- Release money from your house
- Not necessary to make regular monthly payments
- Use the money to help your family buy their first home
- Continue to stay in your home
The 1st and 2nd charge 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.
- Aviva Lifetime Mortgage
- More to Life Flexi Choice Drawdown Lite Plan
- Age Partnership Equity Release Plans
- Bridgewater Equity Release
- Pure Retirement Lifetime Mortgage
- Lloyds Bank Lifetime Mortgage
- More 2 Life Tailored Choice Plan
- NatWest Interest Only Lifetime Mortgage
- Royal Bank of Scotland Interest Only Lifetime Mortgage
- Aviva Lifestyle Flexible Option
- Canada Life Lifestyle Lite Flexi
- Just Retirement Drawdown Lifetime Mortgage
- Pure Retirement Equity Release Schemes
- Stonehaven Interest Select Plan
- TSB Equity Release
- Royal Bank of Scotland Interest Only Lifetime Mortgage
- Aviva Equity Release
- Hodge Lifetime Mortgage Plus
- Stonehaven Interest Only Lifetime Mortgage
Equity Release LTV
The older you are and the unhealthier you are the more money you can release.
- HSBC Lifetime Mortgage Rates 2022
- Natwest Retirement Mortgage Calculator
- Santander Equity Release
- Natwest Lifetime Mortgage On Second Property
- Santander Retirement Mortgage Interest Rates
- Santander Lifetime Mortgage Over 55
- Lloyds Bank Equity Release Scheme
- Nationwide Retirement Mortgage Interest Rate
- Nationwide
- Halifax Lifetime Mortgage Comparison
- HSBC Retirement Mortgage Uk
- Halifax
- Lloyds
- Lloyds Equity Release From Property
- Nationwide Equity Release Drawdown
- HSBC Equity Release From House
It’s very regular to find people looking for interest-only lifetime mortgages, monthly payment lifetime mortgages or interest-only lifetime mortgages, however, Legal and General like AIG Life are keen to see evidence of your personal situation in the form of bank statements.
Equity Release UK Lenders
- Bower
- Liverpool Victoria
- Sunlife Plans
- Norwich Union
- Fortify Insurance Solutions
Downsides of Lifetime Mortgages
Lumpsum lifetime mortgages can reduce the inheritance for your family. A monthly payment lifetime mortgage may impact the ability to claim entitlements. You may need to pay a solicitor’s fee and some products expose you to changes in interest rates.
Canada Life Retirement Mortgages
One Family Drawdown Lifetime Mortgages
Pure Retirement Equity Release
How much is it common to release from a home
- 50% home reversion plans Old Mutual Wealth
- 30% loan to value monthly payment lifetime mortgage Prestige Finance
- 35% loan to value (LTV) monthly payment equity release West One
- 55% loan to value monthly payment lifetime mortgage Age Concern
- 60% LTV lump sum lifetime mortgages Together Money
- 25% loan to value lumpsum lifetime mortgages First Direct
Difficult to mortgage property types include homes requiring essential repairs, entirely tenanted properties, right to buy – properties in Scotland, crofted houses and properties where the borrower(s) own the freehold with any connected party.
Appealing pensioner finance products are Lloyds Bank later life mortgages, Barclays mortgages for 60 year olds, Halifax interest only lifetime mortgages, L&G interest only lifetime mortgages and Nationwide Building Society mortgages for 60 plus.
Difficult to finance home types can include eco houses and modern methods of construction, properties with any externally applied insulation to the walls after construction, large concrete panel systems, freehold/feuhold flats (Scotland only) and basement or lower ground floor flats without level access to private or communal garden space.
Common LTV percentages of Lloyds Bank interest only lifetime mortgages for people over 60, HSBC mortgages for pensioners over 60, Halifax pensioner mortgages over 70s, Legal & General pensioner mortgages over 70s, Royal Bank of Scotland mortgages for 60 year olds and Nationwide retirement mortgages over 60 are 40%, 60% and 65%.
Tough to finance property variants can include properties with land in addition to the domestic grounds up to a maximum property size of five acres, where the land is for normal domestic use, properties with flying or creeping freehold which comprises 15% or less of the total floor area, use of the land and any outbuildings for a small amount of personal commercial use., properties with flying or creeping freeholds which comprise over 15% of the total floor area 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.
Challenging to finance property variants include properties with a sinking fund of 7% or more of the property sale price when the property is sold, properties with any kind of structural defect, damp, dry or wet rot, some properties with sitting tenants or regulated tenancies, cob property and Airey, Boot, Cornish Unit, Dorran, Dyke, Gregory, Hamish Cross, Myton, Newland, Orlit and Parkinson Frame.
How much can I borrow?
You can achieve 70% of your property’s value. For example, if your home is worth £310000 you can borrow £217000.
Examples of small business owners with home equity to release
- Wholesale of dairy products, eggs and edible oils and fats Penzance
- Undifferentiated goods-producing activities of private households for own use Winchcombe
- Extraction of crude petroleum Luton
- Site preparation Rochdale
- Other sports activities Northleach with Eastington
- Sea and coastal passenger water transport Bawtry
- Management consultancy activities other than financial management Windsor
- Veterinary activities Halesworth
- Manufacture of sugar Huddersfield
- Freshwater fishing Northallerton
- Manufacture of glass fibres Cullompton
- Freight transport by road Hayle
- Retail sale of other second-hand goods in stores, not incl antiques Hingham
- Manufacture of luggage, handbags and the like, saddlery and harness Cannock
- Furnace and chimney cleaning services Hexham
- Construction of water projects Warrington
- Raising of camels and camelids Penkridge
- Manufacture of other wearing apparel and accessories n e c Ambleside
- Marine aquaculture Tottenham
- Non-scheduled passenger air transport Wragby
- Combined facilities support activities Edgware
Towns of the UK where equity release is routine
- Garstang
- Kettering
- Wivenhoe
- Epsom and Ewell
- Lydd
- Slough
- Darley Dale
- Southwell
- Elstree and Borehamwood
- Slough
- Exmouth
- Oldbury
- St Just-in-Penwith
- Bridport
- Hedon
- East Cowes
- Uckfield
- Buxton
- Market Bosworth
- Stanley
- St Mary Cray
- Elstree and Borehamwood
- Bletchley and Fenny Stratford