- Remove tax-free cash from your house
- No monthly payments
- Help your family with the equity you release
- Stay living in your own property
How much can I release?
You can release 65% of your home’s value. As an example, if your home is worth £220000 you can release £143000.
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 normal mortgages you would get by proving income. I have saved a lot of tax.
With my power of attorney, I got equity release on my father’s house to pay for disability provisions including a lift and a new kitchen.
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.
Challenging to mortgage property titles can include properties with legal agreements such as Overage, Clawback, Option, Pre-emption, or any onerous Restrictive Covenant, high service charges – properties where the Service Charge per annum at the time of application is more than 2% of the property value, properties of non-standard construction, mundic homes and concrete frame.
The 1st and 2nd charge lender will want to know if the property is a Freehold house or a Leasehold flat with share of freehold and if the resident is an Assured shorthold tenancy tenant.
What percentage can be released?
The more aged you are and the sicker you are the more money you can release.
Towns of the UK where Lifetime Mortgages are popular
- Bognor Regis
- North Petherton
- Darley Dale
- St Neots
- Great Yarmouth
- East Cowes
How much is it common to release from a home
- 50% lifetime mortgage with flexible drawdown cash release Royal London Equity Release
- 25% loan to value (LTV) interest-only lifetime mortgages Masthaven
- 50% loan to value (LTV) lumpsum lifetime mortgages 1st Stop Home Loans
- 35% loan to value lifetime mortgage with flexible drawdown cash release More to Life
- 60% LTV lump sum lifetime mortgages 1st Stop Home Loans
Tough to finance property titles include properties built or converted into dwellings more than 10 years ago, 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 where Japanese Knotweed is present.
Providers for UK Equity Release
- Key Solutions
- Prudential Lifetime
- Key Retirement
- Manufacture of cordage, rope, twine and netting Thorne
- Repair of machinery Stalbridge
- Manufacture of cement Bletchley and Fenny Stratford
- Manufacture of other carpets and rugs Wokingham
- Activities of professional membership organizations Workington
- Manufacture of plastic packing goods Hedon
- Plastering Seaham
- Security systems service activities Bromley
- Other information technology service activities St Ives
- Wholesale of other food, including fish, crustaceans and molluscs Bideford
- Cold forming or folding Macclesfield
- Pension funding Mansfield
- Video production activities Stanley
- Manufacture of other general-purpose machinery n e c Broadstairs and St Peters
- Shaping and processing of flat glass Highbridge
- Taxi operation Southall
- Agents involved in the sale of timber and building materials Broughton-in-Furness
- Tour operator activities Grassington
Difficult to mortgage home variants include pre-fabricated reinforced concrete (PRC), properties with spray foam insulation applied to the underside of the roof, properties constructed or converted within the past 10 years, privately developed flats in blocks of two storeys without a lift and flats above or adjacent to commercial premises.
- More 2 Life Flexi Choice Drawdown Lite Plan
- More to Life Capital Choice Plus Plan
- L&G Legal & General Premier Flexible Lifetime Mortgage
- Pure Retirement Classic Voluntary Payment Super Lite
- HSBC Lifetime Mortgage
- NatWest Equity Release Schemes
- Stonehaven Lifetime Mortgage
- Nationwide Interest Only Lifetime Mortgage
- NatWest Equity Release Plans
- Aviva Equity Release
- Just Retirement Interest Only Lifetime Mortgage
- Liverpool Victoria LV= Flexible Lifetime Mortgage
- Stonehaven Interest Select Plan
- TSB Equity Release
- Royal Bank of Scotland Lifetime Mortgage
- More 2 Life Tailored Choice Plan
Hard to finance home types include properties in poor condition, properties where multiple third parties are living in an annexe, leasehold properties (England, Wales, Northern Ireland) subject to a lease length of 160 years, leasehold properties (with the exception of flats and maisonettes) and properties with leased solar panels.
