Are you looking for Equity Release under 55 at 2.57% APR from February 1st 2023?
Maybe you are in your 40’s or 50’s, and you own a home with some equity? Most equity release websites are not interested if you’re under 55 years old. Ravenwood has more options.
- The minimum amount to release is only £5000
- New lender not on the comparison sites
- Still, have a mortgage? No problem
- A tax-free lump sum of money
- Continue to live in your own home
- Use the money for anything you choose including holidays, home improvements, car purchase, motorhome purchase or helping the family to buy their own home
How much can I release?
You can get 70% of your property’s value. As an example, if your house is valued at £350,000 you can borrow £245,000.
More reasons to release equity in house under 55
With value very clear in the overseas property market, it could be wise to get an equity release mortgage under 55 for a deposit on a property in Spain, Greece, or Italy.
Ravenwood can help you release the capital locked up in your home. We aim to better all offers from the likes of More2Life, Pure Retirement, Hodge, LVE (Liverpool Victoria), Just, Retirement Advantage, Nationwide, Legal & General, Aviva, Retirement Plus, and One family.
There is a lot of demand for equity release under 55 as interest rates are very low and base rates could still go negative.
If your 40 years old equity release is more difficult, but Ravenwood services may still have options for you even if you have a bad credit history.
At ages like 51, 52, 53, 54, 55, 56, 57, 58, 59 or 60, there are other lenders and insurance companies that may consider your equity release application.
Lifetime mortgages, equity release if under 55 and home reversion are becoming more and more popular as people’s homes are so valuable they have a lot of equity in them.
- Fixed, variable or tracker rates
- Automated valuation on some deals
- Easy applications
- Many plans don’t ask a lot of questions
Covid19 Coronavirus vaccine rollout has seen new lenders appear for Equity Release Under 55
Now Brexit is behind us and more and more people have been vaccinated against coronavirus there are new residential property lenders in the equity release under 55 market.
Do you need an equity release mortgage under 55 because of divorce or separation? Or maybe you want an equity release schemes under 55 for a deposit on another property, for a family member or to rent out.
How much cash can I get?
You can get 60% of your home’s valuation. As an example, if your house is valued at £320000 you can release £192000.
Release equity in house under 55
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Some of the most common LTV percentages of LV= equity release schemes for over 55’s, More2Life help to buy for over 60s, One Family remortgages for people over 50 years old, Yorkshire Building Society interest only mortgages for over 65 year olds, Metro Bank interest only mortgages for people over 60 and Axa remortgages for people over 50 years old are 50%, 60% and 65%.
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Some of the most common LTV percentages of Lloyds over 60 lifetime mortgages no fees, Barclays Bank mortgages over 70s, Post Office mortgages over 70s, Legal and General mortgages for pensioners over 60, Royal Bank of Scotland mortgages for 60 year olds and Nationwide BS retirement mortgages over 70 are 50%, 60% and 65%.
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Many of the most appealing retirement finance offerings are TSB help to buy for over 60s, HSBC mortgages over 70s, Halifax interest only mortgages for over 60s near London, L&G lifetime mortgages and Nationwide Building Society retirement interest only mortgages.
What type of equity release deals are best for you and how is the value of your property key to the cash lump sum key?
There are many types of equity release product options where you may or may not need to make interest repayments. Its best to get financial advice before you get debts secured against your home. You should also consult your loved ones. The interest rate can be very low depending on the loan to value and if you are in later life or not.
Equity release for under 55
Secured Loans which could be used for Equity Release Under 55
Metrobank Secured Loan
NatWest Bank Secured Loan
No Broker Fees Secured Loans
HSBC Bank Bridging Loans
Co-operative Bank Secured Loan
Halifax Secured Loan
No Broker Fees Secured Loans
Lloyds Bank Secured Loan
Mortgages and Equity Release Under 55 options
Common LTV percentages of Aviva mortgages for over 65, Shepherds Friendly mortgages over 65, Churchill pensioner mortgages over 70s, Skipton Building Society interest only retirement mortgages for over 70s, Newcastle Building Society mortgages for over 60s and Cumberland Building Society interest only lifetime mortgages for over 70s are 50%, 55% and 70%.
Debt consolidation loans an alternative to Equity Release Under 55
Hard to mortgage home variants can include poorly maintained at the time of the valuation inspection, properties where multiple third parties are living in an annexe, leasehold properties (England, Wales, Northern Ireland) subject to a lease length of 160 years, leasehold properties (with the exception of flats and maisonettes) and freehold flats (England, Wales, Northern Ireland).
