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Under 60s low rate equity release and lifetime mortgage option for 2024

under-60
  • Remove tax-free equity from your house with Equity release under 60
  • Not necessary to make monthly payments
  • Use the money for a motorhome or a new car
  • Are you still paying a mortgage? No problems
  • Continue to stay in your home for as long as you like

Loan to value for equity release?

You can release 70% of your home’s value. For example, if your house is worth £180000, you can borrow £126000.

  • 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

Wandsworth Family Home
Raise money with your home




Monmouthshire Building Society Over 55 Mortgage

Canada Life Lifetime Mortgages

LV Mortgages

Crown Drawdown Lifetime Mortgages

Equity Release UK Lenders

  • Legal and General
  • Prudential
  • More to life

Downsides of Home Reversion Schemes

A lifetime mortgage with a flexible drawdown cash release can reduce the value of your estate. Home reversion schemes may impact entitlements to benefits. You may need to pay a valuation fee and be exposed to changes in interest rates with some products.

Legal & General - Flexible Indigo
Pure Retirement - Classic Lite

Tough-to-mortgage home variants can include properties that will be assessed for flood risk, properties without a kitchen or bathroom, uninhabitable properties, corrugated iron construction and properties that have never been registered with the land registry.

More to life - Tailored Choice Plan
Legal & General - Flexible Pink

Towns where retirement mortgages are popular

  • Fordingbridge
  • Hastings
  • Scunthorpe
  • Colyton
  • Haslingden
  • Stowmarket
  • Lewes
  • Teignmouth
  • Skelmersdale
  • Woking
  • Saxmundham
  • Mansfield
  • Woodley
  • Greater Willington
  • Seaham
  • Castleford
  • Penwortham
  • Bromborough
  • Filton

Equity Release LTV Percentages

The more aged you are and the more illnesses you have you are, the more tax-free money you can release.

Tough-to-mortgage home variants can include properties built or converted into dwellings within the last ten years, properties with flying or creeping freehold which comprises 15% or less of the total floor area, grades l and ll* Listed Buildings in England & Wales (Grades A and B in Scotland; A, B+ and B1 in Northern Ireland), properties that have solar farms or a large number of wind turbines on the land and properties in coastal areas that may be affected by erosion.

Monmouthshire Building Society Retirement Mortgage

Difficult-to-finance property types can include Timber-framed properties constructed post-1965, properties with single-skin brickwork where the single skin comprises more than 20% of the surface area of the external walls, properties with a minimum floor area of 30 square metres, privately developed flats in blocks of two storeys without a lift and basement or lower ground floor flats without level access to private or communal garden space.

It is often found to find people seeking out home reversion schemes, lumpsum lifetime mortgages or interest-only lifetime mortgages, however, More to life like The Exeter Equity Release are keen to see evidence of your personal situation in the form of pension statements.

The mortgage lender will want to know if the property is a Freehold terraced or Leasehold house and if the resident is an AST Tenant.

Difficult-to-mortgage home types can include properties in poor condition, properties where multiple third parties live in an annexe, feuhold/freehold properties (including flats) in Scotland, crofted houses and properties owned under any form of shared equity scheme.

Business owners who could benefit from equity release estate planning

  • Manufacture of cement Cleckheaton
  • Retail sale of musical instruments and scores Silloth
  • Research and experimental development on biotechnology Sale
  • Manufacture of other builders’ carpentry and joinery Haslemere
  • Other retail sale of food in specialised stores Bushey
  • Wholesale trade of motor vehicle parts and accessories Shanklin
  • Research and experimental development on social sciences and Humanities Denholme
  • Manufacture of ceramic sanitary fixtures Burslem
  • Other credit granting n e c Redhill
  • Publishing of newspapers Burgh-le-Marsh
  • Agents selling agricultural raw materials, livestock, textile raw materials and semi-finished goods Earl Shilton
  • Growing of beverage crops Stalham
  • Fund management activities Yarmouth
  • Manufacture of wooden containers Faversham
  • Licensed clubs Preesall
  • Management consultancy activities other than financial management Clare
  • Wholesale of fruit and vegetable juices, mineral water and soft drinks Whitchurch
  • Sale of other motor vehicles Cleethorpes

Some of the most common loans to-value percentage ratios of Virgin Money remortgages for people over 50 years old, Direct Line mortgages for those over 65, Churchill retirement interest-only mortgages over 75, Principality Building Society mortgages for 60-year-olds, Newcastle Building Society retirement mortgages over 60 and National Counties Building Society over 60 lifetime mortgages are 35%, 55% and 65%.