Common LTV percentages of Standard Chartered over 60 lifetime mortgages, Zurich mortgages for over 65, Churchill mortgages for people over 50, Skipton Building Society equity release schemes for over 55’s, Newcastle Building Society interest only lifetime mortgages for people over 60 and Progressive Building Society later life interest only mortgages over 70 are 40%, 60% and 70%.
Some of the most common loan to value percentages of Liverpool Victoria mortgages for over 50 year olds, More to life mortgages for 60 plus pensioners, One Family equity release plans for people over 60, Yorkshire Bank pensioner mortgages over 70s, Principality Building Society mortgages for people over 50 and Sun Life mortgages for people 60 plus are 50%, 60% and 65%.
It’s common to find people searching for monthly payment lifetime mortgage, monthly payment lifetime mortgage or lifetime mortgage with flexible drawdown cash release, however, Bower like Maximum cover Equity Release are keen to see proof of your circumstances in the form of bank statements.
- Bath Building Society Equity Release Interest Rate
- Santander Retirement Mortgage Rates 2022
- Lifetime Mortgage House With 2 Kitchens
- Beverley Bs Equity Release Rates 2022
- Loans For The Over 75’S
- Equity Release Under 40 Rates 2022
- Yorkshire Bank Lifetime Mortgage
- Lloyds Bank Pensioner Mortgage Advice
- Saffron Building Society Equity Release Interest Rates
- Manchester Building Society Over 75 Mortgage
- Short Leasehold Pensioner Mortgage Calculator
- Flood Areas In UK
- Lloyds Lifetime Mortgage Drawdown Scheme
- Santander Interest Only Lifetime Mortgage Providers
- Nottingham Building Society Mortgage
- Cambridge Bs Lifetime Mortgages
- Vernon Building Society Over 70 Mortgage
- Equity Release On Rental Property
- Rbs Lifetime Mortgage Rates 2022
- Cheap Studio Flats
- Mortgages For Pensioners Nationwide
- Mortgages For Pensioners Over 70
- Agricultural Ties Equity Release Interest Rate
- Santander Lifetime Mortgage On Second Property
- Chorley Building Society Interest Rates
- Bad Credit Mortgage House
- Melton Mowbray Building Society Interest Only Mortgage
- Equity Release Under 50 UK
- Flying Freehold Equity Release
- Bridgewater Equity Release Advice
- Ex Local Authority Houses
- Cheshire Building Society Equity Release Pensioner Mortgage Calculator
- Leeds Building Society Pensioner Mortgage Calculator
- HSBC Equity Release On Second Homes
- Ecology Building Society Over 55 Mortgage
- Best Equity Release Deals
- Lloyds Retirement Mortgage Age
- Natwest Equity Release Plan
- Timber Frame Mortgage Comparison
- Shared Equity Release Comparison
- Leek United Building Society Interest Only Lifetime Mortgage
- Harpenden Building Society Retirement Mortgage
- Stafford Railway Building Society Interest Only Mortgage
- Prc Home
- Lloyds Lifetime Interest Only Mortgage Interest Rates
- Barnsley Building Society Equity Release Reviews
- Purchase Later Life Mortgages
- Nationwide Interest Only Retirement Mortgages
- West Bromwich Building Society Over 65 Mortgage
- Derbyshire Building Society Glossop
Popular LTV percentages of TSB mortgages for over 50 year olds, HSBC mortgages for over 50 year olds, Post Office later life interest only mortgages over 75, Legal & General interest only mortgages for over 60s near London, RBS interest only mortgages for people over 70 and Nationwide Building Society pensioner mortgages over 55 are 45%, 60% and 65%.
Downsides of Lifetime Mortgages
Lifetime mortgage with flexible drawdown cash release can reduce the inheritance for your family. Lifetime mortgage with flexible drawdown cash release may impact entitlements to benefits. You may need to pay a broker’s fee and you could be exposed to changes in interest rates with some products.
Appealing pensioner finance products are TSB mortgages for over 65, Barclays Bank later life mortgages, Halifax retirement interest only mortgages, L&G interest only lifetime mortgages and Nationwide Building Society mortgages for over 65.