Equity Release Mortgage Under 55
To take advantage of low-interest rates people are looking for equity release for under 55 because they want money to put in more productive assets like the stock market.
Difficult to mortgage property variants include difficult roof structures, properties with single skin brickwork where the single skin comprises more than 20% of the surface area of the external walls, studio flats located within the M25, freehold/feuhold flats (Scotland only) and freehold flats (England, Wales, Northern Ireland).
- Masthaven Bridging Finance London
- Santander Bridging Finance Rates
- Yorkshire Bank Short Term Finance
- Remortgages For Bad Credit
- Equity Release Natwest Bank
- United Trust Bank Homeowner Loans
- Remortgages For Self Employed With 1 Year Accounts
- Hmo Mortgage Broker
- Self Build Finance
- Ortus Northern Ireland Bridging Loans
- Vida Secured Loan Rates
- Goldcrest Finance
- Rbs Bridging Loan
- Coventry Building Society Lifetime Mortgages
- Tier 2 Visa Mortgages
- Bridge Bank Capital Bridging Loans
- Borrowing Money Against Your Home
- Hmo Mortgage Lenders
- Octopus Short Term Finance
- Property Refurbishment Loans
- Norton Finance Home Owner Loan
- Equity Release HSBC Uk Bank
- Lloyds Bank Equity Release
- United Trust Bank Fast Bridging Finance
- Natwest Mortgage Bridging Loan
- LendInvest Bridging
- Oblix Low-Cost Bridging Loans
- 95 Buy To Let Mortgages
- Prestige 2Nd Mortgage
- Precise Mortgage
Tough to finance home variants can include grade ll Listed houses (grade C in Scotland and B2 in Northern Ireland), 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 that are being used for personal commercial use and properties where Japanese Knotweed is present.
Does Barclays do Lifetime Mortgages?
Yes, Barclays does lifetime mortgages at 2.17% APRC. A lifetime mortgage may include a no negative equity guarantee for the lump sum.
Do Barclays do Equity Release Under 55?
Yes, Barclays Equity Release Under 55 is 2.17% APR.
https://www.moneyadviceservice.org.uk/en/articles/equity-release advice on Equity Release under 55
Releasing equity in your home under 55
Because of the continued strength in the UK property market and very low-interest rates, lenders want to lend against residential real estate in the UK. It is very common to find people releasing equity from your home under 55 because of low rates and a rising stock market.
Challenging to finance home titles include properties will be assessed for flood risk, leasehold properties with a short lease, typically less than 70 years, or a defective lease, derelict property or where part of the building is in severe disrepair and needs demolishing, timber buildings and concrete frame.
Main residence finance key considerations:
- Similar to lifetime mortgage products
- The value of your home is key to the loan amount
- Means tested benefits could be messed up by the equity release options
- A drawdown lifetime mortgage is likely authorised and regulated by the financial ombudsman service and FCA
- Equity release advice may highlight issues with your state benefits and the costs if you move home
- Equity release mortgages may need to be paid off if you die or move into long term care
- Early repayment charges can further erode your property value
- A home reversion plan from a reversion company could be a bad idea if property prices carry on rising
- Home reversion plans are only available to much older people and it could affect your benefits
- The equity release council have strict requirements of their members that people may need that a financial adviser will explain.
- The lump sum payment to the equity release customers could be a way to help family members have lower monthly repayments of their own
- An equity release adviser could tell you how much money you could release from your home so you have your own cash reserve depending on your homes market value
- An equity release loan can be key to your retirement planning but some lenders are fussy about your property type
- The financial conduct authority have a keen eye on all equity release plans
- Equity release advisers should have an in-depth knowledge of all equity release providers that offer lump sums and flexible drawdown options
- If you want to borrow money in smaller amounts you should find out how much you can borrow with an unsecured personal loan
- If you take the money in one lump sum this may be not the most wise thing to do, you release what you need and then get drawdowns as you need them
- Most equity release products will require a home valuation
- An equity release provider is likely part of an established trade body that will ensure you will never owe more than your home is worth
- One of the things to consider is taking out an equity release may affect your entitlement to free money from the state
- To work out if equity release is the right thing for you you must understand that the amount you owe will go up over time and for some circumstances the equity release cost is quite high
- You should get in touch with Ravenwood if you want to find out how much equity you can release