Equity Release - Lifetime Mortgages

  - Compare lifetime mortgage providers with our equity release selection. Alternatively speak to an adviser to explore your retirement income options.
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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%Go to Site
Product Fee: Arrangement £495
LV=
Lifetime Mortgage Lump Sum
Lifetime Mortgage Lump Sum
6.10%
Fixed
60£70k£10k50%Go to Site
Product Fee: Application £595
More 2 Life
Protected
Protected
6.10%
Fixed
70£70k£15k£500kGo to Site
Product Fee: Arrangement £695
Hodge Lifetime
Flexible Lifetime Mortgage
Flexible Lifetime Mortgage
6.20%
Fixed
60£100k£15k£500kGo to Site
Product Fee: Application £595
Stonehaven
Lump Sum Lite
Lump Sum Lite
6.20%
Fixed
55£70k£10k£750kGo to Site
Product Fee: Completion £650
Aviva
Lifetime Flexible Option
Lifetime Flexible Option
6.30%
Fixed
55£75k£10k£600kGo to Site
Product Fee: Arrangement £555
Last Updated: Monday 29 December 2014 09:12

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

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 long-term 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. Lines are open 9am to 5pm, Monday to Friday (except Bank Holidays). Calls are charged at local rates and may be recorded or monitored.

If you decide to take out a plan, there will be a fee by Just Retirement Solutions Limited of £749 for advice and arranging a recommended equity release plan. You will only be charged if you decide to take out a plan. Their advice service carries no obligation.

Equity release may not right be for everyone. If may affect your entitlement to state benefits and will reduce the value of your estate.

Equity release home
Home reversion plans schemes

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