5.01% Manchester Equity Release for UK property – Free Valuation

• Release tax-free equity from your home.
• No monthly payments with Manchester Building Society Equity Release
• Help your family with the equity you release
• Free Valuation
• Continue to stay in your home for as long as you like
• 5.01% Fixed for life

How much can I get?

You can get 70% of your home’s valuation. For example, if your house is worth £270000 you can borrow £189000.

Customer Reviews

Sandra from Manchester

I got an 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.

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.

Ms G from Dover

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

Mrs Shaw from Lancaster

I had an interest-only mortgage with Birmingham Midshires. The mortgage had reached 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.

Mrs L from Nottingham

For my lifetime mortgage, I had to pay a valuation fee and a solicitor’s fee, 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 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.

Julia A

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

Tough-to-finance home variants can include properties with a sinking fund of 7% or more of the property sale price when the property is sold, properties with any structural defect, damp, dry or wet rot, properties where there are boundary disputes or where planning applications have not been applied for correctly, cob property and Airey, Boot, Cornish Unit, Dorran, Dyke, Gregory, Hamish Cross, Myton, Newland, Orlit and Parkinson Frame.

It is often found to discover individuals searching for lump sum lifetime mortgages, lump sum lifetime mortgages or home reversion plans; however, Key Solutions like AIG Life are keen to see evidence of your personal situation in the form of bank statements.

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’s Primary Residence.

Retired small business owners who may be interested in lifetime mortgages

• Agents involved in the sale of fuels, ores, metals and industrial chemicals Stotfold
• Wholesale of furniture, carpets and lighting equipment Potton
• Logging Ashburton
• Activities of religious organizations Liskeard
• Manufacture of central heating radiators and boilers Crewe
• Manufacture of cocoa and chocolate confectionery Newark-on-Trent
• Landscape service activities Sedgefield
• Manufacture of articles of fur Gravesend
• Retail sale of meat and meat products in specialised stores in North Walsham
• Video distribution activities Driffield
• Construction of domestic buildings Horsforth
• Retail sale of mobile telephones Clay Cross
• Media representation services Dorking
• Retail sale of watches and jewellery in specialised stores in Wickham
• Manufacture of basic iron and steel and ferro-alloys Northam
• Manufacture of other non-metallic mineral products n e c Crewkerne
• Wholesale of china and glassware and cleaning materials Tynemouth
• Renting and leasing of passenger water transport equipment Chorley

Challenging to mortgage property variants can include grade ll Listed houses (grade C in Scotland and B2 in Northern Ireland), properties with flying or creeping freehold, which comprises 15% or less of the total floor area, agricultural use of the land and any outbuildings, properties with flying or creeping freeholds which comprise over 15% of the total floor area 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.

• Lloyds Bank
• 1960s steel-framed house mortgages
• Natwest Retirement Mortgage Interest Rate

The Landscape of Equity Release Rates in the UK

Equity release products have become increasingly popular as people continue to live longer and seek out more financially stable retirement options. These allow homeowners to unlock the equity tied up in their homes without needing to move out. With various options available, tailored to different age groups and needs, it’s essential to understand the nuances of these financial tools.

Mortgages Over 55

Introduction to Mortgages Over 55

As the name suggests, mortgages over 55 are designed for those aged 55 and above. At this age, individuals might be looking to release some equity from their homes to fund their retirement, assist younger family members, or carry out home improvements.

Benefits

• Lower interest rates compared to traditional mortgages due to age.
• Flexible repayment options are suitable for those with varying income sources in retirement.

Mortgages Over 60

Features of Mortgages Over 60

With retirement on the horizon or perhaps already a reality, those in this age bracket may seek financial products tailored to their unique situation.

Advantages

• Potential for higher loan-to-value ratios, meaning homeowners can access a more significant portion of their home’s equity.
• A variety of product choices catering to different financial needs and future planning.

Mortgages Over 65

Understanding Mortgages Over 65

These mortgages are for individuals who might already be in retirement and are looking for ways to supplement their pension or other retirement income.

