The Melton Building Society – Mowbray Equity Release 5.3% in 2024

• Release equity from your property with the Melton Mowbray Building Society Equity Release
• No monthly repayments
• Use the cash to pay off loans and credit cards
• Continue to stay in your home.
• 5.3%

How much money can I borrow?

You can get 65% of your home’s valuation. For example, if your house is valued at £ 300,000 you can get £195000.

Testimonials and Example Cases

Mr Williamson from Chiswick

My son is a chef in a care home. He is not well paid, and his bank would not 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.

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 poorly paid son.

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.

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 standard mortgages you would get by providing income. I have saved a lot of tax.

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.

Mr Smith from Kendal

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

David P

With my power of attorney, I got an equity release on my father’s house to pay for disability provisions, including a lift and a new kitchen.

Julia A

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

Mrs M from Birmingham

With no brokers fees and no lenders 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 deposit for her next house. She wanted a family, and her flat was too small.

Mrs E from London

My mortgage needed to be repaid to the existing lender. I thought I was going to lose my house. Thanks to Concise I got equity release to pay off my mortgage.

Small business owners detail likely with equity to release

• Accounting and auditing activities Ryde
• Wholesale of coffee, tea, cocoa and spices in Kings Lynn
• Activities of sports clubs Mexborough
• Freshwater fishing Penzance
• Physical well-being activities Bodmin
• Activities of investment trusts Bulwell
• Activities of racehorse owners Ponteland
• Solicitors Northampton
• Wholesale of other office machinery and equipment Stotfold
• Raising of horses and other equines Brentwood
• Quantity surveying activities Henley-in-Arden
• Post-secondary non-tertiary education Oswestry
• Other retail sales not in stores, stalls or markets Bishops Castle
• Building societies Nailsea
• Renting and leasing of agricultural machinery and equipment Hexham
• Manufacture of pharmaceutical preparations Somerton
• Taxi operation Heathfield
• Growing of grapes Ipswich

the Melton Mowbray Building Society Equity Release

• More 2 Life Capital Choice Plus Plan
• Canada Life Voluntary Select Gold
• Pure Retirement Equity Release
• Stonehaven Equity Release Scheme
• NatWest Lifetime Mortgage
• Saga home reversion schemes
• Hodge Lifetime Flexible Voluntary Repayment Plan
• L&G Legal & General Flexi Max Voluntary Repayment Plan
• Aviva Flexible Voluntary Repayment Plan
• More to life Flexi Choice Drawdown Lite Plan
• Nationwide Equity Release
• TSB Lifetime Interest Only Mortgage
• Bridgewater Equity Release
• Pure Retirement Drawdown Plan
• Nationwide Equity Release Schemes
• Interest Only Lifetime Mortgage

Does The Melton Building Society offer Equity Release?

Yes, The Melton Building Society Equity Release is 5.3% APRC.

• Nationwide Lifetime Mortgage No Payments
• BISF Equity Release From Property
• Bad Credit Mortgage Age
• nationwide mortgages for over 60s Retirement Mortgages Providers

Mortgages Over 55: Navigating the New Age of Home Finance

Introduction to Mortgages Over 55

With an ageing population and changing dynamics of the retirement landscape, financial institutions have had to adapt. Mortgages tailored to those over 55 are no longer outliers; they have become a mainstream offering for many lenders in the UK.

The Need for Over 55 Mortgages

A primary reason for the surge in demand for these products is the shift in pension systems and increased life expectancy. Additionally, many in this age group find themselves asset-rich but cash-poor, meaning their primary wealth is tied up in their homes.

Impact of Interest Rates for Over 55s

As with all mortgages, interest rates play a pivotal role. Given the potentially longer duration of the mortgage and the age of the borrowers, the rates can differ from those of standard home loans. Understanding these rates can significantly impact one’s financial planning.

Mortgages Over 60: A Shift Towards Retirement

Considering the Future

Individuals’ financial needs and strategies evolve as they inch closer to the traditional retirement age. Over 60 mortgages cater to this transitional phase, providing options that align with retirement planning.

Interest Rates and Long-Term Implications

Mortgages designed for those over 60 often come with considerations around the loan’s term and its corresponding interest rate. These mortgages may extend well into retirement, so assessing long-term affordability is crucial.