Common loan-to-value ratios of Liverpool Victoria interest-only mortgages for over the 60s, More 2 Life over 60 mortgages, One Family over 60 lifetime mortgages, Yorkshire Building Society equity release schemes for those over 55’s, Metro Bank interest-only mortgages for over 60s near London and Axa mortgages for 60 plus are 45%, 60% and 65%.

Equity Release percentages of your current property value

  • 60% lump sum lifetime mortgages Royal London Equity Release
  • 55% LTV lumpsum lifetime mortgages Key Retirement
  • 30% loan to value (LTV) home reversion schemes Evolution Money
  • 60% LTV home reversion schemes Together Money
  • 30% loan to value (LTV) home reversion plans Vernon Building Society

Some of the most popular loan-to-value percentages of Lloyds later life borrowing schemes over 55, Barclays Bank retirement mortgages over 70, Post Office help to buy for over 60s, L&G later life borrowing schemes over 55, Bank of Scotland lifetime mortgages for over 55s and Nationwide interest only mortgages for people over 70 are 50%, 60% and 65%.

  • Bridgewater Equity Release Plans
  • Canada Life Lifestyle Gold Flexi
  • Just Retirement Drawdown Lifetime Mortgage
  • More to life Flexi Choice Drawdown Lite Plan
  • Pure Retirement Lifetime Mortgage
  • Nationwide Equity Release Plans
  • TSB Lifetime Mortgage
  • NatWest Equity Release
  • Royal Bank of Scotland Equity Release Schemes
  • Aviva Equity Release
  • Pure Retirement Equity Release Plans
  • More 2 Life Flexi Choice Voluntary Payment Super Lite
  • Royal Bank of Scotland Interest Only Lifetime Mortgage
  • Aviva Lifetime Mortgage
  • Bridgewater Equity Release Plans
  • Canada Life Equity Release Schemes
  • L&G Legal & General Flexible Plus Lifetime Mortgage
  • Pure Retirement Equity Release Plans
  • Stonehaven Interest Select Plan
  • Nationwide Interest Only Lifetime Mortgage
  • More to Life Tailored Choice Plan
  • Royal Bank of Scotland Equity Release Plans

Some popular retirement loan offerings include TSB mortgages for those over 65, Barclays pensioner mortgages, Post Office interest-only mortgages for those over 70, L&G mortgages for those over 65 and Nationwide later life interest-only mortgages.

The equity release allows you to access the value created inside your home as a tax-free lump sum. It’s not a need to move out, and you’ll continue to own your home.

Nationalwide’s equity release lifetime mortgage The Nationwide Equity Release Lifetime Mortgage equity release product can be described as a lifetime mortgage. This will increase the value of your home in a tax-free way Lump sum.

The most well-known equity release deals are mortgage-based products, including loans secured against your home. In general, there are monthly repayments – the loan and the interest that accrues, is repaid through the sale of the property in case of your death or entering long-term care.

Are you unsure of which product you should purchase? Right to you? To release equity to your home from your home. This typically requires you to take out the home’s mortgage, a mortgage product form.

The most commonly used equity release deals are mortgage-based products, loans secured against your home.

The mortgage is typically repaid after the final borrower goes into long-term care or dies. Lifetime mortgages are among the most sought-after types of equity release products accessible for homeowners years old or over.

These Lifetime mortgages offer PS1,000 cashback upon the first completion and you could use it to pay the legal costs. The Nationwide equity release Lifetime Mortgage Our equity release product It is a lifetime mortgage.

The minimum age that you can join is typically 55. the typical age of a brand-new customer is between 68 and 70, according to the trade body Equity Release Council.

Home plan of reversion plan. You can raise money through the sale of all or part of your home and then live there till the time you die or move into permanent residential care.

The adviser may tailor the plan by including downsizing protection for your peace of mind. This means that should you choose to move home in the future to a property that doesn’t satisfy the lending criteria, you can pay back any amount under your plan without any early repayment charges. Reduced protection is only applicable after five years of having the plan out.

If you release equity from your home If you do not, you may not be able to rely on your property to pay for money that you need later on in your retirement.

