- Release tax-free cash from your home
- No need to make monthly payments
- Use the money to help your family
- Continue to live in your own home
The 1st and 2nd charge lender will want to know if the property is a Freehold house or a Leasehold flat and if the resident is an Owner Occupier Primary Residence.
Examples of retired small business owners likely to have equity to release
- Activities of call centres Chesham
- Manufacture of professional and arcade games and toys Sleaford
- Reproduction of computer media Enfield
- Manufacture of electric domestic appliances Lowestoft
- Manufacture of basic iron and steel and of ferro-alloys Leigh
- Manufacture of other electronic and electric wires and cables Burnley
- Fund management activities Manningtree
- Factoring Newton Abbot
- Manufacture of motorcycles Havant
- Glazing Shepshed
- Residents property management Ealing
- Wholesale of other fuels and related products Worksop
- Repair of communication equipment Rotherham
- Combined facilities support activities Holsworthy
- Growing of pome fruits and stone fruits Keswick
- Foreign affairs Crewe
- Other human health activities Dawlish
- Liquid milk and cream production Uckfield
- First-degree level higher education Witney
- Wholesale of chemical products Berkhamsted
- Residential nursing care facilities Scarborough
Hard to finance property variants include properties where proposed building works have not yet commenced, properties where multiple third parties are living in an annexe, 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 where the borrower(s) own the freehold with any connected party.
Common retirement mortgage products include TSB over 60 lifetime mortgages, Barclays Bank interest only mortgages for over 60s near London, Halifax later life mortgages, Legal & General mortgages for over 65 and Nationwide Building Society mortgages for over 70s.
Difficult to mortgage property variants include Timber-framed properties constructed post-1965, properties with any external treatment applied to the roof after construction, large concrete panel systems, privately developed flats in blocks of five storeys or more and basement or lower ground floor flats without level access to private or communal garden space.
Some of the most common loan to value ratios of TSB interest only mortgages for over 60s, Barclays pensioner mortgages over 60, Natwest pensioner mortgages over 55, Legal & General mortgages for 60 plus, Royal Bank of Scotland later life interest only mortgages over 75 and Nationwide BS help to buy for over 60s are 45%, 60% and 70%.
Challenging to mortgage property titles include grade ll Listed houses (grade C in Scotland and B2 in Northern Ireland), properties converted from modern commercial premises, 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 with mobile phone masts which are within influencing distance of the house.
Tough to finance property variants include properties built on contaminated land, properties close to mining works, areas of landfill, areas of recent flooding or subsidence, derelict property or where part of the building is in severe disrepair and needs demolishing, timber buildings and concrete panel houses.
How much money can I borrow?
You can release 60% of your home’s valuation. For example, if your house is valued at £250000 you can borrow £150000.
Equity Release LTV Percentages
- 60% lifetime mortgage with flexible drawdown cash release Aegon
- 60% loan to value (LTV) monthly payment lifetime mortgage Legal and General
- 55% loan to value lifetime mortgage with flexible drawdown cash release Paragon Personal Finance
- 40% loan to value lump sum lifetime mortgages Pepper
Providers for Equity Release
- the Telegraph
- Age Concern
- Liverpool Victoria
- Royal London Equity Release
It’s usual to discover individuals searching for home reversion plans, lumpsum lifetime mortgages or lifetime mortgages with flexible drawdown cash release, however, Key Solutions like AIG Life are keen to see evidence of your situation in the form of investment statements.
Downsides of Equity Release Plans
Home reversion schemes can reduce the value of your estate. Home reversion schemes may impact the ability to claim benefits. You may need to pay a legal fee and you could be exposed to changes in interest rates with some products.
Equity Release percentages of your current property value
The more elderly you are and the more serious your illnesses you are the more tax-free money you can release.
Towns where retirement mortgages are popular
- Budleigh Salterton
- Bishops Castle
- Pateley Bridge
- Bridgewater Equity Release Plans
- Just Retirement Equity Release Schemes
- Pure Retirement Equity Release Schemes
- Aviva Equity Release
- Canada Life Interest Select Gold Flexi
- Stonehaven Lifetime Mortgage
- Nationwide Equity Release Plans
- Lloyds Bank Equity Release Plans
- Aviva Lifetime Mortgages
- Bridgewater Equity Release Plans
- Liverpool Victoria LV= Lump Sum Plus Lifetime Mortgage
- HSBC Lifetime Mortgage
- Royal Bank of Scotland Lifetime Mortgage
- Aviva Equity Release Schemes
- Bridgewater Equity Release Schemes
- Hodge Equity Release Schemes
- L&G Legal & General Flexible Lifetime Mortgage
- Santander Lifetime Mortgage Broker
- Halifax Retirement Mortgage House
- Lloyds Lifetime Mortgage Advisers
- Lloyds Bank Lifetime Mortgage Home Reversion Plan
- Halifax Lifetime Mortgage On Second Property
- Natwest Retirement Mortgage Interest Only
- Halifax Equity Release Advice
- Lloyds Equity Release Drawdown
- Natwest Equity Release Loan
- Nationwide Retirement Mortgage Home
- Lloyds Bank Equity Release Brokers Uk
- Santander Equity Release Drawdown
- Santander Retirement Mortgage Interest Only
- Nationwide Lifetime Mortgage Interest Only Rates
- HSBC Retirement Mortgage Calculator
- Lloyds Retirement Mortgage