Sorting by

×

Tipton & Coseley Equity Release Over 60 2024

Tipton & Coseley Building Society Equity Release
  • Remove tax-free money from your house
  • No need to make monthly payments with the Tipton and Coseley Building Society Equity Release
  • Use the money to buy another house
  • Continue to live in your own home
  • Often used to manage inheritance tax bills

How much cash can I get?

You can borrow 65% of your property’s value. As an example, if your house is worth £240000 you can get £156000.

  • 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

Recently completed mortgage, equity release and lifetime mortgage cases

RIO

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.

RIO

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.

RIO

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.

david-p-london

David P

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.

RIO

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.

RIO

Sandra from Manchester

I got 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.

RIO

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 £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.

mr-g

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.

RIO

Mr Williamson from Chiswick

My son is a chef in a care home. He is not well paid. No way his bank would 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 his interest rate offered by his bank.

RIO

Ms G from Dover

I divorced my husband who was a violent alcoholic. I really feared losing my home as I sometimes look after my daughter’s children. Equity release enabled me to pay off my ex and stay secure in my home.

RIO

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.

RIO

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.

  • 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.
Wandsworth Family Home

Does The Tipton & Coseley Building Society offer Lifetime Mortgages?

Yes, The Tipton & Coseley Building Society does lifetime mortgages at 1.95% MER. The Tipton & Coseley Building Society Lifetime Mortgages can have an LTV of 60%.

Access home equity

Does the Tipton & Coseley Building Society do Equity Release Under 55?

Yes, The Tipton & Coseley Building Society Equity Release Under 55 is 1.91% MER.

Old money home

Does the Tipton & Coseley Building Society do Retirement Mortgages?

Yes, The Tipton & Coseley Building Society Retirement Mortgages are 1.86% APRC.

Money tied up in home

Does The Tipton & Coseley Building Society offer Pensioner Mortgages?

Yes, The Tipton & Coseley Building Society Pensioner Mortgages are 1.83% MER.

Money tied up in house

Does The Tipton & Coseley Building Society do Equity Release Schemes?

Yes, The Tipton & Coseley Building Society Equity Release is 1.84% MER.

Mortgages Over 55: Unlocking Equity in Retirement

Introduction

As individuals approach retirement age, they often find themselves with a significant asset in the form of their home. Equity release mortgages, also known as retirement mortgages, provide an opportunity for homeowners over the age of 55 to access the wealth tied up in their properties. In this comprehensive guide, we will explore equity release rates and options for various age groups, from mortgages over 55 to mortgages over 75. We will delve into the types of equity release products available, including lifetime mortgages, RIO mortgages, and retirement remortgages.

Mortgages Over 55

Overview

Mortgages over 55, also known as equity release mortgages for retirees, have gained popularity as a means to tap into the value of one’s home without having to sell it. This section will discuss the key aspects of mortgages for individuals aged 55 and older.

Equity Release Rates for Mortgages Over 55

Equity release rates for mortgages over 55 can vary significantly based on several factors, including the borrower’s age, the value of their property, and the type of equity release product chosen. Generally, interest rates for these mortgages tend to be higher than traditional mortgages due to the unique risks associated with equity release.

Types of Equity Release Products for Mortgages Over 55

  1. Lifetime Mortgage
  • A lifetime mortgage is a popular choice for individuals over 55. It allows homeowners to borrow a lump sum or receive regular payments while retaining ownership of their property.
  • Interest on the loan can be either fixed or variable, affecting the overall cost of the mortgage.
  1. Retirement Remortgages
  • Retirement remortgages involve switching to a new mortgage product or lender to release equity from your home. This option may offer more favorable terms than traditional mortgages.
  • Borrowers should carefully consider the terms and conditions when exploring retirement remortgages.

Mortgages Over 60

Overview

As homeowners enter their sixties, their financial needs and objectives may change. Mortgages over 60 provide opportunities for older individuals to access their home’s equity for various purposes.

Equity Release Rates for Mortgages Over 60

The interest rates for mortgages over 60 may differ from those for individuals aged 55, reflecting the increased age and potential changes in the borrower’s financial circumstances. It’s essential to compare rates and terms when considering equity release at this age.

Lifetime Mortgages for Borrowers Over 60

Lifetime mortgages remain a viable option for those over 60. The loan amount, interest rate, and repayment options should align with the borrower’s retirement goals.

Planning for Retirement Expenses

Mortgages over 60 can be a valuable tool for managing retirement expenses, including healthcare costs, home improvements, and travel. Borrowers should carefully evaluate their financial needs and explore all available equity release options.

Mortgages Over 65

Overview

As individuals reach their mid-sixties and beyond, they may face increasing financial demands in retirement. Mortgages over 65 offer opportunities to access additional funds and improve one’s quality of life during retirement.