Benefits

• Longer-term options are available, understanding that many people live into their 80s and beyond.
• Potential for no monthly repayments, with the loan being repaid from the home’s eventual sale.

Mortgages Over 70 and Over 75

Characteristics and Benefits

As homeowners continue to age, their needs and financial situations may change. Mortgages tailored for those over 70 and 75 take into account the unique circumstances of older homeowners.

Advantages

• Potentially no affordability checks, acknowledging that the homeowner may have no regular income.
• Opportunity to ring-fence a portion of the property’s value to leave as an inheritance.

Retirement Remortgages

Exploring Retirement Remortgages

Unlike traditional mortgages, retirement remortgages are specifically designed for those in retirement. They offer a way for retirees to access the home equity without selling.

Key Features

• Interest roll-up: Interest can be added to the loan, meaning no monthly payments are necessary.
• Flexibility: Option to make voluntary repayments to manage the loan’s size.

Pensioner Remortgage

Diving into Pensioner Remortgages

Pensioner remortgages are another product tailored for the older generation, allowing them to refinance their existing mortgage or release equity from their homes.

Benefits

• Tailored interest rates, considering the homeowner’s age and potential longevity.
• Enhanced borrowing amounts, especially if the homeowner has health issues.

Lifetime Mortgage

The Basics of a Lifetime Mortgage

A popular equity release product, lifetime mortgages enable homeowners to take out a mortgage on their property while retaining ownership.

Features

• There is no need to make monthly repayments, and the loan and interest are repaid when the homeowner dies or moves into long-term care.

Release Equity and Equity Release

Understanding Equity Release

Equity release refers to unlocking the money tied up in a property without selling it. There are two main types: lifetime mortgages and home reversion plans.

Advantages of Equity Release

• Financial freedom in retirement allows homeowners to enjoy their later years without financial stress.
• Flexibility to use the funds for various purposes, from travel to home improvements.

• Lloyds Bank Equity Release Schemes
• Bad Credit Mortgage Comparison
• Nationwide

• BISF Equity Release From Property
• Best Mortgages For Over 50s Retirement Mortgage Broker
• Natwest Lifetime Mortgage On Second Property

• Barclays Retirement Interest Only Mortgage Buy To Let
• nationwide mortgages for over 60s Retirement Mortgages UK
• Halifax Equity Release Plans

• Yorkshire Bank Equity Release Brokers UK
• Nationwide Retirement Mortgage Reviews
• Age Partnership Reviews

• Tipton & Coseley Mortgage Fixed Rate
• Natwest Equity Release From House
• Nationwide Lifetime Mortgage On Second Property

RIO Mortgage (Retirement Interest Only)

Introduction to RIO Mortgages

A Retirement Interest Only (RIO) mortgage is designed for older borrowers. Unlike standard interest-only mortgages, the loan is repaid when a specific life event occurs, such as moving into care or passing away.

Key Features

• Monthly repayments only cover the interest, ensuring the original loan amount remains unchanged.
• No set end date, providing peace of mind to the homeowner.

In summary, as the UK’s older population seeks solutions to maintain financial stability during their retirement years, the landscape of equity release products continues to evolve. With a myriad of options tailored to various age brackets and unique needs, homeowners are now better equipped than ever to make informed decisions that ensure a comfortable and stress-free retirement.

Pitfalls of Interest Only Lifetime Mortgages

Monthly equity release can reduce the value of your estate. Lump-sum lifetime mortgages may impact your ability to claim entitlements. You may need to pay a legal fee, and some products expose you to changes in interest rates.

Equity Release Loan To Value

• 55% monthly payment equity release Zurich
• 55% loan to value (LTV) lifetime mortgage with flexible drawdown cash release Lifetime Mortgage from L&G
• 45% loan to value interest-only lifetime mortgages LV equity release
• 50% loan to value lumpsum lifetime mortgages Bower

Hard-to-finance property types include prefabricated reinforced concrete (PRC), properties with any external treatment applied to the roof after construction, privately developed flats, up to four storeys with a lift, privately developed flats in blocks of five storeys or more, and basement or lower ground floor flats without level access to private or communal garden space.

