- Release equity from your house
- No monthly payments
- Free valuation
- Use the equity released for anything you like
- Stay living in your own house
- Could be used to manage inheritance tax bills
How much money can I get?
You can release 65% of your home’s value. As an example, if your house is worth £250000 you can borrow £162500.
Testimonials and Example Cases
William from London
I was told by my lawyer 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.
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.
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.
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.
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.
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 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.
Common loan to value percentage ratios of Lloyds Bank retirement mortgages over 70, Barclays Bank mortgages for 60 year olds, Natwest interest only mortgages for over 60s, Legal and General later life mortgages for over 60s, RBS mortgages for over 65 and Nationwide later life interest only mortgages over 60 are 45%, 55% and 70%.
Common LTV percentages of LV= over 60 lifetime mortgages, More 2 Life interest only lifetime mortgages for people over 60, One Family equity release schemes for people over 70, YBS retirement mortgages over 65, Metro Bank later life interest only mortgages over 75 and SunLife interest only mortgages for over 65 year olds are 45%, 60% and 65%.
Downsides of Home Reversion Schemes
A monthly payment lifetime mortgage can reduce your estate value. Home reversion schemes may impact the ability to claim entitlements. You may need to pay a broker’s fee and you could have higher rates to pay with some schemes.
Common loan to value percentages of Virgin Money later life interest only mortgages over 70, Shepherds Friendly mortgages over 65, Churchill RIO mortgages over 75, Skipton Building Society equity release schemes for over 55’s, Nottingham Building Society interest only mortgages for over 65 year olds and National Counties Building Society equity release schemes for people over 70 are 35%, 55% and 70%.
- TSB Equity Release Plans
- NatWest Equity Release
- Saga home reversion plan
- Age Partnership Equity Release Plans
- Canada Life Lifetime Mortgages
- NatWest Equity Release Plans
- Aviva Lifetime Mortgage
- Liverpool Victoria LV= Lump Sum Plus Lifetime Mortgage
- Saga Lifetime Mortgage
- Hodge Lifetime Flexible Voluntary Repayment Plan
- More to Life Flexi Choice Voluntary Payment Super Lite
- TSB Lifetime Interest Only Mortgage
Wealthy business owners who could benefit from equity release tax planning
- Landscape service activities Tadley
- Manufacture of other builders’ carpentry and joinery Glastonbury
- Regulation of and contribution to the more efficient operation of businesses Billericay
- Other manufacturing n e c Rowley Regis
- Retail sale of hearing aids Coleford
- Construction of other civil engineering projects n e c Framlingham
- Wholesale of watches and jewellery Morley
- General secondary education Oundle
- Construction of bridges and tunnels Towcester
- Manufacture of other carpets and rugs Highworth
- Manufacture of men’s underwear Dorchester
- Retail sale of flowers, plants, seeds, fertilizers, pet animals and pet food in specialised stores Exmouth
- Video distribution activities Scunthorpe
- Performing arts Faversham
- Retail sale of footwear in specialised stores Kirkby Lonsdale
- Scheduled passenger air transport Cromer
- Manufacture of agricultural and forestry machinery other than tractors Shifnal
- Engineering related scientific and technical consulting activities Sandbach
Difficult to finance home types can include properties in the course of construction or pre-construction, entirely tenanted properties, right to buy – properties in England, Wales and Northern Ireland, commonhold properties and properties with owned solar panels.
Difficult to finance home types include pre-fabricated reinforced concrete (PRC), properties with spray foam insulation applied to the underside of the roof, large concrete panel systems, privately developed flats in blocks of five storeys or more and properties where the flat is accessed via a deck or balcony.
Challenging to mortgage home variants include flats of less than 30 square metres in any location, properties converted from modern commercial premises, properties with more than one annexe or self-contained part of the property, properties with mobile phone masts which are not within influencing distance of the house and properties where Japanese Knotweed is present.
- Natwest Lifetime Mortgage Broker
- HSBC Equity Release
- Natwest Equity Release From Property
- Lloyds Bank Equity Release Retirement
- HSBC Lifetime Mortgage Buy To Let
- Nationwide Equity Release Retirement
- Lloyds Bank Lifetime Mortgage Advisers
- Santander Equity Release
- Santander Retirement Mortgage Interest Rates
- Santander Lifetime Mortgage Interest Only Rates
- Lloyds Bank Retirement Mortgages Interest Rate
- Halifax Equity Release On Second Homes
- Halifax Retirement Mortgage Uk
- Natwest Retirement Mortgage Age
- HSBC Retirement Mortgage Advice
- Halifax Lifetime Mortgage Fixed Rate
- Lloyds Equity Release Drawdown
- Lloyds Lifetime Mortgage Fixed Rate
- Nationwide Lifetime Mortgage Rates 2021
- Lloyds Retirement Mortgage Loan
Challenging to finance home titles include properties with a sinking fund of 7% or more of the property sale price when the property is sold, leasehold properties with a short lease, typically less than 70 years, or a defective lease, properties of non-standard construction, cob property and properties that has never been registered with the land registry.
Areas where retirement mortgages are popular
- Thorpe St Andrew
- Burton Latimer
Equity Release LTV
- 50% lumpsum lifetime mortgages VitalityLife Equity Release
- 25% loan to value (LTV) interest-only lifetime mortgages Clearly Loans
- 30% LTV lumpsum lifetime mortgages Together
- 45% loan to value (LTV) lifetime mortgage with flexible drawdown cash release New Life
Providers for UK Equity Release
- the Telegraph
- The Exeter Equity Release
Its often found to encounter individuals looking for lump sum lifetime mortgages, lump sum lifetime mortgages or lifetime mortgage with flexible drawdown cash release, however, Just Retirement like AA equity release are keen to see paperwork to show your circumstances in the form of investment statements.
Equity Release percentages of your current property value
The older you are and the more illnesses you have you are the more tax-free cash you can release.
The 1st and 2nd charge lender will want to know if the property is a Semi detached freehold house or a Leasehold flat with share of freehold and if the resident is a Private Tenant.
Marsden Building Society Product name: Older Borrower Mortgages Capital repayment or interest-only? Both available. Minimum property value: £150,000. Minimum/Maximum loan sum: £30,000/£750,000. Maximum LTV: 60%. Minimum/Maximum age at application: 55 Minimum; no max. Minimum income: £17,500; pension and earned income are considered. Mortgage term: Minimum five years; Maximum 30 years. Overpayments: 5% of the loan annually during the introductory term, fee-free. ERCs applicable above that but vary based on the deal. No overpayment limit or ERCs once the introductory term is over. How is the loan repaid? Through the sale of the property, though other methods will be considered.
Some of the most popular retirement loan offerings include Lloyds Bank lifetime mortgages, Barclays retirement mortgages, Natwest help to buy for over 60s, Legal & General later life interest only mortgages and Nationwide Building Society mortgages for 60 plus.