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Lifetime mortgages for purchase of a house in the UK for 2024

purchase
  • Release-tax free equity from your house
  • You don’t need to make regular monthly payments
  • Use the equity released for anything you like
  • Still, have a few more mortgage payments to make? No problems
  • Continue to live on your own property
  • Often used to help with tax planning

How much can I borrow?

You can release 65% of your property’s value. For example, if your house is valued at £310000 you can release £201500.

  • 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

West London Home
Wandsworth Family Home
Homeowner in their 60s
Money tied up in house
  • Free No Obligation Quote

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

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Equity Release UK Lenders

  • Bower
  • More to Life
  • the Telegraph
  • Prudential
  • Legal & General
  • Difficult-to-finance property variants include difficult roof structures, properties with any external treatment applied to the roof after construction, large concrete panel systems, coach houses i.e. freehold properties with garages beneath and basement or lower ground floor flats without level access to private or communal garden space.

Retired business owners that may be interested in Home Reversion Schemes

  • Manufacture of synthetic rubber in primary forms Spalding
  • Electrical installation Crediton
  • Wholesale of dairy products, eggs and edible oils and fats St Mary Cray
  • Binding and related services Sheringham
  • Demolition Ramsgate
  • Wholesale of mining, construction and civil engineering machinery Launceston
  • Renting and leasing of cars and light motor vehicles in Bromborough
  • specialised design activities Haslemere
  • Media representation services Leyton
  • Manufacture of pumps Birchwood
  • Urban and suburban passenger railway transportation by underground, metro and similar systems in Liskeard
  • Manufacture of plastic packing goods Gainsborough
  • Manufacture of mattresses Hebden Royd
  • Other accommodations Swanscombe and Greenhithe
  • Specialised cleaning services Bentham
  • Manufacture of pesticides and other agrochemical products Swaffham
  • Manufacture of soft drinks; production of mineral waters and other bottled waters Cheltenham
  • Unlicensed carrier South Cave
OneFamily joint lifetime mortgage

Hard-to-mortgage home types include properties in poor condition, properties where letting arrangement where the tenancy agreement is not appropriate, freehold houses and bungalows (England, Wales, Northern Ireland), properties where the customer is offering only part of the title as security for the loan and properties with single skin brickwork.

more 2 life lifetime mortgage

Common loan-to-value percentages of Virgin Money lifetime mortgages for over 55s, Shepherds Friendly help to buy for over 60s, Churchill pensioner mortgages over 55, Coventry Building Society over 60 mortgages, Newcastle Building Society mortgages for pensioners over 60 and Progressive Building Society mortgages for people over 50 are 45%, 55% and 70%.

Canada Life Home Finance lifetime mortgage for properties in Scotland

Some of the most common LTV ratios of LVE later life mortgages for those over 60, More to life later life mortgages for those over 60s, One Family lifetime mortgages for people over 55, YBS interest only lifetime mortgages for those over 70, Royal London mortgages for over 65 and Axa mortgages for 60 plus are 40%, 55% and 70%.

Pure Retirement Ltd joint lifetime mortgage

Areas of the UK where equity release is common

  • Ulverston
  • Dovercourt
  • Shoreham-by-Sea
  • March
  • Padstow
  • Padstow
  • Birkenhead
  • Hartlepool
  • Coleford
  • Raunds
  • Highworth
  • Ingleby Barwick
  • Swaffham
  • Haslingden
  • Aldeburgh
  • Hartland
  • Shaftesbury
  • Kidsgrove
  • Wednesbury
  • Eastwood
  • Aviva Lifetime Mortgages
  • Hodge Lifetime Mortgage Plus
  • Just retirement-defined benefit
  • Royal Bank of Scotland Equity Release
  • Saga Equity Release Schemes
  • Aviva Equity Release Schemes
  • Just retirement equity release key features
  • Pure Retirement Classic Voluntary Payment Super Lite
  • Nationwide Equity Release Plans
  • Canada Life Lifestyle Lite Flexi
  • Liverpool Victoria LV Equity Release Plans
  • Nationwide Equity Release Schemes
  • More to Life Tailored Choice Plan
  • Hodge Lifetime Mortgage Flexible Drawdown Plan
  • Liverpool Victoria LV Equity Release
  • More to life Flexi Choice Drawdown Lite Plan
  • Stonehaven Interest Only Lifetime Mortgage
  • Nationwide Equity Release
  • Age Partnership Interest Only Lifetime Mortgage

