Equity Release - Lifetime Mortgages

  - Compare lifetime mortgage providers with our equity release selection. Alternatively speak to an adviser to explore your retirement income options.
Also look at:

Compare Lifetime Mortgages

 APR Fixed / VariableMin AgeMin Property ValueMin LoanMax Loan 
 
Holmesdale BS
Equity Release Lifetime Mortgage
Equity Release Lifetime Mortgage
5.00%
Variable
75£104k£26k25% Proceed
Product Fee: Arrangement £495
LV=
Lifetime Mortgage Lump Sum
Lifetime Mortgage Lump Sum
6.10%
Fixed
60£70k£10k50% Proceed
Product Fee: Application £595
More 2 Life
Protected
Protected
6.10%
Fixed
70£70k£15k£500k Proceed
Product Fee: Arrangement £695
Hodge Lifetime
Flexible Lifetime Mortgage
Flexible Lifetime Mortgage
6.20%
Fixed
60£100k£15k£500k Proceed
Product Fee: Application £595
Stonehaven
Lump Sum Lite
Lump Sum Lite
6.20%
Fixed
55£70k£10k£750k Proceed
Product Fee: Completion £650
Aviva
Lifetime Flexible Option
Lifetime Flexible Option
6.30%
Fixed
55£75k£10k£600k Proceed
Product Fee: Arrangement £555
Last Updated: Monday 31 March 2014 09:03

Moneyfacts.co.uk Best Buys show the best products chosen by our independent experts. Where we have been able to we have also provided a link for you to apply via Moneyfacts.co.uk today. Products shown with a yellow background are sponsored products.

Equity release may involve a lifetime mortgage or home reversion plan. To understand the features and risks, ask for a personalised illustration.
 
LTV or loan to value is the maximum percentage of the value of your home that the Equity Release provider is willing to loan to you. Although the money released to you is a loan the amount owed (the original loan plus interest accrued) does not need to be repaid until your home is sold either when you die or move into care. Equity release loan to values tend to be much lower than for conventional mortgages and will often vary according to age – the older the applicant the higher the LTV available.
 

Equity release: lifetime mortgages explained

  • Borrow a percentage of the value of your home
  • The older you are, the more you may be able to borrow
  • Lenders that are members of the Equity Release Council won’t let you owe more than your home is worth
  • It’s best to speak to a financial adviser, as well as anyone who stands to inherit your estate

Download PDF Download this information in our Lifetime Mortgage Factsheet

Equity release plans are a way for you to access the cash locked up in your home, to help improve your retirement.

There are two types of equity release plan:

Lifetime mortgages are the most common type of equity release plan, and work by lending you a percentage of your home’s value. You don’t make repayments like you would with a standard mortgage loan. Instead, the interest that is charged rolls up, gradually increasing the amount you owe throughout your lifetime. The mortgage is repaid when you die, or when you sell the home and move into permanent residential care.

Penny PigAll members of the Equity Release Council guarantee that you’ll never owe more than what your home is worth.


Lifetime Mortgages
Advantages Disadvantages

Green tick Stay in your home
Green tick Get a lump sum or an income
Green tickLeave an inheritance still (with an Inheritance Protection Guarantee)
Green tickYou continue to own your home – if property prices increase, you benefit from it
Green tickDrawdown lifetime mortgages let you borrow money as you need it, allowing you to save on interest
If you die soon after taking out the mortgage, you won't have accrued as much interest on your loan

Red crossThe amount you owe increases during your lifetime, eroding any inheritance you leave
Red crossIf house prices fall, you'll owe a greater proportion of your property's value
Red crossDepending on how long you live, you could owe as much as 100% of your home’s value to the lifetime mortgage provider
Younger borrowers can't borrow as much
Equity release could affect entitlement to certain state benefits

Download PDF Download this information in our Lifetime Mortgage Factsheet

WarningEquity release may involve a lifetime mortgage or home reversion plan. To understand the features and risks, ask for a personalised illustration.

What next?

Call Just Retirement Solutions on 01737 233462

Equity release home
Home Reversion Schemes selection

Equity Release Calculator
What Just Retirement's Customers Say

Equity release FAQs
Equity release jargon buster

Advertisements:

Could you release the equity in your home?
Could you release the equity in your home?

Property prices have surged over the last few years, and that means a lot of people could have built... More

Make sure you don’t run out of money in retirement
Make sure you don’t run out of money in retirement

Everyone likes to think that they’ll be able to spend their retirement in comfort, with enough money... More

Pensioners facing a meagre retirement
Pensioners facing a meagre retirement

The average person retiring in Britain today is looking forward to an annual income equating to almo... More

Are you ready to give up work?
Are you ready to give up work?

Although a lot of people long for the day they can give up work and head blissfully into their golde... More

The changing attitudes of retirement
The changing attitudes of retirement

The general attitude surrounding retirement for many years seems to have been that if you work hard ... More

Guide to Equity Release
Guide to Equity Release

Equity release plans can improve your retirement, but should not be entered into lightly. Read our g... More

Annuity jargon buster
Annuity jargon buster

Trying to find the best annuity rates but baffled by the jargon? Don't worry - we've compiled an ann... More

When was your last pension review?
When was your last pension review?

A pension review should form a key part of your retirement planning strategy. It can save you paying... More