Mortgages Over 65: Beyond the Retirement Threshold

Accessing Home Equity in Retirement

Many over 65 have substantial equity in their homes but might require liquidity for various reasons—whether to fund a comfortable retirement, assist family members, or undertake significant home improvements.

Equity Release: A Viable Solution?

Equity release schemes, like lifetime mortgages, are specifically designed for this demographic. They allow homeowners to tap into their home’s value, converting it into accessible funds.

Mortgages Over 70 and Over 75: The Golden Years Finance

Fulfilling Late Retirement Needs

The financial landscape for those over 70 and 75 is distinct. With most being retired, steady income sources might be limited. Thus, mortgages tailored for this age bracket offer specific features aligned with their needs.

Rates and Risk: The Lending Perspective

Given the age and potential health risks associated with this demographic, lenders might perceive these mortgages as high-risk, impacting the interest rates. However, with the right guidance, homeowners can still find competitive deals.

Retirement Remortgages and a Pensioner Remortgage option

The Logic Behind Remortgaging in Retirement

Several retirees find themselves in situations where remortgaging makes financial sense. This could be to secure better interest rates, release equity, or consolidate existing debts.

Choosing the Right Product

Pensioner remortgage options abound in the market. These specially designed products consider retirees’ unique financial status and requirements.

Melton Lifetime Mortgage: Unlocking Home Wealth

Dynamics of a Lifetime Mortgage

A lifetime mortgage is a type of equity release where a loan is secured on one’s home. The amount borrowed, plus any accumulated interest, is typically repaid after the homeowner’s death or if they move into long-term care.

Release Equity: How and Why

The essence of a lifetime mortgage is in the name itself—it’s a mortgage for life. Homeowners can release equity from their property and use these funds as they see fit, without making monthly repayments.

Melton Mowbray RIO Mortgage: A Glimpse into Retirement Interest Only Mortgages

Retirement Interest Only (RIO) mortgages have become popular for older homeowners. Distinct from standard repayment mortgages, RIOs require borrowers to pay only monthly interest. The capital is repaid when the house is sold, usually upon death or moving into care.

• Best Mortgages For Over 50s Retirement Mortgage Loan
• Lloyds Lifetime Mortgage No Payments
• YBS Lifetime Mortgage Buy To Let
• Nationwide Equity Release Brokers UK

Comparative Analysis: RIO vs. Other Equity Release Options, including mortgages over 75

Each equity release product, including RIOs, has its advantages and disadvantages. Factors like interest rates, loan terms, and repayment structures determine which product is most suitable for an individual’s circumstances.

The realm of equity release rates and products is intricate and varied. Whether considering mortgages for those over 55, 60, 65, 70, or 75, or exploring other options like retirement remortgages, pensioner remortgages, or RIOs, the key lies in thorough research and consultation. With a clear understanding of the available products and their corresponding rates, homeowners can make informed decisions that align with their financial goals and retirement aspirations.

• Tipton & Coseley Mortgage Comparison
• Age Partnership Loan
• Yorkshire Bank Equity Release From House
• Halifax Equity Release Best Deals
• Lloyds Bank Equity Release Plan
• Natwest Equity Release Plans
• Natwest Retirement Mortgage Advice
• Nationwide Retirement Mortgage Interest Rate
• Barclays Retirement Interest Only Mortgage Calculator

Challenging to mortgage home titles can include properties built or converted into dwellings more than ten years ago, properties with a single annexe or other self-contained part of the property, properties with a small number of solar panels or a wind turbine on the land for domestic use, properties that have solar farms or a large number of wind turbines on the land and properties in coastal areas that may be affected by erosion.

Does The Melton Building Society offer Pensioner Mortgages?

Yes, The Melton Building Society Pensioner Mortgages are 2.11% MER.

Challenging to finance home titles include properties that will be assessed for flood risk, ground rent where the lease or any deed varying the lease provides for a ground rent exceeding, or where the escalating provisions would result in the ground rent exceeding £250 per annum (or £1000 per annum where the property is in Greater London), properties of non-standard construction, cob property and Reema Hollow panel, Schindler and Hawksley SGS, Stent, Stonecrete, Stour, Tarran, Underdown, Unity and Butterley, Waller, Wates, Wessex, Winget and Woolaway.