Equity Release Rates for Mortgages Over 65

The interest rates for mortgages over 65 may be influenced by factors such as the borrower’s age, property value, and the chosen equity release product. It is crucial to obtain multiple quotes and compare offers to find the best rates.

Lifetime Mortgages and Drawdown Options

  1. Drawdown Lifetime Mortgages
  • For borrowers over 65, drawdown lifetime mortgages can provide flexibility. Instead of receiving a lump sum, borrowers can access funds as needed while paying interest only on the amount withdrawn.
  • Interest rates and terms should be reviewed carefully, as they can vary among lenders.

Managing Long-Term Care Costs

Mortgages over 65 can be an effective way to finance long-term care expenses. Homeowners should consult with financial advisors to create a comprehensive retirement plan that considers their healthcare needs.

Mortgages Over 70

Overview

By the time individuals reach their seventies, their financial priorities may shift towards ensuring financial stability throughout retirement. Mortgages over 70 can play a critical role in achieving these goals.

Equity Release Rates for Mortgages Over 70

Equity release rates for borrowers over 70 may differ from those available to younger retirees. It’s essential to understand the implications of interest rates and how they impact the overall cost of equity release.

Reverse Mortgages and Home Reversion Plans

  1. Home Reversion Plans
  • Home reversion plans involve selling a portion of the property to a lender in exchange for a lump sum or regular payments. Borrowers retain the right to live in the property.
  • The terms of home reversion plans, including the percentage of ownership sold, should be carefully considered.
  1. Reverse Mortgages
  • Reverse mortgages allow homeowners over 70 to receive payments without selling any part of their property. Repayment is typically deferred until the borrower moves out or passes away.
  • Interest rates and loan terms can vary among lenders, impacting the overall cost.

Supplementing Retirement Income

Mortgages over 70 can serve as a valuable source of supplemental income, helping retirees cover daily expenses, unexpected bills, or fulfilling lifelong dreams.

Mortgages Over 75

Overview

For those in their mid to late seventies and beyond, financial planning becomes increasingly important. Mortgages over 75 offer a range of options to address the evolving financial needs of older homeowners.

Equity Release Rates for Mortgages Over 75

Interest rates for mortgages over 75 may be higher than those for younger retirees, reflecting the increased risk associated with lending to older individuals. Borrowers should carefully assess the cost of equity release.

Home Equity Conversion Mortgages (HECMs)

  1. Government-Backed HECMs
  • In some countries, government-backed home equity conversion mortgages (HECMs) are available to seniors over 75. These loans are insured by the government and offer specific protections.
  • Eligibility and terms may vary by region, so borrowers should research the options available in their area.

Legacy Planning and Estate Preservation

Mortgages over 75 can be used strategically to support legacy planning, allowing homeowners to pass on assets to heirs or charitable causes. It’s essential to work with financial advisors to ensure the chosen equity release product aligns with these objectives.

Lifetime Mortgages: A Closer Look

What is a Lifetime Mortgage?

Lifetime mortgages are one of the most popular equity release products available to retirees. This section provides a deeper understanding of how they work and their key features.

Types of Lifetime Mortgages

  1. Interest Roll-Up Lifetime Mortgages
  • In this type of lifetime mortgage, borrowers do not make regular interest payments. Instead, interest accrues over time and is repaid along with the principal when the borrower moves out or passes away.
  1. Interest Payment Lifetime Mortgages
  • With interest payment lifetime mortgages, borrowers have the option to make regular interest payments, reducing the overall loan balance and potential interest costs.

Factors Influencing Lifetime Mortgage Rates

  1. Borrower’s Age
  • The age of the borrower can impact the interest rate. Older borrowers may receive more favorable rates due to the shorter expected term of the loan.
  1. Property Value
  • The value of the property being used as collateral can affect the interest rate. Higher-value properties may lead to lower interest rates.
  1. Interest Rate Type
  • Borrowers can choose between fixed and variable interest rates. Fixed rates provide stability, while variable rates may change over time.

Retirement Interest-Only (RIO) Mortgages

Introduction to RIO Mortgages

Retirement Interest-Only (RIO) mortgages are an alternative to traditional lifetime mortgages. This section explores how RIO mortgages work and their suitability for retirees.

Key Features of RIO Mortgages

  1. Interest-Only Payments
  • RIO mortgages require borrowers to make regular interest payments, with the principal amount typically repaid when the property is sold or the borrower passes away.
  1. No Fixed End Date
  • Unlike traditional mortgages, RIO mortgages do not have a fixed term, allowing borrowers to remain in their homes as long as they wish.

Eligibility and Considerations

RIO mortgages have specific eligibility criteria and considerations that borrowers should be aware of. Understanding these factors can help retirees make informed decisions about their financing options.

