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Underpinned Properties Equity Release 2024

underpinned-properties
  • Release cash from your home with Equity Release for Underpinned homes
  • No regular monthly payments
  • Use the money for a motorhome or a new car
  • Do you still have a mortgage? We can help with that
  • Continue to live in your own home for as long as you like
  • They are often used to manage inheritance tax bills.

How much money can I borrow?

You can achieve 60% of your home’s valuation. For example, if your home is valued at £350000 you can release £210000.

  • Free No Obligation Quote

  • Please enter a number from 10000 to 2000000000.
  • Please enter a number from 50000 to 10000000.
  • Leave blank if no mortgage outstanding
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Money tied up in house
Old money home

Non-Standard Property Home Index

Southfields House
  • Your Requirements

  • Please enter a number from 3000 to 200000000.
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Disadvantages of Lifetime Mortgages

A lifetime mortgage with a flexible drawdown cash release can reduce the value of your estate. A monthly payment lifetime mortgage may impact entitlements to benefits. You may need to pay a solicitor’s fee and some products expose you to changes in interest rates.

Over 60 Equity Release From House

Aviva Lifetime Mortgages

Canada Life Lifetime Mortgages

Equity Release percentages of your current property value

  • 55% monthly payment lifetime mortgage LV Liverpool Victoria
  • 50% loan to value (LTV) home reversion plans Legal and General
  • 25% LTV monthly payment lifetime mortgage Central Trust
  • 30% loan to value interest-only lifetime mortgages Saffron Building Society
  • 60% LTV monthly payment lifetime mortgage Aviva
  • 25% LTV monthly payment equity release Evolution Money

Challenging to mortgage property variants can include properties with legal agreements such as Overage, Clawback, Option, Pre-emption, or any onerous Restrictive Covenant, high service charges – properties where the Service Charge per annum at the time of application is more than 2% of the property value, properties where there are boundary disputes or where planning applications have not been applied for correctly, mundic homes and Airey, Boot, Cornish Unit, Dorran, Dyke, Gregory, Hamish Cross, Myton, Newland, Orlit and Parkinson Frame.

What percentage can be released?

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

Understanding Underpinning and Subsidence in the UK Property Market

Owning a home or investing in property in the UK is no small feat. With the changing climate and other factors, properties are more susceptible to subsidence. Underpinning, often seen as the solution, is a remedial process that strengthens the foundation of an existing building. As we venture into subsidence and underpinning, we’ll touch on costs, concerns, insurance implications, and other factors.

Subsidence in the UK: An Overview

Subsidence occurs when the ground beneath a property starts to sink, causing the building to move. The result can be visible cracks in walls, especially around windows and doors. This is more frequently observed in subsidence in terraced houses due to their shared foundation. The causes vary, from clay soil contraction and leaking drains to tree roots drawing moisture from the ground.

The Process of Underpinning

Underpinning is one of the primary solutions to subsidence. It involves excavating sections beneath the current foundation and pouring concrete in stages. The result is a deeper, more stable foundation. There are variations to this method, such as piling underpinning, resin underpinning, and mass concrete underpinning. Each has its advantages and challenges.

Resin Injection Underpinning

A modern alternative to traditional methods, resin injection underpinning involves injecting an expansive resin material into the ground beneath a building. This can lift a property, realigning its structure. However, there have been problems with resin underpinning, with some reporting that it doesn’t offer a long-term solution in all cases. It’s essential to consider the cost of resin injection underpinning and compare it with its benefits and potential issues. Notably, the resin injection underpinning cost UK can vary based on the property’s location and the severity of subsidence.

Costs Involved with Underpinning

The underpinning cost is among the first concerns homeowners face when confronted with subsidence. On average, the cost of underpinning a house UK can be significant, but it varies based on the method chosen and the property’s size. Homeowners often ask, “How much does underpinning cost?” or “What’s the underpinning costs per metre UK?”. To give a ballpark figure is challenging, but it’s not uncommon for costs to range from £1,000 to £3,000 per metre, sometimes more.