It’s very regular to find people looking for lump sum lifetime mortgages, lumpsum lifetime mortgages or monthly payment equity release. However, Lifetime mortgages from L&G like Aegon are keen to see proof of your circumstances in the form of pension statements.

Does the Melton Building Society do Retirement Mortgages?

Yes, The Melton Building Society Retirement Mortgages are 5.3% APR.

What percentage can be released – Melton Mowbray Building Society Equity Release?

• 50% lump sum lifetime mortgages AIG Life
• 55% loan to value lifetime mortgage with flexible drawdown cash release 1st Stop Home Loans
• 30% loan to value home reversion schemes Manchester Building Society
• 35% loan to value interest-only lifetime mortgages Optimum Credit

Popular LTV percentages of Lloyds interest only mortgages for over 60s, Barclays interest only mortgages for over 60s, Halifax mortgages for 60 plus, Legal & General mortgages for people 60 plus, Bank of Scotland interest-only mortgages for over 60s near London and Nationwide lifetime mortgages for people over 55 are 50%, 60% and 70%.

The popular LTV percentages of LV= mortgages for people over 50, More to Life equity release plans for people over 60, One Family later life interest-only mortgages for people over 60, YBS mortgages for people over 65, Metro Bank interest-only mortgages for people over 60, and Axa equity release schemes for people over 70 are 45%, 60%, and 70%.

Popular LTV percentages of Virgin Money over 60 lifetime mortgages no fees, Shepherds Friendly later life interest only mortgages over 60, Leeds Building Society later life interest only mortgages over 70, Coventry Building Society mortgages for people 60 plus, Nottingham Building Society interest only mortgages for over 70s and Progressive Building Society mortgages for over 70s are 50%, 55% and 70%.

Hard-to-finance home types can include properties where proposed building works have not yet commenced, properties where the ownership is set up on a tenancy on an everyday basis, and right–to–buy properties in Scotland. These properties are made up of multiple titles and properties with single-skin brickwork.

Hard-to-finance property types include eco-houses and modern methods of construction, properties with any externally applied insulation to the walls after construction, properties with a minimum floor area of 30 square metres, coach houses, i.e. freehold properties with garages beneath and privately developed flats in blocks of three or four storeys without a lift.

Areas of the UK where equity release is routine

• Tenbury Wells
• Skipton
• Dunstable
• Leyton
• Congleton
• West Ham
• Conisbrough
• Gainsborough

Equity Release percentages of your current property value

The more elderly you are, and the sicker you are, the more money you can release.

Canada Life

Canada Life Mortgages

Downsides of Equity Release Schemes

Home reversion plans can reduce your estate value. Lump sum lifetime mortgages may impact your ability to claim benefits. You may need to pay a valuation fee, and with some products, you could be exposed to changes in interest rates.

Equity Release UK Lenders

• Key Retirement
• Liverpool Victoria
• Key Solutions
• LV lifetime mortgage

The lender will want to know if the property is a Semi detached freehold house or a Leasehold flat and if the resident is a Private Tenant.

Melton Building Society Product name: Retirement Interest-Only Capital repayment or interest-only? Interest-only. Minimum property value: £90,000. Maximum loan sum: £750,000. Maximum LTV: 50%. Minimum/Maximum age at application: 65 Minimum, no max. Minimum income: none, though you’ll need to be able to prove you can afford the interest payments. Pension and earned income are considered. Overpayments: in the first five years, you can overpay by up to ten per cent per year fee-free; from year six onwards, there are no fees on overpayments. How is the loan repaid? When you die or move into care the property is sold.

Does The Melton Building Society offer Equity Release Under 55?

The Melton Building Society Equity Release Under 55 is 5.3% APR.

Many of the most appealing retirement finance offerings include Lloyds Bank later life mortgages, mortgages for over 50-year-olds, NatWest over 60 mortgages, Legal and General later life borrowing schemes and Nationwide Building Society equity release schemes.

Does the Melton Building Society do Lifetime Mortgages?

Yes, The Melton Building Society does lifetime mortgages at 5.3% APR. The Melton Building Society Lifetime Mortgages have a LTV of 70%.