Numerous equity release products offer borrowers the opportunity to raise funds for interest repayments If they would like. If the same 70-year-old opts to take a lump sum, they could choose to pay the lump sum and pay 50 per cent of the interest every month, that’s the monthly payment is PS85.

Contact one of your advisers for advice and to find out how much you could release.

Incorporating an equity release mortgage This means that you can achieve this without having to take a dip in the pension and/or move home and also without using other finances.

Comparing different equity release options can help you to get the best possible value for the value of your home. It can help you maximize the value of your home since the different lenders could offer different proportions of a home’s value.

Through our Lifetime mortgage, we can offer you the interest rate. The contract is in place for life It is not renewable, so you are only able to make monthly payments if you wish to. If you do not take care to keep in mind, your balance will likely grow throughout the term. Most of the time the loan is paid back when the final borrower is placed in long term care or dies or when your home is transferred to a buyer.

Supporting you with loved ones getting your way to the property ladder is becoming more affordable and easier, but there are disadvantages and costs.

Learn the much money you could release across all the available equity release plans.

The loan amount and any accrued interest and any accrued interest are repaid through the sale of the property at the time that the previous borrower dies or the borrower is able to move into long-term care.

Borrowers who discover that they are able to pay back their loan in time could face the possibility of ” early repayment charges”. They can occur when part or the total amount is paid in advance of the date specified in the contract.

Always seek advice from a professional equity release adviser prior to obtaining an equity release.

The most well-known reason our members provide reasons to release equity is: clearing debts. helping someone’s loved one purchase their very first property. financing home improvements. Making a big purchase, like buying a brand new car or a new house, and then taking an unforgettable trip lifetime.

Equity release mortgages work in a way that allows you to access the equity that is in the equity in your home through the form of tax-free lump sum payments or payments.

Based on that number On that basis, the industry says that house price increases over the last year might have offset any impact on compound interest for some equity release customers.

It is the loan and interest is repaid in the majority of cases by your sale or sale of the home in the event of your death or need to enter long-term care in accordance with these terms and conditions. Do you get your money all in one go? Do we offer the two-lifetime mortgage products, so you could opt to receive one-time payments or a lump sum? lump sum payment Or, you can opt to take a lesser lump sum and set up or create a cash reserve to draw from at any time you’d like.

For those who age over 50, There is a range of later-life lending options. The most popular is the lifetime mortgage which has a start age of 55. RIOs, retirement mortgages And home reversion plans also offer alternative ways and strategies to help release equity from your home.

With the help of a home reversion plan, the reversion company The owner of the home owns all or a fraction of the property you call your home. If you decide to take the lump sum or take extra cash to increase your income could reduce your entitlement to the means-tested benefits either now or in the near future.

The release of equity could impact the inheritance you leave behind, as well as any state benefits or local authority grants you. When deciding whether you want to take out a loan, it’s best idea to talk to the trustworthiness of your family as well as friends. They may offer support or offer other ways to get the money they need.

The options are to take a lump sum Depending on how you need the money it can be received in a one-off cash lump sum or as or as a series of or as a series of cash sums depending on when and how or if you need or need it. or as a series of smaller cash sums at any time. option to use lump sums in the future isn’t guaranteed or guaranteed. It will be contingent on whether or not you’re still able to take out more money. There’s also an option for paying interest at a time.

Retirement Interest Only mortgage This is comparable to the standard interest sole mortgage. This means that your payments could be less than the typical repayment mortgage. Contrary to traditional interest-only mortgages which are fixed-rate mortgages, this one doesn’t have a set date to pay the balance.

The mortgage is typically paid out of your sale of the home after you sell it. die or move Permanently in permanent residential care. Reversion to home plan. You can raise money through the sale of all or part of your home and then live there until you die or move into permanent residential care.

Make sure you are granted you have the right to move to a different property dependent on the proposed property meeting the requirements of your product provider as a permanent security for your equity release loan (Equity Release Council standard).

Equity release is a way to increase the value of your property to increase the value of your home and convert it to cash. This can be done to unlock the value of your home and turn it into cash. There are a number of policies that allow you to access or release your equity (cash) that is locked up in your home when you’re over 55. It’s not necessary to need to have paid off your mortgage in order to be eligible for this.

This means that either you or the estate will never owe more than what the property is worth at the time that the property is transferred, regardless of the property price plunge.