Equity release mortgages provide valuable opportunities for retirees to access the wealth tied up in their homes. From mortgages over 55 to mortgages over 75, there are options available to suit a variety of financial needs and circumstances. It is essential for homeowners to carefully consider their objectives, compare equity release rates, and consult with financial advisors to make informed decisions about their retirement finances. Equity release can be a powerful tool when used wisely, enabling retirees to enhance their quality of life and achieve their financial goals.

Nationwide Lifetime Mortgage No Payments

What are The Tipton & Coseley Building Society interest rates for equity release?

The Tipton & Coseley Building Society rates for equity release are 1.92% APRC.

Areas where retirement mortgages and mortgages over 55 are popular

  • Staveley
  • Painswick
  • Bootle
  • St Neots
  • Watchet
  • Gateshead
  • South Elmsall
  • Redcar
  • Fordingbridge
  • Southend-on-Sea
  • Charlbury
  • Stanley
  • Tenbury Wells
  • Syston

Mortgages over 65 to release equity

Tough-to-mortgage home titles can include rental properties with a high estate rentcharge, properties with any kind of structural defect, damp, dry or wet rot, properties of non-standard construction, mundic homes and concrete frames.

  • Hodge Lifetime Mortgage Flexible Drawdown Plan
  • Royal Bank of Scotland Equity Release Plans
  • Aviva Equity Release
  • More to life Flexi Choice Voluntary Payment Super Lite
  • Pure Retirement Equity Release Plans
  • Stonehaven Lifetime Mortgage
  • More 2 Life Capital Choice Plus Plan
  • Royal Bank of Scotland Lifetime Mortgage
  • L&G Legal & General Premier Flexible Lifetime Mortgage
  • Tipton & Coseley Building Society Equity Release Plans
  • Pure Retirement Lifetime Mortgage
  • Lloyds Bank Equity Release Schemes
  • NatWest Interest Only Lifetime Mortgage
  • Age Partnership Equity Release

Challenging to mortgage property variants can include properties with land in addition to the domestic grounds up to a maximum property size of five acres, where the land is for normal domestic use, properties with room(s) or outbuilding(s) used for a small amount of personal commercial use, properties with more than one annexe or self-contained part of the property, properties with mobile phone masts which are not within influencing distance of the house and properties that have a private water supply provided a contract is in place with an approved maintenance company for regular testing and maintenance.

What percentage can be released with the Tipton and Coseley Building Society Equity Release?

The older you are and the sicker you are the more cash you can release.

Pitfalls of Lifetime Mortgages and Tipton and Coseley interest rates

Interest-only lifetime mortgages can reduce the inheritance for your family. Lifetime mortgages with flexible drawdown cash release may impact the ability to claim benefits. You may need to pay an advisor’s fee and you could have higher rates to pay with some schemes.

Equity Release percentages of your current property value

  • 55% monthly payment lifetime mortgage VitalityLife Equity Release
  • 60% LTV monthly payment equity release Tipton and Coseley Plans
  • 45% LTV interest-only lifetime mortgages Crown
  • 55% loan to value monthly payment life time mortgage Norton Finance
  • 30% loan to value monthly payment lifetime mortgage Penrith
  • 60% loan to value (LTV) monthly payment lifetime mortgage Precise
  • 30% loan to value monthly payment equity release Together

The mortgage lender will want to know if the property is a semi-detached freehold house or a Leasehold house and if the resident is an Owner Occupier Primary Residence.

Mortgages over 70

Hard-to-finance home variants can include timber framed properties built before 1920, properties with any external treatment applied to the roof after construction, studio flats located within the M25, privately developed flats in blocks of five storeys or more and flats above or adjacent to commercial premises.

Nationwide Lifetime Mortgage Drawdown Scheme

Mortgages over 75

Difficult-to-mortgage home types include properties where proposed building works have not yet commenced, age restricted properties, leasehold properties (England, Wales, Northern Ireland) subject to a lease length of 160 years, crofted houses and properties with leased solar panels.

Does The Tipton & Coseley Building Society have excellent reviews for equity release?

Yes, The Tipton & Coseley Building Society reviews are splendid for equity release.

