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Equity Release Rates

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Make sure you choose a lender that’s approved by the equity release council as their mortgage products will have a ‘no negative equity guarantee’ – which means your estate won’t end up owing more on the equity release loan than your home’s value. You should also consider the costs that are involved in setting up an equity release mortgage. Your entitlement to means-tested benefits could be impacted too.

Equity release mortgages work by allowing you to unlock the equity in your home in the form of a tax-free lump sum payment or payments.

Equity release interest rates range from 2.30% to 4%. Rates can either be fixed or variable with a legally capped limit. The cost of lifetime mortgages has reduced as interest rates are now lower than before the GFC. However, as the interest charged is compounded, lifetime mortgages remain significantly higher in cost than standard interest-only mortgages.

An independent financial adviser will be able to help you with a more rounded view of what’s available in the market.

It’s important to find a good independent adviser that specialises in equity release plans.

Find out more about pensioner finance with Lloyds Bank Mortgages for over 60s.