You must get equity release advice prior to releasing the tax-free cash at your home prior to releasing tax-free cash from your residence – be sure to read all the information

According to government data, it is estimated that the rate of house price rise has been higher than 7 percent since the beginning of this year. Based on this figure the industry asserts that the house price increase over last year could have evened with the impact of compound interest to some equity release customers.

They can offer support or offer other ways to find that money that you need. Options include: making use of any savings that are available, changing to a lower-cost home (downsizing) receiving help from family members state benefits – if you’re eligible for a local authority grant, in the event that you’re eligible for to receive a individual loan or credit card.

Always make sure to talk to an expert equity release adviser and make sure that both the adviser as well as the equity release provider The FCA has approved the plans. FCA. If something is not right with your plan make contact with you provider first. They will follow a procedure for complaints to follow. If you’re not happy with the answer then you should reach out to the Financial Ombudsman Service to see whether they are able to help.

It is important to understand that a lifetime mortgage is different from one of the standard mortgage. If this is something you’re seeking, check for the Cheap mortgage search guide with tips.

Home Reversion plans are for people who are 60 or more. Here, a provider gives you a tax-free lump sum for a portion of your home for a lower amount than market value. You are then able to remain on its property (rent-free) up to the time of your death. If it is sold, the proceeds are divided based on what percentage you own and the percentage that the lender holds.

Your estate will not have to repay more than what your home is worth in the event that it is sold at the highest price that is reasonable. Flexible repayment and withdrawal options Flexible repayment and withdrawal options lifetime mortgages give you the option to either receive an all-in-one lump sum or a smaller cash sum along with the option of a cash reserve To draw money to draw. You’ll have to pay interest on the money you withdraw, and partial repayments are possible, according to your terms as well as conditions.

Depending on the way you need the money, you can get it in the form of an all-in cash lump sum as well as a series of smaller cash sums depending on when and how it is you need it. It is an option to use lump sums Future growth isn’t the case shortly. It will depend on whether you’re eligible to get more money. There’s also an option of paying the interest in instalments as you go.

It’s crucial to consider the features you’d prefer your adviser to add to your equity release plan . If for example you’d prefer our low interest rate available, or to release the most amount in tax-free funds we can offer to you from the comfort of your home or other property, you may talk about this to your Equity Release adviser.

An lifetime mortgage will reduce an inheritance and could also reduce the amount of inheritance. affect your entitlement to the means-tested benefits. You can remain in your personal home and will never owe more than the price you get (subject according to terms and conditions). If you offer the money to someone else, they might be required be responsible for inheritance tax later on. There are cheaper ways to take out money.

You will then be assessed interest on this higher amount the next year which is that you pay amount you owe can mount quickly. It is possible to increase the amount of your mortgage. deals can be found in those which offer the feature known as drawdown which is where the pot of money is put aside to draw upon at any time. There is no reason everyone needs the luxury of a large lump sum at the outset in drawdown mortgages, you can take advantage of the fact that with drawdown lifetime mortgage you only pay interest upon the money you have to pay.

New property must be in compliance with the requirements of lending criteria at the moment at the time of application. At the time of application. protection is a protection in case you wish to move home and the new property does not meet the requirements lending criteria If you want to, you can make a repayment on you lifetime mortgage with no early repayment cost. To be eligible for downsizing protection it is necessary to need to be a member of your plan for three year or more.

Nationwide Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 106078. You can verify our registration on FCA’s website (opens in an entirely new page) Nationwide is not responsible for the content of external websites.

All providers that offer equity release products must give you advice to ensure you are sure that equity release can be right for you and the products they recommend are suitable to the needs as well as your circumstances. Equity release advisers need to be qualified. We’ve joined forces to Responsible Equity Release in order to offer lifetime mortgages approved by the Equity Release Council.

There are usually none monthly repayments It is the loan as well as the interest that accrues, is paid back through the sale of the property in the event of your death or enter long-term care. They are also known by the term “lifetime mortgages”. The loan in a single lump sum or in smaller sums.

Incorporating an equity release mortgage is the ability to do it without the need to draw from the pension as well as move home or using other finances. Options for releasing equity Releasing equity can impact the inheritance you give away, as well as any state benefits or local authorities you are granted.

If equity release is the right option They’ll offer a recommendation for the option, and they’ll recommend the type that will best suit the requirements. Advantages You could receive Tax-free lump sum and/or smaller, regular payments to boost your income as well as continue to reside within your home up to the time the time you die or move into permanent care in residential care.

