BS later life mortgages for over 60s are 45%, 60% and 65%.

Over 60 Retirement Mortgages Interest Rate

Loughborough Building Society Product name: Borrowing Into Retirement Capital repayment or interest-only? Both available. Minimum/Maximum property value: none. Minimum/Maximum loan sum: £25,000/£350,000. Maximum loan size of 4.5x annual income if aged under 70 at time of application; 3.5x if aged 70 or above. Maximum LTV: 60%. Minimum/max-age: you must be aged 80 or above by the end of the mortgage term; no max-age.

Minimum income: none, though you’ll need to be able to prove you can afford the payments. Mortgage term: 2-25 years. Overpayments: up to ten per cent per year without early repayment charges (ERCs) on the fixed-term products, although a deal with no ERCs is also on offer.

How is the loan repaid? For the interest-only option, you can sell the property to pay off the loan, though other methods will be considered. Capital repayment mortgages will have been repaid by the end of the term. In all cases, you can pay off the loan early through overpayments.

Popular pensioner mortgage products are Lloyds Bank mortgages for over 70s, Barclays Bank interest only lifetime mortgages, NatWest pensioner mortgages over 70s, Legal & General lifetime mortgages and Nationwide Building Society mortgages over 65.

Does Loughborough Building Society do retirement remortgages for over 70s?

Yes, a Loughborough Building Society retirement remortgage for retired homeowners over 70 is 3.59% MER fixed for life.

Does Loughborough Building Society offer a pensioner remortgage for pensioners over 70?

Yes, Loughborough Building Society pensioner remortgages for over 70s are 3.09% APR variable.

Does Loughborough Building Society offer a later life remortgage for pensioners over 70?

Yes, Loughborough Building Society later life remortgages for over 70s are 3.83% AER fixed.

Does Loughborough Building Society do the best remortgage for retired pensioners over 70?

Yes, Loughborough Building Society best remortgages for retired for over 70s are 3.42% MER fixed.

Does Loughborough Building Society do remortgaging options for over 70s?

Yes, a Loughborough Building Society remortgaging option for retired homeowners over 70 is 3.04% APR fixed.

Does Loughborough Building Society offer mortgage calculators for the over 70s?

Yes, a Loughborough Building Society mortgage calculator over 70 will show 3.43% MER fixed for life.

Does Loughborough Building Society offer a RIO mortgage over 70?

Yes, Loughborough Building Society RIO mortgages for over 70s are 3.48% APRC fixed.

Does Loughborough Building Society do a retirement interest only mortgage for over 70s?

Yes, Loughborough Building Society retirement interest-only mortgages for people over 70 are 3.24% APR fixed.