- Release money from your home
- Not necessary to make regular monthly payments
- Help your family to buy a home
- Continue to live in your own house
Hard to mortgage property variants can include properties in poor condition, age restricted properties, freehold houses and bungalows (England, Wales, Northern Ireland), leasehold properties (with the exception of flats and maisonettes) and properties with leased solar panels.
Appealing retirement finance offerings are TSB later life mortgages, Barclays mortgages for pensioners, Post Office lifetime mortgages, L&G mortgages for over 70s and Nationwide mortgages for 60 plus pensioners.
Hard to mortgage home variants can include timber framed properties built before 1920, timber framed properties built between 1920 and 1965, properties with minimum floor area of 30 square metres, privately developed flats in blocks of five storeys or more and basement or lower ground floor flats with level access to private or communal garden space.
Common loan to value percentages of Lloyds Bank retirement mortgages over 70, HSBC retirement mortgages over 65, Natwest mortgages over 70s, Legal and General mortgages for 60 plus, RBS over 60 lifetime mortgages no fees and Nationwide RIO mortgages over 75 are 45%, 55% and 70%.
Tough to finance property titles include grade ll Listed houses (grade C in Scotland and B2 in Northern Ireland), properties with flying or creeping freehold which comprises 15% or less of the total floor area, properties without direct access to an adopted highway or which are accessed over an unmade road, properties using rooms, land or outbuildings for business purposes which are not personal to the borrower(s) or which extend to more than 50% of the property to be secured and properties adversely affected by existing or proposed issues including roads, rail, airports, power plants, power lines/pylons, wind turbines, sub stations, sewage works, quarries, fuel stations, refuse sites, sports grounds, noise, light or environmental pollution.
Challenging to mortgage property variants can include rentcharges properties with a high estate rentcharge, high service charges – properties where the Service Charge per annum at the time of application is more than 2% of the property value, properties with structural problems, cob property and missing planning permission or building regulations approval.
How much cash can I release?
You can borrow 65% of your home’s valuation. For example, if your house is worth £210000 you can borrow £136500.
The lender will want to know if the property is a Freehold terraced house or a Leasehold flat with a share of freehold and if the resident is an Owner Occupier Primary Residence.
What percentage can be released?
The older you are and the unhealthier you are the more money you can release.
- Lloyds Retirement Mortgage Providers
- HSBC Equity Release Schemes
- Santander Equity Release Interest Rates
- HSBC Retirement Mortgage Rates 2021
- Halifax Retirement Mortgage Home
- Nationwide Lifetime Mortgage
- Lloyds Bank Equity Release On Second Homes
- Lloyds Bank Lifetime Mortgage Drawdown Scheme
- Santander Lifetime Mortgage Drawdown Scheme
- Lloyds Bank Retirement Mortgages Broker
- Halifax Equity Release From Property
- Natwest Equity Release Advice
- Halifax Lifetime Mortgage Broker
- Lloyds Equity Release Interest Rates
- Santander Retirement Mortgage Interest Only
- Lloyds Lifetime Mortgage Comparison
Equity Release LTV
- 60% monthly payment lifetime mortgage Aegon
- 45% loan to value home reversion plans Crown
- 30% LTV lumpsum lifetime mortgages United Trust Bank
- 40% loan to value monthly payment lifetime mortgage Foundation Home Loans
- 35% LTV lifetime mortgage with flexible drawdown cash release Foundation Home Loans
Towns where equity release is popular
- Clay Cross
- Burton upon Trent
- Lynton & Lynmouth
- South Shields
Pitfalls of Home Reversion Schemes
Home reversion schemes can reduce your estate value. Monthly payment equity release may impact entitlements to state benefits. You may need to pay a legal fee and you could be exposed to changes in interest rates with some products.
- Aviva Lifetime Mortgages Scotland
- Canada Life Equity Release Plans
- Age Partnership Equity Release
- Hodge Lifetime Mortgage Flexible Drawdown Plan
- L&G Legal & General Flexible Max Scheme
- Pure Retirement Equity Release
- Lloyds Bank Equity Release Schemes
- TSB Lifetime Mortgage
- Just Retirement Equity Release
- Pure Retirement Equity Release Plans
- Just Retirement Interest Only Lifetime Mortgage
- L&G Legal & General Flexi Max Voluntary Repayment Plan
- Pure Retirement Classic Drawdown Lite Plan Scotland
- HSBC Lifetime Mortgage
- Royal Bank of Scotland Lifetime Mortgage
- More 2 Life Flexi Choice Voluntary Payment Super Lite
Providers for Equity Release
- the Telegraph
- More to Life
- Sunlife Plans
- New Life
- Maximum cover Equity Release
How to Use a Loan Modification Calculator – Scotland Equity Release
Small business owners detail likely with equity to release
- Manufacture of other technical ceramic products Poole
- Other credit granting n e c Sandown
- Other construction installation Cleckheaton
- Manufacture of condiments and seasonings Chippenham
- Manufacture of soft furnishings Cotgrave
- Manufacture and processing of other glass, including technical glassware Warrington
- Raising of dairy cattle Dunstable
- Manufacture of other chemical products n e c Chipping Norton
- Publishing of newspapers Normanton
- Support activities for crop production Dunwich
- Activities of other holding companies n e c Teignmouth
- Other software publishing Brentford
- Quantity surveying activities Rochester
- Silviculture and other forestry activities Epping
- Butter and cheese production Folkestone
- Computer facilities management activities Exmouth
- Collection of non-hazardous waste Blackwater and Hawley
- Manufacture of non-wovens and articles made from non-wovens, except apparel Weston-super-Mare
- Manufacture of metal structures and parts of structures Ramsey
- Manufacture of other fabricated metal products n e c Corby
- Manufacture of fasteners and screw machine products Banbury
It is very regular to find people looking for home reversion plans, lumpsum lifetime mortgages or interest-only lifetime mortgages, however, Legal and General like LV Liverpool Victoria are keen to see proof of your personal situation in the form of investment statements.