Join us to attend one of our mortgages event for people over 55. Contact us to learn more about how you can apply. Find out if our lifetime and retirement mortgages are right for you, and also how much equity you could get. release from your home , get in touch.

In general, you have the option to take the money you release in one lump sum in smaller amounts over time (known as drawdown) or in or as a combination with both.

If you’re paying the down payment for your family member’s new home or helping pay for your grandchild’s tuition fees or simply giving yourself a taste of the little pleasures in life it’s possible to take the money according to the way that is most suitable for you

Participants in Equity Release Council members Equity Release Council have to include a “no negative equity guarantee” feature on their products. This means that either you as well as your estate will never owe more than what the property is worth more than the property’s value when the property is being sold, even if property prices fall. Avoid falling into the equity release trap Read more the downsides Although equity release has become much more popular and widespread, lifetime mortgages can be complicated products and come with disadvantages.

The amount of equity you are able to release is contingent upon several factors like age, property value and property type. In order to qualify to get a lifetime mortgage you’ll need to: 1.) be aged 55 at least 55 years old (for joint applicants, all applicants must be at least 55 years old (for joint applications, all applicants must be). 2.) Are you the owner of or have a home in or outside of the UK (excluding islands like the Isle of Man and the Channel Islands) worth PS75,000 or more. 3.) You want to borrow at minimum 15,000 PS. 4.) You will be living at your home.

Talk to an adviser to find out how much You could release.

To determine if Lifetime or retirement mortgages can be right to you and to find out how much equity If you are considering releasing could release from your home, get in touch. We will set up for an appointment for you to meet with one of our expert mortgage advisers.

In order to qualify for the purpose of a home reversion plan you (or both of you in the event that you’re taking out the plan together) need to be at the age of 65. You have to own property within the UK that is your main residence . The property is required to be kept in good condition and be over a specific value There may be restrictions regarding what type of property that can be accepted.

To determine this amount, we evaluate the age as well as your property value to our ‘loan-to-value table. This lets us determine the percentage of the home’s value available to you. You can talk with someone about the best way to do this, please get in touch with us. much you could release check out our Contact Us page.

In order to in order to calculate to calculate this amount to calculate this amount, we determine this amount by comparing the age as well as your property value to our ‘loan to value table. This lets us work out the percentage from your home’s value is available to you. You can talk with someone about the best way to do this, please contact us. much you could release visit our contact page .

Achieving equity release mortgages equity release mortgage means being in a position to do so without having to tap into pension funds, pension or move home It is also not a way to use any of your existing finances. Options for releasing equity Releasing equity can impact the inheritance you leavebehind, as well as any state benefits or local authority grants you get. Before you decide whether or not to take out a loan, it’s an excellent idea to talk with your people you trust, such as family and friends.

Lenders that have the ERC TrustMark (seen in the right) must adhere to certain rules and guidelines, like the “no negative equity’ guarantee, which implies that your estate will never owe more than the amount you owe. home is worth . If you’re considering the possibility of a lifetime mortgage or home reversion plan be sure to get it by an ERC-approved lender. There is a way to search for lenders that carry ERC TrustMarks. ERC TrustMark through the Equity Release Council website.

In general you can take the money you release in one lump sum, in smaller amounts over time (known in the field of drawdown) in the course of time, or in the form of over time (also known as drawdown), or as a combination over time (drawdown), or as a combination of both.

It is also important to note that you will be required to release the funds at a minimum of PS10,000. When you are thinking about the funds you’re planning to release, It is crucial to keep in mind that the maximum you can get will depend on the age of the newest homeowner and the homeowner’s health and lifestyle, as well as that of the home’s value. Additionally, you’ll need minimum funds. Minimum property value of around PS70,000. The older you, or perhaps your partner, are older, the more money you can take out.

Today, however, the majority of lifetime mortgages allow you to allow repayments, which could be it’s a repayment for the capital or simply the interest. That is, you’ll be able to lower the total cost. Most often, there’s a cap for the amount you can overpay by typically 10% of the loan value every year. A lifetime mortgage is different from a standard mortgage.

Is releasing equity What is the right option the best option for you? Which is the best option for you? Equity release is the right option depending on your circumstances, like how old you are, your age, your income, and what much money you’d like to release to fund your plans shortly.

