- A Santander retirement mortgage at 2.66% fixed for life
- Borrow up to 65% of the market value of your property
- No lenders fees
- Free valuation
- No early repayment charge
- Use Santander retirement mortgages to pay off your existing mortgage
My mother has dementia. With my solicitor and my power of attorney, I got equity release on my mother’s house to pay for specialist modifications for her comfort. The loan amount was spent very sensibly.
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. Santander Retirement Mortgages were great for me.
Ms T from Hammersmith
My husband recently died leaving me with a mortgage I could not afford to pay. The lifetime mortgage allowed me to pay off the mortgage and have enough money left over for a new bathroom, kitchen, and roof repair.
William from London
I was told by my lawyer my inheritance tax bill would be around £250,000. Santander retirement mortgages was what I used 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 that I should get equity release and gift money to my 5 children now as it would save a massive amount of inheritance tax.
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 son who is not well paid.
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.
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 a £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 minimize 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. It won’t effect my means tested benefits.
Popular loan to values of Standard Chartered pensioner mortgages over 55, Shepherds Friendly mortgages for people 60 plus, Churchill mortgages for 60 plus pensioners, Coventry Building Society mortgages for 60 year olds, West Bromwich Building Society equity release plans for people over 60 and Cumberland Building Society mortgages over 70s are 50%, 60% and 70%.
Hard to finance home variants can include properties currently undergoing substantial alterations, extensions or repairs, properties where the owner is set up on a tenancy in common basis, right to buy – properties in England, Wales and Northern Ireland, properties which are made up of multiple titles and properties with leased solar panels.
Hard to finance property variants include properties with post-1945 asbestos or similar composition roof tiles, properties with spray foam insulation applied to the underside of the roof, properties with minimum floor area of 30 square metres, studio flats outside the M25 and basement or lower ground floor flats with level access to private or communal garden space.
Challenging to mortgage home titles include flats of less than 30 square metres in any location, properties with flying or creeping freehold which comprises 15% or less of the total floor area, properties without direct access to an adopted highway or which are accessed over an unmade road, properties where there is a self-contained part of the property or annexe, i.e. basement flat etc 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.
- Bridgewater Lifetime Mortgage with interest roll up similar to the Leeds building society
- Just Retirement Interest Only Lifetime Mortgage
- Santander retirement mortgage with retirement income including pension income
- L&G Legal & General Flexible Max Plus with monthly interest payments
- Pure Retirement Equity Release Plans only mortgages retirement interest
- Stonehaven Lifetime Mortgage monthly interest repayments
- TSB Equity Release Plans mortgages retirement interest
- Bridgewater Lifetime Mortgage standard residential mortgage
- L&G Legal & General Flexible Plus Lifetime Mortgage where you debt grows unlike other debts
- Pure Retirement Lifetime Mortgage with no affordability assessment
- Lloyds Bank Lifetime Mortgage with no mortgage payments
- Santander retirement mortgages with income from a defined benefit pension
- Nationwide Equity Release existing customers and new customers with key differences to other building societies
- HSBC Interest Only Lifetime Mortgage for before you or the last borrower enter long term care
- Royal Bank of Scotland Interest Only Lifetime Mortgage
- Age Partnership Equity Release Schemes
- Canada Life Voluntary Select Gold Rio Mortgage
- More to life Capital Choice Plus Plan
- More to Life Flexi Choice Voluntary Payment Super Lite
- Pure Retirement Lifetime Mortgage
- Lloyds Bank Equity Release rio mortgages where older mortgage borrowers prove personal income with a company pension forecast
- More 2 Life Flexi Choice Voluntary Payment Super Lite for older mortgage borrowers prove income
- family building society later life lending
- repayments on your mortgage and no early repayment charges
- Lloyds Lifetime Mortgage Interest Only Rates how much can i borrow?
- Timber Frame Mortgage Home Reversion Plan calculator
- NatWest Lifetime Mortgage interest only mortgages for pensioners
- Lloyds Retirement Mortgage Interest Rates affordability calculator
- Santander Equity Release On Second Homes
- HSBC Lifetime Mortgage Interest Only Rates
- NatWest Equity Release Loan interest only mortgage for retired
- Halifax Equity Release Scheme mortgages for pensioners
- Lloyds Equity Release Advice interest only mortgage in retirement
- Lloyds Bank Retirement Mortgages Rates 2022
- Santander Retirement Mortgage House
- Lloyds Bank Equity Release Mortgage interest only retirement mortgage
- Lloyds Bank Lifetime Mortgage Interest Only Rates
- HSBC Retirement Mortgage Rates 2022
- NatWest Retirement Mortgage Calculator
- Nationwide interest only mortgage retirement
- HSBC Equity Release mortgage criteria
- Nationwide Retirement Mortgage Reviews
- Santander Lifetime Mortgage Buy To Let
- Nationwide Lifetime Mortgage Maximum Ltv
What percentage can be released with Santander retirement mortgages?
