- Remove money from your property using an HSBC Lifetime Mortgage
- No regular monthly repayments
- Use the money you release for anything you like
- Are you still paying a mortgage? That’s fine we can help
- Stay living in your own property for as long as you like
- Can be a vehicle to reduce tax bills
The mortgage lender will want to know if the property is a Detached freehold house or a Leasehold flat and if the resident is an Owner Occupier.
It is usual to encounter people searching for home reversion plans, lumpsum lifetime mortgages or interest-only lifetime mortgages, however, More2Life like Zurich are keen to see paperwork to show your personal circumstances in the form of pension statements.
What percentage can be released?
- 55% monthly payment lifetime mortgage Aegon
- 40% loan to value monthly payment lifetime mortgage New Life
- 25% LTV monthly payment lifetime mortgage Central Trust
- 45% loan to value home reversion plans United Trust Bank
- 55% LTV lifetime mortgage with flexible drawdown cash release Norton Finance
Downsides of Lifetime Mortgages
Lump-sum lifetime mortgages can reduce the inheritance for your family. A monthly payment lifetime mortgage may impact entitlements to benefits. You may need to pay a valuation fee and some products expose you to changes in interest rates.
Providers for Equity Release
- Age Concern
- Bridgewater
- Aviva
- Zurich
- Santander Lifetime Mortgage
- Nationwide Retirement Mortgage Providers
- Lloyds Bank Equity Release Brokers Uk
- Lloyds Retirement Mortgage
- HSBC Lifetime Mortgage Comparison
- HSBC Equity Release
- Natwest
- Nationwide
- Nationwide Equity Release From House
- Halifax Lifetime Mortgage Home Reversion Plan
- Lloyds Bank Retirement Mortgages Uk
- HSBC Retirement Mortgage Comparison
- Lloyds Bank Lifetime Mortgage On Second Property
- Santander Retirement Mortgage House
- Santander Equity Release Drawdown
- Halifax Retirement Mortgage Age
- Canada Life Equity Release Plans
- Hodge Lifetime Flexible Drawdown Plan
- Just Retirement Equity Release
- More to Life Flexi Choice Drawdown Lite Plan
- Hodge Lifetime Flexible Drawdown Plan
- Liverpool Victoria LV= Flexible Lifetime Mortgage
- Nationwide Equity Release Plans
- Saga Lifetime Mortgage
- Age Partnership Lifetime Mortgage
- Canada Life Voluntary Select Gold
- L&G Legal & General Flexible Lifetime Mortgage
- Age Partnership Lifetime Mortgage
- Aviva Lifetime Mortgage
- Just Retirement Equity Release Plans
- More2Life Capital Choice Plus Plan
- Pure Retirement Classic Drawdown Lite Plan
- NatWest Equity Release
- Royal Bank of Scotland Equity Release Plans
- Saga Equity Release Schemes
- More 2 Life Flexi Choice Voluntary Payment Super Lite
Equity release is common among business owners like below
- Agents selling agricultural raw materials, livestock, textile raw materials and semi-finished goods Stanley
- Retail sale of books in specialised stores Blackrod
- Non-life reinsurance Selby
- Non-specialised wholesale trade Wath-upon-Dearne
- Wholesale of other office machinery and equipment Shirebrook
- Wholesale of hardware, plumbing and heating equipment and supplies Penryn
- Manufacture of non-electronic industrial process control equipment Fordbridge
- Other activities auxiliary to insurance and pension funding Colchester
- Activities of exhibition and fair organisers Quedgeley
- Security systems service activities Waltham Cross
- Retail sale of sports goods, fishing gear, camping goods, boats and bicycles Faringdon
- Manufacture of doors and windows of metal Westerham
- Wholesale of pharmaceutical goods New Romney
- Packaging activities Axbridge
- Manufacture of other electronic and electric wires and cables Cirencester
- Manufacture of cement Kings Lynn
- Retail sale of antiques including antique books in stores Spennymoor
- Museums activities Skelton-in-Cleveland
- Manufacture of other products of wood; manufacture of articles of cork, straw and plaiting materials Newport
- Manufacture of electrical and electronic equipment for motor vehicles and their engines Uttoxeter
- Other building and industrial cleaning activities Hingham
Areas where retirement mortgages are routine
- Wednesbury
- Smethwick
- Ashby Woulds
- Oldbury
- Totnes
- Rye
- Painswick
- Knaresborough
- Oswestry
- New Alresford
- Stamford
- Leatherhead
- Royal Tunbridge Wells
- Tynemouth
Difficult to mortgage home variants can include properties where proposed building works have not yet commenced, entirely tenanted properties, freehold houses and bungalows (England, Wales, Northern Ireland), properties with unregistered titles subject to these being registered as part of the legal process and properties owned under any form of shared equity scheme.
Common pensioner finance products include Lloyds interest only mortgages for people over 60, Barclays Bank pensioner mortgages over 70s, Halifax retirement interest only mortgages, L&G mortgages over 65 and Nationwide Building Society pensioner mortgages.
Hard to mortgage property types include difficult roof structures, properties with spray foam insulation applied to the underside of the roof, studio flats located within the M25, privately developed flats in blocks of five storeys or more and privately developed flats in blocks of three or four storeys without a lift.
Common loan to value ratios of Lloyds Bank mortgages for pensioners over 60, Barclays interest only lifetime mortgages for over 60s, Post Office equity release schemes for over 55’s, L&G equity release plans for people over 60, Royal Bank of Scotland over 60 mortgages and Nationwide Building Society interest only lifetime mortgages for over 70s are 50%, 55% and 70%.
Challenging to finance property titles can include flats of less than 30 square metres in any location, properties with a single annexe or other self-contained part of the property, use of the land and any outbuildings for a small amount of personal commercial use., properties that have solar farms or a large number of wind turbines on the land 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.
Tough to mortgage home variants can include properties built on contaminated land, high service charges – properties where the Service Charge per annum at the time of application is more than 2% of the property value, property is uninhabitable, thatched buildings and missing planning permission or building regulations approval.
How much can I get?
You can release 60% of your property’s value. As an example, if your house is worth £250000 you can release £150000.
Hodge Lifetime Lifetime Mortgages
One Family Retirement Mortgages
Hodge Lifetime Retirement Mortgages
Equity Release LTV
The more elderly you are and the sicker you are the more cash you can release.