- Remove tax free money from your house
- No need to make monthly payments
- Use the money to buy another house
- Continue to live in your own home
- Often used to manage inheritance tax bills
Recently completed mortgage, equity release and lifetime mortgage cases
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.
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.
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.
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.
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.
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.
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 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.
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.
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.
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.
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.
- Nationwide Lifetime Mortgage Calculator
- Natwest Equity Release Brokers Uk
- HSBC Lifetime Mortgage Drawdown Scheme
- Lloyds Bank Equity Release On Second Homes
- Lloyds Bank Lifetime Mortgage Broker
- Santander Lifetime Mortgage No Payments
- Lloyds Retirement Mortgage Age
- Halifax Lifetime Mortgage Reviews
- Nationwide Equity Release Best Deals
- Lloyds Equity Release Interest Rates
- Lloyds Bank Retirement Mortgages Interest Rates
- Halifax Retirement Mortgage Lenders
- HSBC Retirement Mortgage House
- Nationwide Retirement Mortgage Uk
- HSBC Equity Release Best Deals
- Halifax Equity Release Plans
- Santander Equity Release Best Deals
- Natwest Retirement Mortgage Home
- Santander Retirement Mortgage House
Areas where retirement mortgages are popular
- St Neots
- South Elmsall
- Tenbury Wells
- Hodge Lifetime Mortgage Flexible Drawdown Plan
- Royal Bank of Scotland Equity Release Plans
- Aviva Equity Release
- More2Life 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
- Nationwide Equity Release Plans
- Pure Retirement Lifetime Mortgage
- HSBC Equity Release Plans
- Lloyds Bank Equity Release Schemes
- NatWest Interest Only Lifetime Mortgage
- Age Partnership Equity Release
What percentage can be released?
The older you are and the sicker you are the more cash you can release.
Pitfalls of Lifetime Mortgages
Interest-only lifetime mortgages can reduce the inheritance for your family. Lifetime mortgage with flexible drawdown cash release may impact 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 Sunlife 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.
UK Equity Release Lenders
- Legal and General
- New Life
- Lifetime Mortgage from L&G
Small business owners detail likely with equity to release
- Manufacture of plastic plates, sheets, tubes and profiles Broadstairs and St Peters
- Manufacture of wire products, chain 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.
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.