- 50% lump sum lifetime mortgages Royal London Equity Release plans with independent advice
- 60% loan to value (LTV) borrowing money with at lifetime mortgage with flexible drawdown cash release Paragon Personal Finance
- 50% loan to value (LTV) home reversion plans Norton Finance using your state pension statement, workplace pension or investment income
- 30% loan to value monthly payment equity release Buckinghamshire Building Society with a long mortgage term
- 50% ltv Santander retirement mortgages for people with a financial standing before they go into long term care or the borrower dies
What percentage can be released with a Santander retirement mortgage?
The older you are and the more serious your illnesses you are, the more tax-free cash you can release with Santander Retirement Mortgages.
Equity Release Providers similar to Santander retirement interest only mortgages for UK pensioners with income
- Sunlife Plans
- the Telegraph
- Santander retirement mortgages
Areas in the UK where Santander retirement mortgages are common
- Bishops Waltham
It is common to encounter people searching for lump sum lifetime mortgages, monthly payment Santander retirement mortgages or lifetime mortgage with flexible drawdown cash release, however, Age Concern like Royal London Equity Release are keen to see evidence of your situation in the form of bank statements.
Some of the most popular loan to values of LV= equity release schemes for over 55’s, More to life pensioner mortgages over 55, OneFamily later life borrowing schemes over 55, Yorkshire Bank interest only lifetime mortgages for over 70s, Principality Building Society retirement mortgages over 65 and Axa mortgages for 60-year-olds are 45%, 60% and 65%.
Tough to finance home variants include properties with legal agreements such as Overage, Clawback, Option, Pre-emption, or any onerous Restrictive Covenant, properties with any kind of structural defect, damp, dry or wet rot, properties of non-standard construction, cob property and concrete panel houses.
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.
Popular LTV ratios of Lloyds Bank pensioner mortgages over 60, HSBC mortgages for 60 plus, NatWest retirement mortgages over 60, Legal and General equity release plans for people over 60, Bank of Scotland interest only retirement mortgages for over 70s and Nationwide BS interest only lifetime mortgages for over 70s are 45%, 55% and 70%.
Drawbacks of Equity Release Plans
Monthly payment equity release 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 you could have higher rates to pay with some schemes.
Santander UK plc. Registered Office: 2 Triton Square, Regent’s Place, London, NW1 3AN, United Kingdom. Registered Company Number 2294747. Registered in England and Wales. www.santander.co.uk.
Telephone 0800 389 7000. Calls may be recorded or monitored. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Our Financial Services Register number is 106054.
You can check this on the Financial Services Register by visiting the FCA’s website www.fca.org.uk/register. Santander and the flame logo are registered trademarks.
Popular pensioner finance products are Lloyds Bank equity release schemes, HSBC retirement interest-only mortgages, Post Office interest only lifetime mortgages, L&G retirement mortgages and Nationwide BS interest only lifetime mortgages.
Does Santander do Retirement Mortgages?
Yes, Santander does retirement mortgages at 1.96% APR.
Does Santander offer Equity Release Under 55?
Yes, Santander Equity Release Under 55 is 1.96% APR. Your home may be repossessed if the retirement interest only mortgage is not paid each month. They are not open on bank holidays.
How does a Santander RIO mortgage work?
It’s just like a standard mortgage that requires interest only payments with no redemption fee that you get before you go into long term care. There are affordability checks so the lender is sure you can keep up repayments.
Mortgage lenders like Shawbrook bank will want to study your property value to work out the amount you can borrow and may be what you want to spend the money on, like home improvements for example.
A retirement interest only mortgage is ideal for pensioners with significant personal income.
A retirement interest only mortgage will be assessed for affordability based on the income of the borrower with the lowest income.
Who offers retirement interest only mortgages?
Santander offers great RIO mortgages with fixed rates under 3% MER. Similar to a standard interest only mortgage.
How much money can I release?
You can achieve 60% of your property’s valuation. For example, if your home is valued at £290000 you can get £174000.
- £10,000 minimum loan size
- Remove tax-free equity from your property
What are the benefits of interest only lifetime mortgage Santander?
- Free valuation
- No redemption penalties
- Open-minded approach to all forms of income
- Avoid roll up interest
- Fixed rates for life