Insurance and Underpinning

One of the primary concerns regarding underpinning is its implications on insurance. Properties that have been underpinned often face higher insurance premiums. Underpinned house insurance is a niche, with many mainstream insurers reluctant to offer coverage. However, specialist providers do offer insurance for underpinned house properties, albeit at a higher rate.

Selling and Buying Underpinned Properties

The process of buying or selling an underpinned property comes with its set of challenges. Can you sell a house with subsidence? Yes, but it can be more complicated than selling a house without such issues.

Buying a House with Subsidence

Buying a house with subsidence or even buying a house with structural movement can be nerve-wracking. There’s always the lingering question: “Should I buy a house with structural movement?” Prospective buyers need to be well informed. Houses that have been underpinned properly and have a valid underpinning guarantee for a considerable duration (often 10-20 years) can still be a safe bet. However, it’s crucial to get a comprehensive property survey.

Selling an Underpinned House

Selling an underpinned house can be a bit challenging. While the property might be stable post-underpinning, potential buyers can be wary. It’s essential to have all paperwork in order, although there have been instances of underpinning no paperwork. If a house underpinned 30 years ago comes with proper documentation showing no recent issues, it might be more appealing to buyers.

Challenges in Underpinning –

Underpinning is not a quick fix. The underpinning contractor plays a vital role in ensuring the process is seamless. But questions like “How long does underpinning take?” and “Can you live in a house while it is being underpinned?” often arise. The process can take weeks to months, and while some homeowners choose to stay, others might find it more convenient to relocate temporarily.

Looking at Properties in Need of Repair

The UK market often has houses in need of repair for sale. While these can be investment opportunities, they also come with risks. If a house shows signs of subsidence, a thorough inspection is crucial. While the cost to fix subsidence can be high, sometimes the reduced property price can offset these expenses.

The Impact of Subsidence on Property Value – mortgage refused due to mine shaft

How much does subsidence devalue a property? It’s a pertinent question. Properties with a history of subsidence can see a reduction in their market value. However, the degree of devaluation often depends on the severity of subsidence, the effectiveness of the underpinning process, and the property’s location.

London wall lending equity release

The challenges posed by subsidence and the subsequent need for underpinning are daunting for UK homeowners. The costs, both immediate and in terms of property value and insurance, can be significant. However, with the right information, expert assessments, and careful decision-making, it’s possible to navigate these challenges successfully. Whether you’re buying, selling, or simply concerned about your property’s structural health, being informed is the key.

Aviva lifetime mortgage with cashback

Tough-to-finance property titles include flats of less than 30 square metres in any location, properties with a large number/scale of outbuildings, use of the land and any outbuildings for a small amount of personal, commercial use., properties with mobile phone masts which are not within influencing distance of the house 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.

Pure Retirement - Classic Super Lite

Difficult to mortgage property types can include properties with post-1945 asbestos or similar composition roof tiles , properties with any externally applied insulation to the walls after construction, properties constructed or converted within the past 10 years, freehold/feuhold flats (Scotland only) and privately developed flats in blocks of three or four storeys without a lift.

Legal & General - Flexible Indigo
Release Equity In House Under 55

Hard to mortgage home types can include poorly maintained at the time of the valuation inspection, entirely tenanted properties, leasehold properties where the lease length is currently unacceptable, crofted houses and properties with single skin brickwork.

What are Swansea Building Society interest rates for equity release?

Swansea Building Society interest rates for equity release are 2.12% APR.

more 2 life lifetime mortgage

The lender will want to know if the property is a Freehold terraced or Leasehold house and if the resident is an owner-occupier.

