- Remove tax-free cash from your house with Hodge
- No regular monthly repayments
- Use the money to keep another family member away from a high loan to value mortgage
- Continue to live in your own house
Equity Release LTV
- 55% lumpsum lifetime mortgages Aegon
- 55% loan to value home reversion plans Age Partnership
- 35% loan to value monthly payment lifetime mortgage More to Life
- 30% loan to value monthly payment lifetime mortgage Equifinance
- 30% loan to value monthly payment lifetime mortgage Central Trust
- 50% LTV lifetime mortgage with flexible drawdown cash release Together Money
- 50% LTV interest-only lifetime mortgages Together Money
- 30% loan to value (LTV) monthly payment lifetime mortgage Tesco Bank
Small business owners detail likely with equity to release from their homes
- Management of real estate on a fee or contract basis Windsor
- Construction of railways and underground railways Yeovil
- Repair of furniture and home furnishings Scunthorpe
- Event catering activities Dereham
- Motion picture distribution activities Stroud
- Wholesale of wine, beer, spirits and other alcoholic beverages Wooler
- Manufacture of breakfast cereals and cereals-based food Bakewell
- Library activities Stourport-on-Severn
- Floor and wall covering Bawtry
- Other professional, scientific and technical activities n e c Epping
- Marine aquaculture Wendover
- Non-life reinsurance Maldon
- Manufacture of loaded electronic boards Billingham
- Manufacture of machinery for metallurgy Cowes
- Repair of machinery High Wycombe
- Wholesale of household goods other than musical instruments n e c Longridge
- Environmental consulting activities Bishop Auckland
- Extraction of salt Meltham
- Manufacture of soap and detergents Tidworth
- Manufacture of starches and starch products Altrincham
- Manufacture of hollow glass Tipton
Lenders for UK Equity Release
- Pure Retirement
- the Telegraph
- Liverpool Victoria
- AIG Life
It is common to encounter individuals looking for lump sum lifetime mortgages, monthly payment lifetime mortgage or home reversion schemes, however, More2Life like Royal London Equity Release is keen to see proof of your personal circumstances in the form of bank statements.
- Halifax Lifetime Mortgage Fixed Rate
- Lloyds Bank Retirement Mortgages
- Lloyds Equity Release Drawdown
- Lloyds Bank Equity Release From House
- Halifax Equity Release Interest Rates
- Lloyds Bank Lifetime Mortgage Maximum Ltv
- Natwest Equity Release Schemes
- Nationwide Lifetime Mortgage Buy To Let
- Nationwide Retirement Mortgage Comparison
- Natwest Lifetime Mortgage Drawdown Scheme
- Santander Lifetime Mortgage Interest Only Rates
- HSBC Lifetime Mortgage Fixed Rate
- Nationwide Equity Release
- Lloyds Retirement Mortgage Interest Rate
- Natwest Retirement Mortgage House
- Halifax Retirement Mortgage Home
Equity Release LTV
The more elderly you are and the unhealthier you are the more cash you can release.
Pitfalls of Lifetime Mortgages
A monthly payment lifetime mortgage can reduce your estate value. Home reversion plans may impact entitlements to state benefits. You may need to pay an advisor’s fee and you could be exposed to changes in interest rates with some products.
Areas of the UK where Lifetime Mortgages are common
- High Wycombe
The mortgage lender will want to know if the property is a Detached freehold house or a Leasehold flat with a share of freehold and if the resident is an Owner Occupier Primary Residence.
- Aviva Lifetime Mortgages for Pensioners
- More 2 Life Capital Choice Plus Plan
- Canada Life Lifestyle Lite Flexi
- Stonehaven Equity Release Plan
- NatWest Equity Release
- More to Life Tailored Choice Plan
- Just Retirement Equity Release Plans
- Stonehaven Equity Release
- HSBC Interest Only Lifetime Mortgage
- Royal Bank of Scotland Lifetime Mortgage
- Hodge Equity Release Schemes
- Pure Retirement Equity Release
- Lloyds Bank Lifetime Mortgage
- Royal Bank of Scotland Equity Release Plans
- Saga Equity Release Plans
- Bridgewater Lifetime Mortgage
- Just Retirement Interest Only Lifetime Mortgage
- Liverpool Victoria LV= Flexible Lifetime Mortgage
- Nationwide Equity Release
- Age Partnership Equity Release
Difficult to mortgage property types include properties currently undergoing substantial alterations, extensions or repairs, properties where tenants live in a self-contained part of the property, leasehold properties (England, Wales, Northern Ireland) subject to a lease length of 160 years, properties where the customer is offering only part of the title as security for the loan and properties with leased solar panels.
Popular retirement finance offerings include Lloyds Bank later life interest only mortgages, Barclays mortgages for over 60s, Halifax retirement mortgages, L&G later life interest only mortgages over 70 and Nationwide Building Society later life interest only mortgages.
Hard to finance property variants include pre-fabricated reinforced concrete (PRC), properties with pre 1945 asbestos or similar composition roof tiles, studio flats located within the M25, freehold/feuhold flats (Scotland only) and flats above or adjacent to commercial premises.
Common loan to value ratios of TSB interest only mortgages for over 70s, Barclays interest only mortgages for people over 60, Halifax interest only lifetime mortgages for over 70s, L&G RIO mortgages over 75, Bank of Scotland interest only lifetime mortgages for over 70s and Nationwide BS later life interest only mortgages over 70 are 45%, 60% and 70%.
Tough to finance property titles can include properties with outbuildings used for normal domestic purposes (garage, workshop, stables, barn etc), properties with a large number/scale of outbuildings, properties with more than one annexe or self-contained part of the property, properties with mobile phone masts which are not within influencing distance of the house and properties with mobile phone masts which are within influencing distance of the house.
Challenging to mortgage property variants include properties with a sinking fund of 7% or more of the property sale price when the property is sold, ground rent where the lease or any deed varying the lease provides for a ground rent exceeding, or where the escalating provisions would result in the ground rent exceeding £250 per annum (or £1000 per annum where the property is in Greater London), properties of non-standard construction, corrugated iron construction and Reema Hollow panel, Schindler and Hawksley SGS, Stent, Stonecrete, Stour, Tarran, Underdown, Unity and Butterley, Waller, Wates, Wessex, Winget and Woolaway.
How much money can I borrow?
You can achieve 70% of your property’s valuation. For example, if your home is valued at £270000 you can get £189000.