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Equity Release To Pay Off Mortgage? Get 4.85% equity release or a lifetime mortgage in 2024

  • Remove tax-free equity from your property
  • No regular monthly payments
  • Ideal equity release to pay off mortgage
  • Use the money for a motorhome or a new car
  • 4.85% interest rate
  • Continue to stay in your home for as long as you like

How much cash can I borrow?

You can release 70% of your property’s valuation. For example, if your house is worth £230000 you can release £161000.

  • 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

Homeowner in their 60s
Southfields House

Equity release to pay off mortgage

Because of the popularity of interest-only mortgages, equity release to pay off mortgages is now very popular.

Wandsworth Family Home Equity release to pay off mortgage
Putney Home
  • Free No Obligation Quote

  • Please enter a number from 4000 to 20000000.
  • Leave blank if no mortgage outstanding
  • About You

  • By clicking Submit and ticking the box above you agree to be contacted by an FCA authorised advisor that you have read and agreed to our Terms & Conditions and our Privacy Policy.

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


More to Life Equity Release

Tough-to-mortgage home titles include properties built on contaminated land, leasehold properties with a short lease, typically less than 70 years, or a defective lease, properties with structural problems, corrugated iron construction and missing planning permission or building regulations approval.

Towns of the UK where equity release is expected to pay off a mortgage

  • Bedworth
  • Rothwell
  • Battle
  • Bromborough
  • Chagford
  • Halstead
  • Amble
  • Broseley
  • Ilfracombe
  • Market Weighton
  • Google
  • Uttoxeter
  • Dorking
  • Penistone
  • Mirfield
  • West Bromwich
  • Northfleet
Equity Release Belfast Interest Rate

How much is it expected to release from a home

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

Challenging to mortgage property variants include flats of less than 30 square metres in any location, properties with a single annexe or another 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 are being used for personal commercial use and properties that have a private water supply provided a contract is in place with an approved maintenance company for regular testing and maintenance.

Equity Release Belfast Advice

Difficult-to-finance property types can include Timber-framed properties constructed post-1965, properties with pre-1945 asbestos or similar composition roof tiles, properties constructed or converted within the past 10 years, 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.

  • Bridgewater Equity Release
  • Hodge Lifetime Flexible Voluntary Repayment Plan
  • Stonehaven Lifetime Mortgage
  • Nationwide Equity Release Plans
  • Lloyds Bank Equity Release Schemes
  • NatWest Lifetime Mortgage
  • Aviva Lifestyle Flexible Option
  • Hodge Equity Release Schemes
  • Liverpool Victoria LV Equity Release Plans
  • Stonehaven Interest Only Lifetime Mortgage
  • Nationwide Equity Release Schemes
  • HSBC Equity Release Plans
  • NatWest Equity Release Schemes
  • More 2 Life Capital Choice Plan
  • More to Life Tailored Choice Plan
  • Canada Life Lifestyle Gold Flexi
  • HSBC Equity Release Plans
  • TSB Lifetime Interest Only Mortgage
  • Royal Bank of Scotland Equity Release Schemes
  • Saga Lifetime Mortgage

Equity Release Providers

  • More to life
  • Pure Retirement
  • Key Retirement
  • Pure Retirement
Canada Life - Lifestyle Gold

Difficult-to-finance home types can include properties where proposed building works have not yet commenced, entirely tenanted properties, freehold houses and bungalows (England, Wales, Northern Ireland), leasehold properties (except flats and maisonettes) and properties with single-skin brickwork.

LV= Lump Sum+ Lifetime Mortgage

Some of the most popular LTV percentages of Aviva pensioner mortgages over 70s, Shepherds Friendly mortgages for 60-year-olds, Leeds Building Society later life mortgages for over 60s, Principality Building Society interest only retirement mortgages for over 70s, Nottingham Building Society mortgages for pensioners over 60. Progressive Building Society mortgages over 65 are 45%, 55% and 65%.

Legal & General - Flexible Pink

Some of the most popular loan-to-value percentage ratios of LV= retirement mortgages over 60, More to life interest only lifetime mortgages for over 60s, One Family retirement mortgages over 60, Yorkshire Bank lifetime mortgages for over 60s, Royal London lifetime mortgages for people over 55 and Axa over 60 lifetime mortgages are 45%, 55% and 65%.

Just lifetime mortgage

Individuals looking for monthly payment equity release, monthly payment lifetime mortgage or home reversion plans are often encountered; however, Sunlife Plans like AIG Life are keen to see proof of your circumstances in the form of pension statements.

Disadvantages of Home Reversion Plans

Interest-only lifetime mortgages can reduce the value of your estate. Lumpsum lifetime mortgages may impact the ability to claim entitlements. You may need to pay a broker’s fee and could be exposed to changes in interest rates with some products.

Some of the most popular loan to value ratios of Lloyds mortgages for 60 plus, HSBC mortgages for pensioners over 60, NatWest interest-only lifetime mortgages for people over 60, Legal and General interest only mortgages for over 65 year-olds, RBS RIO mortgages over 75 and Nationwide Building Society retirement interest only mortgages over 75 are 40%, 60% and 70%.

Examples of retired small business owners likely to have equity to release

  • Sale of other motor vehicles Bedworth
  • Manufacture of veneer sheets and wood-based panels Southgate
  • Shaping and processing of flat glass Croydon

How much is it common to release from a home

  • 60% monthly payment life time mortgage Aegon
  • 35% loan to value (LTV) lifetime mortgage with flexible drawdown cash release West One
  • 50% loan to value monthly payment equity release Precise
  • 30% loan to value lifetime mortgage with flexible drawdown cash release Skipton Building Society

Some of the most common retirement mortgage products include TSB over 60 lifetime mortgages, Barclays Bank lifetime mortgages, NatWest mortgages for over 65, Legal & General interest only mortgages for over 65 year olds and Nationwide BS RIO mortgages.