  • More 2 Life Flexi Choice Drawdown Lite Plan
  • L&G Legal & General Premier Flexible Lifetime Mortgage
  • More to life Capital Choice Plan
  • Lloyds Bank Equity Release Plans
  • TSB Lifetime Interest Only Mortgage
  • NatWest Equity Release
  • Royal Bank of Scotland Equity Release Schemes
  • Saga Lifetime Mortgage
  • Age Partnership Equity Release Schemes
  • Bridgewater Lifetime Mortgage
  • Canada Life Equity Release Plans
  • More to life Capital Choice Plan
  • Hodge Indexed Lifetime Mortgage
  • Just retirement equity release key features
  • Liverpool Victoria LV Equity Release Schemes
  • More 2 Life Flexi Choice Voluntary Payment Super Lite
  • Pure Retirement Equity Release
  • NatWest Equity Release
  • Aviva Lifetime Mortgages
  • Just Retirement Equity Release
  • Liverpool Victoria LV= Flexible Lifetime Mortgage
  • More to Life Capital Choice Plan
  • Age Partnership Equity Release

Does Swansea Building Society do Equity Release?

Yes, the Swansea Building Society Equity Release is 1.92% APRC.

Common LTV percentages of Virgin Money over 60 lifetime mortgages no fees, Zurich interest only lifetime mortgages for people over 60, Churchill equity release schemes for over 55’s, Principality Building Society mortgages over 65, Nottingham Building Society interest only lifetime mortgages for over 70s and National Counties Building Society lifetime mortgages for over 60s are 35%, 60% and 70%.

Small business owners detail likely with equity to release

  • Manufacture of other textiles n e c Colchester
  • Activities of construction holding companies Hinckley
  • Manufacture of pesticides and other agrochemical products Halesworth
  • Manufacture of bread; manufacture of fresh pastry goods and cakes Farnborough

Does Swansea Building Society offer Pensioner Mortgages?

Yes, Swansea Building Society Pensioner Mortgages are 2.3% APRC.

Some of the most common LTV ratios of Liverpool Victoria interest only mortgages for people over 60, More to Life equity release schemes for over 55’s, One Family interest only lifetime mortgages for over 60s, YBS interest only lifetime mortgages for people over 60, Principality Building Society mortgages for over 50 year olds and SunLife later life borrowing schemes over 55 are 40%, 60% and 70%.

UK Equity Release Scheme Providers

  • Key Solutions
  • Santander
  • Bower
Over 60 Equity Release Retirement

Does Swansea Building Society offer Retirement Mortgages?

Yes, Swansea Building Society Retirement Mortgages are 1.89% APRC.

Some of the most popular loan-to-value percentages of Lloyds retirement interest-only mortgages over 60, Barclays interest-only lifetime mortgages for over 60s, Post Office retirement mortgages over 60, Legal & General later life mortgages for over 60s, RBS lifetime mortgages for over 60s and Nationwide BS interest only mortgages for over 60s are 35%, 55% and 65%.

Does Swansea Building Society offer Equity Release Under 55?

Yes, Swansea Building Society Equity Release Under 55 is 2.2% APRC.

It’s common to encounter individuals searching for interest-only lifetime mortgages, lump sum lifetime mortgages or home reversion plans, however, Just Retirement like AA equity release are keen to see paperwork to show your situation in the form of bank statements.

Towns of the UK where equity release is popular

  • Attleborough
  • Leyton
  • Halesowen
  • Mildenhall
  • Chatham
  • Witney
  • Lechlade
  • Waltham Cross
  • Basingstoke
  • Keynsham
  • Hayle
  • Heywood
  • Cheltenham
  • Southwick
  • Thatcham
  • Nuneaton

Popular pensioner mortgage products include TSB later life borrowing schemes, Barclays over 60-lifetime mortgages, Post Office pensioner mortgages, L&G lifetime mortgages and Nationwide BS later life borrowing schemes.

Does Swansea Building Society do Lifetime Mortgages?

Yes, Swansea Building Society does lifetime mortgages at 2.29% APRC. Swansea Building Society Lifetime Mortgages can have a loan to value (ltv) of 60%.