UK Equity Release Lenders and RIO mortgage providers

  • Legal and General
  • New Life
  • Lifetime Mortgage from L&G

Small business owners detail likely with equity to release with retirement remortgages

  • Manufacture of plastic plates, sheets, tubes and profiles Broadstairs and St Peters
  • Manufacture of wire products, chains and springs Whitworth
  • Manufacture of soft furnishings Crawley
  • manufacture of canvas goods, sacks, etc Holsworthy
  • Manufacture of plastics and rubber machinery Nuneaton
  • Building societies Hinckley
  • Freshwater aquaculture Kirkham
  • Post-secondary non-tertiary education Hendon
  • Manufacture of other technical ceramic products Bampton
  • Manufacture of bicycles and invalid carriages Ventnor
  • Ready-made interactive leisure and entertainment software development New Alresford
  • Repair of consumer electronics Penistone
  • Wholesale of waste and scrap Winslow
  • Repair of electronic and optical equipment Cromer
  • Residential care activities for learning difficulties, mental health and substance abuse Swanley
  • General public administration activities Blandford Forum
  • Publishing of computer games Brampton
  • Activities of political organizations Hythe

It is often found to encounter individuals seeking out monthly payment lifetime mortgage, monthly payment life time mortgage or lifetime mortgage with flexible drawdown cash release, however, Bower like VitalityLife Equity Release are keen to see paperwork to show your situation in the form of bank statements.

Some of the most popular loan to value ratiosof Virgin Money retirement interest only mortgages over 60, Zurich equity release schemes for over 55’s, Leeds Building Society interest only retirement mortgages for over 70s, Skipton Building Society lifetime mortgages for over 55s, Nottingham Building Society interest only mortgages for people over 70 and Cumberland Building Society pensioner mortgages over 60 are 45%, 60% and 65%.

More to life Mortgages

LV

Popular loan-to-value percentages of LVE retirement mortgages over 70, More to life interest only retirement mortgages for over 70s, OneFamily over 60 mortgages, Yorkshire Building Society equity release schemes for over 55’s, Royal London remortgages for people over 50 years old and SunLife interest only mortgages for people over 60 are 50%, 60% and 70%.

Just Drawdown Lifetime Mortgages

Tipton and Coseley Building Society Equity Release 2024

Tipton and Coseley Building Society Interest Rates 2024

Common loan to values of Lloyds Bank retirement mortgages over 70, Barclays over 60 lifetime mortgages, Post Office over 60 lifetime mortgages, Legal and General mortgages for 60 plus pensioners, Royal Bank of Scotland interest only mortgages for over 70s and Nationwide Building Society mortgages for over 65 are 50%, 55% and 70%.

Hodge Lifetime lifetime mortgage
Legal & General Home Finance lifetime mortgage

The Tipton Building Society Mortgages over 60

Appealing retirement loan offerings are Tipton Building Society lifetime mortgages, Tipton and Coseley Building Society retirement interest only mortgages, Post Office mortgages for people over 50, Legal and General mortgages over 65 and Nationwide over 60 mortgages.

More to life  - Tailored Choice Plan

Tipton & Coseley Building Society Product name: Retirement Interest-Only Mortgage Capital repayment or interest-only? Interest-only; fixed and variable-rate deals available. Minimum property value: £75,000 (£250,000 if you live around the M25). Minimum/Maximum loan sum: £50,000/£1m. Maximum LTV: 60%. Minimum/Maximum age at application: 55 Minimum, no max.

Minimum income: none, though you’ll need to be able to prove you can afford the interest payments. Overpayments: up to ten per cent per year without early repayment charges. How is the loan repaid? When you die or move into care and the property is sold, or if you sell for a different reason.

Does Tipton & Coseley Building Society offer a retirement remortgage for homeowners over 60?

Yes, Tipton & Coseley Building Society retirement remortgages for the over 60s are 3.91% MER variable.

Does Tipton & Coseley Building Society do pensioner remortgages for the over 60s?

Yes, a Tipton & Coseley Building Society pensioner remortgage over 60 is 3% APR fixed for life.

Does Tipton & Coseley Building Society do later life remortgages for over 60s?

Yes, a Tipton & Coseley Building Society later life remortgage for people over 60 is 3.31% APR fixed for life.

Does Tipton & Coseley Building Society offer the best remortgages for retired for over 60s?

Yes, a Tipton & Coseley Building Society’s best remortgage for retired homeowners over 60 is 3.03% MER fixed.

Do Tipton & Coseley Building Society do remortgaging options for over 60s?

Yes, a Tipton & Coseley Building Society remortgaging option for people over 60 is 3.25% MER variable.

Does Tipton & Coseley Building Society offer mortgage calculators for the over 60s?

Yes, a Tipton & Coseley Building Society mortgage calculator over 60 will show 3.61% APR fixed for life.

Does Tipton & Coseley Building Society do RIO mortgages for the over 60s?

Yes, a Tipton & Coseley Building Society RIO mortgage for pensioners over 60 is 3.6% MER variable.

Do Tipton & Coseley Building Society offer a retirement interest only mortgage for the over 60s?

Yes, Tipton & Coseley Building Society retirement interest-only mortgages for homeowners over 60 are 3.84% APRC variable.