Interest-Only Lifetime Mortgages and RIO Mortgages: Navigating UK Equity Release

In the UK, there are two prominent routes for homeowners to tap into the equity of their homes: Interest-only Lifetime Mortgages and Retirement Interest-Only (RIO) Mortgages. This guide delves into the nuanced world of equity release, incorporating the wide-ranging vocabulary of this vast financial landscape.

Understanding Equity Release

Equity release refers to methods that allow homeowners, typically in their later years, to unlock the wealth tied up in their property without the need to move. There are different ways to achieve this, and understanding which path is right involves being informed.

Interest-Only Lifetime Mortgages

An Interest-only Lifetime Mortgage allows you to borrow a lump sum against the value of your property. You pay only the interest each month, and your borrowed amount remains unchanged. The capital is usually repaid when the house is sold, often upon the homeowner’s death or when they move into long-term care.

  1. Paying Back Early: While this mortgage is designed to last a lifetime, there are often questions about repaying it early. Can you pay off a lifetime mortgage early? Can you pay off equity release early? Can I pay off equity release early? Yes, paying off the mortgage early is possible, but there may be substantial early repayment charges.
  2. Releasing More Equity: One might ponder, Can I use equity release to pay off my mortgage? How much can I borrow equity release? How much can you release with equity release? The amount you can release largely depends on your age, the value of your property, and the specific plan you choose.
  3. Paying off Other Loans: A common query is Equity release to pay off interest-only mortgage or Equity release to pay off interest only mortgage. This means using the released funds to clear another outstanding interest-only mortgage.

Retirement Interest-Only (RIO) Mortgages

A RIO mortgage is similar to a standard interest-only mortgage. However, there’s no set end date. You only repay the loan when a specific life event occurs, like moving into care or passing away.

  1. Equity Usage: With terms like equity release on a second home, equity release for a second home, and equity release on second home cropping up, it’s clear homeowners are keen on tapping into equity for potential secondary properties. Moreover, phrases such as equity release to buy another house or property, releasing equity to buy another property, and releasing equity to buy a second home emphasize a common use of released funds.
  2. Repayment Dynamics: Questions often arise about the repayment structure. How much do you pay back on equity release? How do you pay back equity release? How is equity release paid back? Typically, the loan amount plus any accrued interest is repaid once the property is sold.

Utilizing Equity for Various Needs

  1. Second Home Purchases: Equity release to buy a second home, use equity to buy another house, and how to buy a second property using equity are phrases emphasizing how homeowners can use released equity to finance another property.
  2. Clearing Debts: If pondering whether I can use the equity in my house to buy another house uk, release equity to pay off debt, or equity release to pay off the mortgage, the answer usually depends on your lender’s terms and your financial position.
  3. Handling Other Mortgages: Terms like equity release with an existing mortgage or equity release with an existing mortgage indicate that having an existing mortgage doesn’t necessarily prevent you from releasing equity. However, it might affect the amount you can release.

Life After Clearing the Mortgage

While life after mortgage is paid off uk or simply life after mortgage is paid off might seem like a distant dream, many UK homeowners do achieve this. The average age mortgage paid off uk, average age to pay off mortgage, and average age pay off mortgage uk suggest many homeowners clear their mortgages in their early to mid-60s. Once the mortgage is paid off, the subsequent freedom can be liberating. You might ponder paid off mortgage now what uk? The answer could be anything from reinvesting, travelling, or merely enjoying a stress-free retirement.

Releasing Equity from Buy to Let Properties

The terms buy to let mortgage equity release, can you release equity on a buy to let mortgage, releasing equity from buy to let, and release equity from buy to let signify a growing trend. Property investors are keen to tap into the equity from rental properties, either to invest more or to handle other financial needs.

Insurances and Protections

Clear planning life insurance is a tool homeowners might consider alongside equity release. It ensures that loved ones aren’t left with hefty bills. Additionally, equity release inheritance protection ensures a fixed percentage of your property’s future sale price is preserved for your beneficiaries.

The Big Decisions

Pension or pay off the mortgage, use a pension to pay off the mortgage, using pension as security for a mortgage – these phrases show the pivotal decisions homeowners face. It’s crucial to weigh the benefits of clearing a mortgage against a pension pot’s potential advantages.

Repaying Early and Other Concerns

Several queries surround early repayments: paying off equity release early, can you repay equity release early, can you pay back equity release early, and paying back equity release. While it’s possible to repay early, potential penalties must be considered. Also, paying off interest-only mortgages early and paying off mortgages early uk are critical considerations for those aiming to clear their debts swiftly.

Tapping into Home’s Equity for Further Ventures

Phrases like releasing equity to buy to let, release equity to buy to let, release equity to buy a second home, release equity to buy another house, and can you release equity to buy another house illustrate how homeowners often tap into their primary residence’s equity to finance other property ventures.

The Verdict on Equity Release

Is equity release a good idea? Like all financial decisions, it depends on individual circumstances. The benefits are evident: financial freedom, the ability to manage debts, and potentially offering a more comfortable retirement. However, considering factors like potential early repayment charges, the impact on inheritance, and long-term financial planning is crucial.

Whether via an Interest-Only Lifetime Mortgage or an RIO Mortgage, equity release presents a viable financial avenue for many homeowners. While it offers immediate financial relief, understanding its intricacies ensures it’s leveraged most effectively. The key lies in being informed, seeking expert advice, and aligning the decision with long-term financial goals.