Equity Release LTV Percentages

  • 50% monthly payment equity release Legal & General
  • 60% LTV monthly payment lifetime mortgage Just Retirement
  • 40% loan to value home reversion schemes LV equity release
  • 25% loan to value (LTV) monthly payment lifetime mortgage Evolution Money
  • 30% loan to value monthly payment equity release Direct
  • 40% loan to value monthly payment equity release Prudential Lifetime

Some of the most common pensioner mortgage products include Lloyds Bank mortgages over 65, Barclays Bank interest-only mortgages for over 65-year-olds, Halifax interest-only mortgages for people over 60, Legal and General mortgages for over 65 and Nationwide Building Society interest-only mortgages for people over 60.

Downsides of Lifetime Mortgages

Lump-sum lifetime mortgages can reduce your estate value. A lifetime mortgage with flexible drawdown cash release may impact entitlements to benefits. You may need to pay an advisor’s fee, and you could have higher rates to pay with some schemes.

The mortgage lender will want to know if the property is a semi-detached freehold house or a Leasehold flat with a share of freehold and if the resident is an AST Tenant.

What percentage can be released?

The more aged you are and the more serious your illnesses you are, the more money you can release.

Tough to mortgage property variants include high service charges, properties close to mining works, areas of landfill, areas of recent flooding or subsidence, derelict property or where part of the building is in severe disrepair and needs demolishing, mundic homes and Reema Hollow panel, Schindler and Hawksley SGS, Stent, Stonecrete, Stour, Tarran, Underdown, Unity and Butterley, Waller, Wates, Wessex, Winget and Woolaway.

Equity Release and Retirement Mortgages in the UK: A Comprehensive Guide

The dynamics of property ownership, mortgage systems, and equity release have become increasingly complex in the UK, especially with the advent of non-traditional property purchasing options and varied mortgage products. This guide sheds light on various facets of equity release, particularly in retirement mortgages and RIO (Retirement Interest Only) mortgages, aiming to address the numerous considerations that UK homeowners might have.

Equity Release: An Overview

Equity release refers to the process by which homeowners unlock the capital tied up in their property without selling it. This is particularly relevant for retirees or those approaching retirement who might be asset-rich but cash-poor. The two primary forms of equity release are lifetime mortgages and home reversion plans. In this guide, we will delve deeper into the nuances of these options, especially in specific contexts like buy-to-lets, second homes, and bed and breakfasts.

Equity Release and Buy-to-Let Properties

Can You Release Equity on a Buy-to-Let Mortgage?

Absolutely. A buy-to-let equity release, often termed ‘equity release for buy-to-let’, allows landlords to release funds from their investment properties. This is especially valuable if they wish to expand their portfolio, renovate existing properties, or simply need liquidity.

Equity Release from Buy to Let Property: Mechanisms

Several schemes, including equity release on buy-to-let property or even ‘equity release to buy second home’, allow property owners to leverage their existing property assets. It’s worth noting that releasing equity for buy to let or ‘release equity for buy to let’ is becoming more common, given the rising property prices and the potential for rental income.

The Relationship between Equity Release and Second Homes

Equity Release for Second Home and Related Mechanisms

Whether it’s about ‘equity release on a second home’ or using ‘equity release to buy another house’, there are now schemes tailored for those with multiple properties. Equity release second home options can provide liquidity, especially when dealing with property maintenance or acquiring more assets.

Using Equity as a Deposit in the UK

How do you leverage house equity for new purchases?

Questions like ‘Can I use equity as a deposit in the UK?’, ‘Using equity as a deposit’, and ‘Can you use equity as a deposit on another house?’ are increasingly prevalent. Using ‘equity from the house’ or tapping into the ‘equity in property’ as a deposit to finance the purchase of another property is a strategic move many homeowners are considering.

This process, often termed ‘releasing equity to buy another house’ or ‘using equity to buy another house’, has made it feasible for many to expand their property portfolios. Specific tools like the ‘using equity to buy second home calculator’ can help homeowners gauge the financial implications of such decisions.

Exploring B&B Mortgages

Navigating the B&B Mortgage Landscape

B&B mortgages or ‘bed and breakfast mortgage’ options cater to those looking to finance properties that will operate as bed and breakfast establishments. Given the dual nature of these properties—part residence, part commercial—it’s crucial to find tailored mortgage options. It’s also worth researching ‘how to buy a bed and breakfast with no money’ to explore creative financing solutions.

