- Remove tax-free equity from your property
- No monthly repayments for people 55 plus
- Use the money to pay off debts
- Stay living in your own property
- Often used to manage inheritance tax bills
Equity Release Loan To Value
The more aged you are and the more serious your illnesses you are the more tax-free money you can release.
It is common to encounter individuals seeking out lump sum lifetime mortgages, lumpsum lifetime mortgages or monthly payment equity release, however, Age Concern like Aegon are keen to see evidence of your situation in the form of pension statements.
Disadvantages of Interest Only Lifetime Mortgages
Home reversion plans can reduce your estate value. Home reversion plans may impact entitlements to state benefits. You may need to pay a legal fee and some products expose you to changes in interest rates.
Areas where Lifetime Mortgages are common
- Mexborough
- Beverley
- Stonehouse
- Weymouth
- Solihull
- Paddock Wood
- Dunstable
- Seaton
Hard to finance home types can include properties where proposed building works have not yet commenced, properties where tenants live in a self-contained part of the property, leasehold properties where the lease length is currently unacceptable, properties that are made up of multiple titles and properties with owned solar panels.
Some of the most popular retirement mortgage products are Lloyds interest only mortgages for over 60s near London, HSBC interest only mortgages for people over 60, Halifax mortgages for 60 year olds, L&G retirement mortgages and Nationwide BS mortgages for over 70s.
Difficult to mortgage property types include timber framed properties built before 1920, properties with pre 1945 asbestos or similar composition roof tiles, properties with minimum floor area of 30 square metres, former local authority flats and freehold flats (England, Wales, Northern Ireland).
Some of the most popular loan to value percentages of TSB later life mortgages for over 70s, Barclays Bank mortgages over 65, Natwest retirement mortgages over 70, Legal & General interest only mortgages for people over 70, Bank of Scotland over 60 mortgages and Nationwide BS mortgages for over 65 are 45%, 55% and 65%.
Challenging to finance home titles include properties with outbuildings used for normal domestic purposes (garage, workshop, stables, barn etc), 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 where there is a self-contained part of the property or annexe, i.e. basement flat etc and properties where Japanese Knotweed is present.
Challenging to finance property variants include properties with a sinking fund of 7% or more of the property sale price when the property is sold, properties without a kitchen or bathroom, derelict property or where part of the building is in severe disrepair and needs demolishing, timber buildings and Airey, Boot, Cornish Unit, Dorran, Dyke, Gregory, Hamish Cross, Myton, Newland, Orlit and Parkinson Frame.
How much cash can I release?
You can borrow 65% of your property’s valuation. As an example, if your house is valued at £340000 you can borrow £221000.
Equity Release LTV
- 50% home reversion schemes Legal & General
- 50% loan to value (LTV) home reversion plans Together Money
- 35% loan to value (LTV) lump sum lifetime mortgages Shawbrook
- 30% loan to value monthly payment equity release Bank of Ireland
- 40% LTV monthly payment lifetime mortgage Prudential
- 25% loan to value lifetime mortgage with flexible drawdown cash release Barclays
Providers for Equity Release
- Lifetime Mortgage from L&G
- Prudential
- Aviva
- Prudential
- AIG Life
Retired business owners that may be interested in lifetime mortgages
- Manufacture of central heating radiators and boilers Letchworth Garden City
- Manufacture of other inorganic basic chemicals Swindon
- Manufacture of man-made fibres New Romney
- Repair of personal and household goods n e c Carshalton
- Accounting and auditing activities Barnet
- Wholesale trade of motor vehicle parts and accessories Redenhall with Harleston
- Manufacture of other electronic and electric wires and cables Launceston
- Licensed carriers Sandhurst
- Production of abrasive products Westerham
- Manufacture of fruit and vegetable juice Brighouse
- Cargo handling for air transport activities Rothbury
- Manufacture of paper and paperboard Frome
- Other sports activities Faringdon
- Inland freight water transport Hednesford
- Activities of exhibition and fair organisers Attleborough
- Manufacture of rusks and biscuits; manufacture of preserved pastry goods and cakes Spilsby
- Activities of business and employers membership organizations Penkridge
- Operation of rail passenger facilities at railway stations Ledbury
- Central banking Kirkby-in-Ashfield
- Activities of amusement parks and theme parks High Wycombe
- Manufacture of agricultural and forestry machinery other than tractors Rushden
- Lloyds Bank Equity Release Mortgage
- HSBC Lifetime Mortgage No Payments
- Nationwide Equity Release Schemes
- Santander Equity Release Schemes
- Halifax Lifetime Mortgage Calculator
- Nationwide Lifetime Mortgage Over 55
- Lloyds Lifetime Mortgage Over 55
- Lloyds Bank Lifetime Mortgage Interest Only Rates
- Halifax Retirement Mortgage Providers
- Halifax Equity Release Plan
- Lloyds Bank Retirement Mortgages Providers
- Santander Lifetime Mortgage Rates 2022
- HSBC Equity Release From House
- Natwest Equity Release On Second Homes
- HSBC Retirement Mortgage Loan
- Natwest Retirement Mortgage Comparison
- L&G Legal & General Flexible Max Plus
- Nationwide Equity Release
- NatWest Interest Only Lifetime Mortgage
- Saga Equity Release Schemes
- Age Partnership Lifetime Mortgage
- Liverpool Victoria LV= Flexible Lifetime Mortgage
- Age Partnership Interest Only Lifetime Mortgage
- Just retirement equity release lifetime mortgages
- L&G Legal & General Premier Flexible Lifetime Mortgage
- Liverpool Victoria LV Equity Release Plans
- Pure Retirement Classic Drawdown Lite Plan
- Lloyds Bank Equity Release
- TSB Lifetime Mortgage
- Age Partnership Lifetime Mortgage
- Aviva Lifetime Mortgages for Pensioners
- Bridgewater Equity Release Schemes
- Pure Retirement Classic Voluntary Payment Super Lite
- TSB Equity Release Plans
- Saga home reversion schemes
- More 2 Life Capital Choice Plus Plan
- Age Partnership Equity Release Schemes
The mortgage lender will want to know if the property is a Freehold terraced house or a Leasehold house and if the resident is an Assured shorthold tenancy tenant.