Towns of the UK where Lifetime Mortgages are familiar with Manchester Building Society Equity Release prevalent

• Lydd
• Shildon
• Wellington
• Crewe
• Haslingden
• Reepham
• Petworth
• Watlington
• Painswick
• Desborough
• Padstow
• Uppingham
• New Alresford
• Barking
• New Alresford
• Hertford
• Crowland

Lenders for UK Equity Release similar to Manchester Building Society Equity Release

• Sunlife Plans
• Bridgewater
• Age Partnership
• Prudential

Does Manchester Building Society do Equity Releases?

Yes, Manchester Building Society Equity Release is 5.01% APR.

Equity Release Loan To Value

The more elderly you are and the sicker you are, the more tax-free cash you can release.

Difficult-to-finance home variants include properties in poor condition, properties where letting arrangement where the tenancy agreement is not appropriate, leasehold properties (England, Wales, Northern Ireland) subject to a lease length of 160 years, properties with unregistered titles subject to these being registered as part of the legal process and properties with owned solar panels.

• Aviva Lifetime Mortgages
• Bridgewater Equity Release Schemes
• Canada Life Lifetime Mortgage
• Liverpool Victoria LV= Flexible Lifetime Mortgage
• More to Life Capital Choice Plan
• Pure Retirement Drawdown Plan
• Lloyds Bank Lifetime Mortgage
• NatWest Equity Release
• Canada Life Voluntary Select Gold
• Interest Only Lifetime Mortgage
• NatWest Equity Release Schemes
• Saga Equity Release Plans
• Bridgewater Equity Release Plans
• Canada Life Lifestyle Lite Flexi
• More 2 Life Flexi Choice Drawdown Lite Plan
• More to Life Flexi Choice Voluntary Payment Super Lite
• Lloyds Bank Equity Release Plans
• Age Partnership Equity Release Plans
• Aviva Flexible Voluntary Repayment Plan
• Lloyds Bank Equity Release Schemes
• Royal Bank of Scotland Equity Release
• Saga Lifetime Mortgage
• More 2 Life Capital Choice Plan

Canada Life Equity Release

Do Manchester Building Society do Pensioner Mortgages?

Yes, Manchester Building Society Pensioner Mortgages are 5.01% APRC.

One Family Drawdown Lifetime Mortgages

Does Manchester Building Society offer Retirement Mortgages?

Yes, Manchester Building Society Retirement Mortgages are 5.01% APR.

Pure Retirement Retirement Mortgages

Do Manchester Building Society do Equity Release Under 55?

Yes, Manchester Building Society Equity Release Under 55 is 5.01% APR.

Just Equity Release

Standard LTV percentages of Aviva mortgages for 60 plus, Shepherds Friendly pensioner mortgages over 70s, Churchill interest only mortgages for people over 70, Skipton Building Society lifetime mortgages for people over 55, Nottingham Building Society help to buy for over 60s. National Counties Building Society equity release plans for people over 60 are 50%, 55% and 65%.

Some of the most popular LTV ratios of LVE mortgages for people 60 plus, More to Life interest only lifetime mortgages for over 70s, OneFamily later life borrowing schemes over 55, Yorkshire Building Society later life borrowing schemes over 55, Royal London equity release plans for people over 60 and SunLife mortgages over 70s are 35%, 60% and 70%.

Popular loan to value percentage ratios of Lloyds lifetime mortgages for over 55s, Barclays Bank retirement interest only mortgages over 75, Halifax help to buy for over 60s, Legal & General retirement mortgages over 60, RBS retirement interest only mortgages over 60 and Nationwide BS equity release schemes for over 55’s are 45%, 60% and 70%.

Many of the most appealing pensioner finance products are TSB retirement interest only mortgages, Barclays Bank interest only mortgages for over 60s near London, Post Office mortgages for people 60 plus, Legal & General mortgages for over 60s and Nationwide BS later life mortgages.

Does Manchester Building Society do Lifetime Mortgages?

Yes, Manchester Building Society does lifetime mortgages at 5.01% APR. Manchester Building Society Lifetime Mortgages can have a loan to value (ltv) of 55%.