Key Considerations and Common Queries

Addressing Frequently Asked Questions

  • Equity Release to Buy Another Property: Whether it’s about ‘releasing equity to buy a second home’ or ‘releasing equity from your home to buy another’, homeowners should consult with financial advisors to understand the implications.
  • Buying a House Outright: Queries like ‘buy a house outright’ or ‘Can you buy a house outright’ often arise. While buying a house for cash, as seen in practices like ‘buying a house outright’ or ‘buying a house for cash in Scotland’, can save on interest costs, it’s essential to weigh this against the potential benefits of investing that money elsewhere.
  • Releasing Equity for Other Purchases: Whether it’s ‘releasing equity in my house to buy another’ or ‘using equity to buy another home UK’, homeowners should be aware of potential interest rates, repayment terms, and other associated costs.
  • Equity in Property: Tapping into the ‘equity in a property’ can be a lucrative strategy, but understanding terms like ‘release money from property’, ‘how to release equity from a property’, or ‘how to release house equity’ is crucial before making decisions.

Tools and Resources

  • Calculators: Tools like ‘buy to sell mortgage calculator UK’ or ‘selling and buying a house at the same time calculator’ provide homeowners with insights into their financial scenarios when considering property transactions.
  • Websites: Websites such as hoa.org.uk offer guidance and resources for homeowners, addressing questions and offering tools to help with property decisions.

Airbnb, Maisonettes, and Non-traditional Property Transactions

Airbnb Property Considerations

With the rise of the sharing economy, ‘Airbnb properties for sale UK’ listings have surged. Those looking to invest in such properties should understand the specific regulations, market trends, and potential returns.

Understanding Maisonettes

The term ‘maisonette meaning uk’ refers to a flat that spans multiple storeys of a building, essentially functioning as a small house within a larger building. Given their unique structure, maisonettes might have distinct mortgage and equity release considerations.

Purchasing Strategies and Considerations

Buying Property with Cash

Strategies like ‘buy a house with cash then get a mortgage’ or ‘buying a house in cash vs mortgage UK’ can have varied implications based on individual financial scenarios and the broader economic climate.

How to Buy Property with No Money

For those wondering ‘how to buy property with no money UK’ or ‘how to buy a property with no money’, creative financing solutions, partnerships, and lease options might be avenues worth exploring.

Release Equity to Dive into More Opportunities

Whether you’re considering ‘release equity to buy to let’, pondering ‘can I release equity to buy another property’, or simply wishing to understand ‘equity property’, the world of equity release in the UK is vast. As homeowners continue to leverage their assets in innovative ways, understanding the nuances of equity release becomes increasingly crucial.

For those navigating this landscape, whether considering ‘buy to let mortgage equity release’, ‘release equity for buy to let’, or exploring other equity-related property ventures, seeking expert advice and conducting thorough research is paramount. After all, in the realm of property and mortgages, informed decisions can pave the way for a prosperous future.

Hodge Lifetime Lifetime Mortgages
Equity Release Mortgage Under 55

Legal and General Retirement Mortgages

Pure Retirement Equity Release

LV Lifetime Mortgages

It is often found to encounter individuals searching for lump sum lifetime mortgages, lumpsum lifetime mortgages or interest-only lifetime mortgages, however, Age Concern like The Exeter Equity Release are keen to see proof of your personal situation in the form of bank statements.

Popular loan to values of Lloyds Bank mortgages for pensioners over 60, Barclays Bank mortgages for 60-year-olds, Halifax mortgages for 60-year-olds, L&G later life mortgages for over 60s, Bank of Scotland interest only mortgages for people over 60 and Nationwide Building Society mortgages for 60-year-olds are 40%, 55% and 70%.

Tough-to-mortgage property titles can include properties with outbuildings used for normal domestic purposes (garage, workshop, stables, barn etc), properties with a single annexe or other self-contained part of the property, agricultural use of the land and any outbuildings, properties that are being used for personal commercial use and properties adversely affected by existing or proposed issues including roads, rail, airports, power plants, power lines/pylons, wind turbines, sub stations, sewage works, quarries, fuel stations, refuse sites, sports grounds, noise, light or environmental pollution.