- Remove tax-free money from your property
- No regular monthly payments
- Use the cash for anything you like
- Continue to live in your own property
It’s usual to encounter individuals seeking out interest-only lifetime mortgages, monthly payment lifetime mortgage or lifetime mortgage with flexible drawdown cash release, however, the Telegraph like The Exeter Equity Release are keen to see evidence of your personal circumstances in the form of bank statements.
Equity Release percentages of your current property value
The more elderly you are and the unhealthier you are the more tax-free cash you can release.
Areas where Lifetime Mortgages are common
- Bridgewater Equity Release Schemes
- Just Retirement Equity Release
- L&G Legal & General Flexible Max Scheme
- NatWest Equity Release Plans
- Canada Life Lifestyle Gold Flexi
- Just retirement equity release key features
- Stonehaven Lifetime Mortgage
- HSBC Interest Only Lifetime Mortgage
- TSB Equity Release Plans
- Age Partnership Equity Release Plans
- Aviva Flexible Voluntary Repayment Plan
- Bridgewater Lifetime Mortgage
- Canada Life Lifestyle Lite Flexi
- Stonehaven Interest Select Plan
- Lloyds Bank Equity Release Schemes
- Age Partnership Equity Release Plans
- Aviva Equity Release Plans
- Canada Life Equity Release
- Hodge Equity Release Plans
- More to Life Tailored Choice Plan
- Pure Retirement Equity Release
- Nationwide Equity Release Schemes
- TSB Equity Release
- NatWest Interest Only Lifetime Mortgage
- Security and commodity contracts dealing activities Amersham
- Manufacture of industrial gases West Ham
- Wholesale of perfume and cosmetics Settle
- Ready-made interactive leisure and entertainment software development Tenbury Wells
- Manufacture of refractory products Stotfold
- Barristers at law Charlbury
- Repair of communication equipment Epping
- Activities of collection agencies Meltham
- Manufacture of ice cream Northallerton
- Manufacture of basic pharmaceutical products Winsford
- Other retail sales of new goods in specialised stores, not commercial art galleries and opticians Ipswich
- Growing of beverage crops Sale
- Manufacture of ready-mixed concrete Fleet
- Public relations and communications activities Penkridge
- Development of building projects Helston
- Construction of domestic buildings Wimbledon
- Quantity surveying activities Shrewsbury
- Manufacture of tools Maghull
- Other urban, suburban or metropolitan passenger land transport not underground, metro or similar Beccles
- Manufacture of other non-distilled fermented beverages Burnham-on-Crouch
- Renting and leasing of office machinery and equipment including computers Wolsingham
Hard to finance property variants can include properties in poor condition, properties where letting arrangement where the tenancy agreement is not appropriate, leasehold properties (England, Wales, Northern Ireland) subject to a lease length of 160 years, properties which are made up of multiple titles and properties with single skin brickwork.
Many of the most appealing pensioner finance products are TSB interest only mortgages for over 60s, Barclays retirement mortgages, Natwest interest only mortgages for people over 70, Legal & General retirement interest only mortgages and Nationwide BS pensioner mortgages over 70s.
Difficult to finance property types include pre-fabricated reinforced concrete (PRC), properties with single skin brickwork where the single skin comprises more than 20% of the surface area of the external walls, privately developed flats, maximum four storeys with a lift, former local authority flats and privately developed flats in blocks of three or four storeys without a lift.
Some of the most popular loan to value percentage ratios of Lloyds Bank interest only lifetime mortgages for people over 60, HSBC RIO mortgages over 75, Halifax mortgages for 60 year olds, Legal and General retirement mortgages over 60, Royal Bank of Scotland interest only mortgages for people over 60 and Nationwide RIO mortgages over 75 are 50%, 55% and 65%.
Tough to mortgage property variants can include properties built or converted into dwellings more than 10 years ago, 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 with mobile phone masts which are not within influencing distance of the house and properties that have a private water supply provided a contract is in place with an approved maintenance company for regular testing and maintenance.
Challenging to mortgage home variants include properties built on contaminated land, properties close to mining works, areas of landfill, areas of recent flooding or subsidence, properties with structural problems, timber buildings and missing planning permission or building regulations approval.
How much can I get?
You can achieve 60% of your property’s value. As an example, if your home is worth £190000 you can borrow £114000.
- Natwest Retirement Mortgage Uk
- Halifax Lifetime Mortgage Rates 2022
- Natwest Equity Release On Second Homes
- Lloyds Equity Release Schemes
- Lloyds Bank Lifetime Mortgage Comparison
- Lloyds Lifetime Mortgage No Payments
- Nationwide Retirement Mortgage Home
- Santander Lifetime Mortgage Buy To Let
- Santander Equity Release Scheme
- Lloyds Retirement Mortgage Reviews
- Nationwide Lifetime Mortgage Broker
- HSBC Lifetime Mortgage Drawdown Scheme
- HSBC Equity Release Plan
Equity Release Loan To Value
- 55% lifetime mortgage with flexible drawdown cash release AIG Life
- 30% loan to value monthly payment equity release Penrith
- 45% loan to value (LTV) monthly payment equity release LV lifetime mortgage
Disadvantages of Home Reversion Schemes
Lump-sum lifetime mortgages can reduce the inheritance for your family. Lifetime mortgage with flexible drawdown cash release may impact entitlements to benefits. You may need to pay a valuation fee and you could have higher rates to pay with some 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 Private Tenant.
Providers for Equity Release
- Lifetime Mortgage from L&G
- LV equity release
- Stonehaven Mortgage