Find out the best options for Equity Release under 55.
- UK Home Equity Release Under 55 at 2.91% APRC
- No lenders fees
- Free valuation
- One of the new types of equity release with a new lender from 1st March 2022
- Lender not featured on the comparison websites
- No redemption penalties/early repayment charges
- Retain ownership of your home
How much can I release?
You can release 70% of your property’s value. For example, if your home is valued at £350,000 you can get £245,000.
Equity Release is usually for people over 55 but you can get it under 55. Release equity in house under 55 is very popular because of the number of TV ads for equity release. If you want to release equity in house under 55 you could consider selling your home and buying a smaller house or a flat. Avoid the difficult age restrictions that many building societies have with Concise Finance on a case by case basis.
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. My Equity release scheme enabled me to pay off my ex and stay secure in my home. I looked at home reversion plans and they were not a great idea for me. I needed to get equity release and it turned out well. I am glad I don’t have any mortgage repayments and I still have my pension payments. My credit report is very healthy. I now save money each month.
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 the interest rate offered by his bank. I got legal advice from my own solicitor. A home reversion plan wasn’t ideal as I wanted to own 100% of my home and get more equity over time.
Sandra from Manchester
I was looking for equity release and I realised I needed to get equity release as I could keep 100% ownership of my home. I got an equity release plan to give money to my daughter to buy a house. Without the money I borrowed, her buying a home would have been impossible. The upper age limit was not a problem.
Mrs Shaw from Lancaster
I had an interest-only mortgage with Birmingham Midshires plus a second charge. 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. The equity released by the mortgage advisor was only a small part of my property value and I had no problems with age limits.
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. The mortgage brokers help me pay off other debts so I had more cash each money.
The age requirements for smaller amounts ended up not being a problem along with other factors. I have money left after I allocated the loan amount to the priorities.
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 outstanding mortgage needed to be repaid to the existing lender. I thought I was going to lose my house. Thanks to Concise I got an equity release to pay off my mortgage and I also paid off my personal loans and some legal fees.
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.
How do I avoid a higher interest rate that’s coming in 2022?
Concise Finance can look at your circumstances and work out how to release some money from your home using some products not available on the comparison engines for equity release under 55.
My mortgage term ends soon, what do I do?
Firstly you must continue to make repayments on your mortgage. You need to consider applying for a mortgage with shorter mortgage terms to get more flexibility for the full term and continue living in your own home.
Equity release mortgage under 55
If you want to borrow money against your home and you are under 55 years old it’s likely your best option is a secured loan or a remortgage. If you want to remortgage you are likely to need provable income.
Release equity in house under 55
Mortgages, remortgages, and secured loans are available for flats, not just conventional houses. There is a massive demand for equity release under 55 as some people think you can get it without a monthly payment.
UK based lenders for UK property titles
- NatWest Lifetime Mortgage Over 55
- Santander Lifetime Mortgage Home Reversion Plan
- BISF house construction lifetime mortgages
- Santander Retirement Mortgage Interest Rates
- Nationwide Equity Release Plans
High Loan to Value equity release under 55
- Lloyds Bank Lifetime Mortgage Maximum Ltv
- Bad Credit Mortgage UK
- Halifax Equity Release From Property
- Lloyds Retirement Mortgage Calculator
- NatWest Equity Release Plans
Some of the lowest rates are from these lenders – equity release under 55
- Lloyds Bank Retirement Mortgages Broker
- Equity Release in house under 50
- Lloyds Equity Release From Property
How do I release equity from my house
Concise Finance will find a lender, not on the comparison sites that will release the funds.
Difficult to mortgage property types can include properties with post-1945 asbestos or similar composition roof tiles, properties with spray foam insulation applied to the underside of the roof, privately developed flats, maximum four storeys with a lift, freehold/feuhold flats (Scotland only) and privately developed flats in blocks of three or four storeys without a lift.
Other lenders not for release equity in house under 55
Challenging to finance home variants can include grade ll Listed houses, properties converted from modern commercial premises, properties without direct access to an adopted highway or which are accessed over an unmade road, properties with flying or creeping freeholds and properties which have been built on a previously contaminated land are acceptable provided the result of an environmental search determines the land to be clear of contamination.
How do I release equity in my house?
You contact us and we can help you.
Equity release under 55 maximum loan to value mortgage lender without a minimum wage?
