- Release tax-free cash from your home – mortgages for 70 year olds
- Not necessary to make monthly payments
- Use the money for a holiday
- Continue to stay in your home
- Can be used to help tax planning
How much cash can I release?
You can achieve 65% of your home’s valuation. For example, if your house is valued at £240,000 you can release £156,000.
Testimonials and Example Cases
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.
Mrs Daly from Glasgow
My daughter lives in the states and does not have health insurance. My £30,000 lifetime mortgage paid the medical bills for her son to be born and a years rent in advance for a new flat for the baby.
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.
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.
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.
Mrs Shaw from Lancaster
I had an interest-only mortgage with Birmingham Midshires. The mortgage had come to the end of its term and they wanted the £127000 back I still owed them. My lifetime mortgage saved me from losing my home and the rate was close to what I paid before.
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.
William from London
I was told by my lawyer my inheritance tax bill would be around £250,000. I got a lifetime mortgage 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.
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.
- Canada Life Lifetime Mortgage
- L&G Legal & General Flexible Plus Lifetime Mortgage
- HSBC Equity Release Plans
- Lloyds Bank Equity Release Plans
- More to Life Capital Choice Plus Plan
- Liverpool Victoria LV Equity Release Schemes
- More to Life Capital Choice Plus Plan
- Mortgages for 70 year olds
- Nationwide Interest Only Lifetime Mortgage
- HSBC Equity Release
- Royal Bank of Scotland Equity Release Schemes
- Saga home reversion plan
- More2Life Tailored Choice Plan
- Bridgewater Equity Release Schemes
- Pure Retirement Lifetime Mortgage
- More to Life Capital Choice Plus Plan
- Saga home reversion schemes
- Pure Retirement Equity Release Schemes
- Stonehaven Equity Release
Equity Release percentages of your current property value
The more aged you are and the unhealthier you are, the more tax-free money you can release.
Examples of business owners with home equity to release with mortgages for 70 year olds
- Cold rolling of narrow strip Woodstock
- Repair of household appliances and home and garden equipment Ripley
- Extraction of salt Wetherby
- Publishing of directories and mailing lists Congleton
- Photographic activities not elsewhere classified Lytham St Annes
- Restoration of other equipment Sandwich
- Repair and maintenance of other transport equipment n e c Chard
- Production of abrasive products Broughton
- Manufacture of metal forming machinery Burnham-on-Crouch
- Pre-primary education Alsager
- Manufacture of plastics in primary forms Pudsey
- Installation of industrial machinery and equipment Masham
- Activities of real estate investment trust East Cowes
- Event catering activities Thornaby-on-Tees
- Renting and leasing of freight air transport equipment Gravesend
- Manufacture of corrugated paper and paperboard, sacks and bags Bury
- Manufacture of taps and valves Coleford
- Other reservation service activities n e c Alton
- HSBC Lifetime Mortgage
- Lloyds Bank Lifetime Mortgage Home Reversion Plan
- Santander Equity Release Interest Rates
- Lloyds Retirement Mortgage Rates 2021
- Nationwide Equity Release Retirement
- Nationwide Lifetime Mortgage Calculator
- Lloyds Bank Equity Release Retirement
- Natwest Lifetime Mortgage On Second Property
- HSBC Equity Release Interest Rates
- Halifax Equity Release Schemes
- Natwest Equity Release Plans
- Nationwide Retirement Mortgage Loan
- HSBC Retirement Mortgage Home
- Lloyds Lifetime Mortgage On Second Property
- Natwest Retirement Mortgage Comparison
- Santander Retirement Mortgage Rates 2021
- Lloyds Equity Release Retirement
- Lloyds Bank Retirement Mortgages Broker
- Santander Lifetime Mortgage Calculator
- Halifax Retirement Mortgage Loan
Areas of the UK where Mortgages for Pensioners over 70 are common.
- Hertford
- Painswick
- Totton and Eling
- Brandon
- Kirkham
- Ludgershall
- Stainforth
- Exmouth
- Newton-le-Willows
- Sevenoaks
- Stocksbridge
- Barrow-in-Furness
- Middlesbrough
- Silsden
- Macclesfield
- Birchwood
- Totton and Eling
- Brentwood
- Royal Leamington Spa
- Surbiton
Equity Release percentages of your current property value – interest only mortgage for pensioners
- 50% monthly payment lifetime mortgage LV Liverpool Victoria
- 40% LTV lump sum lifetime mortgages Optimum Credit
- 30% loan to value lump sum lifetime mortgages Bank of China UK
- 50% loan to value monthly payment equity release mortgage for older person
- 40% loan to value home reversion schemes West One
- 30% loan to value (LTV) lifetime mortgage with flexible drawdown cash release Shawbrook
It is usual to discover people searching for lump sum lifetime mortgages, monthly payment lifetime mortgage or lifetime mortgage with compliant drawdown cash release, however, the Telegraph like Old Mutual Wealth are keen to see proof of your situation in the form of bank statements.
Mortgages for pensioners over 70
To many lenders, the over 70’s with income represent a very low risk. Because of this they can offer some very low rates which offer the over 70 borrowers very good value.
Hodge Lifetime Retirement Mortgages
Legal and General Retirement Mortgages
Providers for UK Equity Release to compare with mortgages for 70 year olds
- Age Concern
- Bridgewater
- Age Concern
- mortgages for 70 year olds
Disadvantages of Home Reversion Schemes and mortgages for 70 year olds
Lumpsum lifetime mortgages can reduce the inheritance for your family. Lumpsum lifetime mortgages may impact entitlements to benefits. You may need to pay a solicitor’s fee and some products expose you to changes in interest rates.
The 1st and 2nd charge lender will want to know if the property is a Semi detached freehold house or a Leasehold flat with share of freehold and if the resident is an Owner Occupier Primary Residence.
Mortgages for 70-year-olds
Because of the stability of a 70-year-old person, it’s easy for them to access some very low rates and excellent terms. Mortgages for 70 year olds can have rates under 2% APR.