What’s equity release? Equity release lets you access the value created within your home as a tax-free lump sum. You don’t need to move out of your home, and you’ll be the homeowner. When you have an equity release, you don’t have to make monthly payments unless you want to. It’s typically repaid after the last borrower goes into long-term care or dies. Lifetime mortgages tend to be the largest and most well-known type of equity release…

You may be eligible for an income tax-free lump sum and smaller, regular payments to boost your income and continue to reside within the same home till you die or move into permanent care in residential care. You could continue to reap the benefits of any rise in your tax bill—value of your property. You can move to another suitable property later on because the equity release can be transferred. It will be contingent on the new home complying with the property appropriateness criteria that are in place at the time of your move. If you take out a lifetime mortgage, you can reside in and maintain ownership of that home…

This type of equity release we offer is a lifetime mortgage. It’s a longer-term loan based on your home’s value. The amount is paid back, typically through your sale or transfer of the home and is repaid when you (and your partner for jointly lifetime mortgages) die or need to be placed in long-term care following the terms and conditions.

Claim benefits: If you’re considering getting a lifetime mortgage, you must know how this may limit your ability to claim benefits. Means-tested benefits. In addition, it includes support to long-term care.

Most flexible deals can be found in those deals that offer the feature known as drawdown, where money is put aside to draw upon whenever you need to. Everyone does not need to pay a considerable lump sum at the outset, especially with a drawdown. Drawdown lifetime mortgage: You only pay interest on your released money. The typical lump sum released is PS113,000, while for the drawdown customer, it’s an initial amount of around PS85,000 and an additional PS34,000 in reserve, according to Equity Release Council data.

If something happens to be wrong in your plan, Contact your provider first. The provider will have a complaint procedure to follow. You may contact them if you’re unhappy with the service or service—Financial Ombudsman Service to determine if they could help.

Two times as many products are available on the market as two years ago, and competition has driven rates down. The very lowest interest rates are close to 2.5% and are now around 2.5 %. However, the costs could be significant; some critics say it’s a high-risk move.

Home Reversion Plan. You can raise money through the sale of all or part portion of your home while living there until you die or move into permanent residential care. Who is eligible for equity release? You have to meet a few conditions before getting an equity release.

Equity release under 60

Home Reversion plans for those who are 60 or older. A provider gives you an untaxed lump sum for a portion of your home at less than market value. You can then reside within your property (rent-free) for the duration of your death. If it is sold, the proceeds are divided according to what percentage you own and also the percentage that the lender has.

When you are deciding whether to get the equity release product, ask your adviser to tell you what fees they charge and what fees are and what type of equity release products They may offer the other fees you’ll need to shell out (eg. the legal costs, valuation, set up costs).

Find a financial adviser by using Financial Advice Services’ retirement adviser directory Equity Release Council, the Personal Finance Society

The amount given is an indication and isn’t warranted. To determine this amount, you must look at the information about your age and property value with our ‘loan value table. This lets us determine the percentage of your home’s value. You can access it. If you’d like to talk with someone to discuss how much you could release, visit our contact page.

As with investing, past performance isn’t a guarantee of future results. There is always the risk that property prices will fall, which could change how the equity release maths completely. Equity Equity Release Council members must have the “no negative equity guarantee” feature on their products. This means that you and the estate will never owe more than what the property is worth when sold. The property will be sold regardless of property prices dropping.

Contact us to get in touch to determine whether you’re eligible for a lifetime mortgage or to book an appointment. An agent—financial advice, will handle your call: The company has been chosen to offer information and advice regarding Aviva’s lifetime mortgages. The company is authorised and regulated by the Financial Conduct Authority.

This means that there will be less to your beneficiaries when the time comes for you to let the property. Claim benefits If you’re considering applying for the lifetime mortgage, it’s essential to be aware that this may impact your eligibility to benefit from means-tested benefits, including support for long-term care.

The equity release product can be described as a Lifetime mortgage. It will help you unlock your home’s value in a non-tax lump sum. Through our lifetime mortgage, The interest rate is fixed for life, and you pay it back in one payment. Make monthly payments when you wish to. If you do not keep the mind, your balance will rise throughout the term. The loan is usually paid back when the final borrower goes into long-term care or dies, or your home is transferred to a sale. The remaining money will be given to people you name within your will.