Find out if you can access money tied up in your home with an equity release under 55 plan. You may need to accept liability for how you spend the extra cash. This is a loan not like other home reversion providers. Sometimes the best deal is not on the comparison sites.
Some people use equity release to provide extra money for long term care, a new boiler but there are many other options for homeowners aged 55.
Tough to mortgage property variants can 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.
How old do you have to be for equity release?
Anyone with home equity can get equity release subject to the amount of equity you have. Halifax equity release under 55 can be a great deal for many people.
Lifetime mortgages and other equity release schemes are traditional ways to pay off the existing mortgage that you can’t pay. These equity release providers are generally looking for people that are older. If you are looking for a cash lump sum or to transfer equity Concise Finance can help.
Nothing on this page could constitute financial advice on your property market value without a small valuation fee. Your credit status could impact your monthly repayments on your existing property. If you don’t pay your secured finance on time your credit score will go down significantly. You could consult an equity release calculator UK under 55.
How old do you have to be to release equity?
In theory over 30 years old.
- No arrangement fees similar to over 55 equity release
- No minimum age or variable interest charges
- Can be used for home improvements like a new kitchen or new bathroom
- Get one lump sum and then extra funds in the future unlike a conventional mortgage
- Spend your spare income on yourself like other equity release plans
- Home reversion schemes are very different as you sell part or all of your home which most lenders don’t do – but you can live rent free and you are not exposed to interest rates
- Not available on the online comparison sites equity release for under 55
- Other plans like second mortgage qualified advisors
- Ideal for two applicants or a single person
- The specific circumstances of the youngest applicant are not a big problem when the collateral is your own home at the age of 55 or younger
- The options available to remove equity from your home are limited to a choice of 4 lenders
- Retirement interest only mortgages have age impacts and may not be ideal for some people
- You miss payments at your own risk as this could cause serious problems
- An equity release calculator under 55
Can I get equity release under 55?
Yes, subject to a home valuation, it is no problem to get equity release for younger people. Its wise to seek independent advice and study your income post retirement to make sure you have the monthly income for your monthly repayment so you can avoid specialist mortgages for people with poor credit history.
What is the minimum age for equity release?
There is no written minimum age for equity release but in theory, it’s over 18.
How can I release money from my house?
You just fill in an application with Concise Finance.
What is the equity release age limit?
The age limit is 95.
Mortgages for over 55s
If you have a mortgage the monthly payments are very important for the entire mortgage term. When you get a mortgage you must qualify fo rth maximum age limit and make sure the monthly interest repayments are affordable but independent financial advice will analyse your personal circumstances before your mortgage application. You could get a tax free lump sum at a better rate than the lender’s standard variable rate from many mortgage providers.
What is Concise Finance?
Concise Finance is one of the many London based mortgage brokers not a lender.
What about a Fixed Rate Mortgage?
Most mortgages offer by concise are a fixed rate including our buy to let mortgages. Main residence mortgage options may have restrictive eligibility criteria and the lender may want to see a repayment strategy supported by bank statements and good credit history.
A standard mortgage may have higher repayments or an older borrower by most banks. Different lenders have different mortgage products with completely free valuations and no fees that are a better deal and a more generous agreed period.
To get a mortgage that fits your financial position some regular mortgages might be out of reach with a loan term that does not fit your needs for your ambitions on the property ladder. A home loan may be better than a new mortgage at a tracker rate. Equity release schemes under 55 have very broad eligibility requirements and may consider your state benefits in the same way as other income. They have different criteria than a type of mortgage that you may be familiar with. It will be clear in a personalised illustration.
Is the Bank of England base rate going to go up again?
No one knows for sure, but it’s likely to go up if inflation stays high. If you are looking for a mortgage, getting a mortgage is easy for many people but getting the right mortgage for your current home may involve committing to a fixed rate and liquidating other investments. Some types of mortgages lender offer fixed rates that are worth checking.
Do I need to prove income?
Many products are aimed at older borrowers you do not need to make monthly payments so you don’t get asked questions about your personal income. Other lenders may want to assess your circumstances going forward 20 years in a similar way to how standard mortgages work.
What if I want to buy a new home?
If you want to sell your home that you currently live in and move home, as long as the new home meets the criteria many of the Concise Finance lenders do portability of mortgages for over 55s.
I am a first time buyer, do you offer mortgages for me?
Yes, lenders offer mortgages to meet your needs in earlier and later years. Please get in touch today!