- Loan to value is up to 70%
- No product fees with HSBC equity release
- Free home valuation
- 2.37% MER interest rate fixed for life
- Can be used to pay off your current mortgage
- You do not need to be an existing HSBC Bank customer
For example, if your home is valued at £300,000 you can borrow £210,000.
I got a tax free lump sum equity release product from HSBC. The equity release council ensured I benefited from the no negative equity guarantee. I can make monthly repayments if I want to, and I have an option to release further smaller amounts. I can take the money any time in later life. The age limits were not a problem for me.
The type of equity release I got from HSBC was a lifetime mortgage. I looked into a home reversion plan but the financial adviser explained it was probably not good for me. The lump sum I got paid back my standard mortgage. The upper age limit was no problem in my case.
HSBC Equity Release Schemes were best for me
I looked into many ways of releasing equity and HSBC lifetime mortgage products were by far the lowest costs and most flexible for the loan amount I needed. The loan is a debt secured against your home, I was told, but this is fine because the interest rate is fixed and is very low.
The specialist lenders and private banks I look at had rates that were much higher.
The financial advice I got from the money advice service suggested I looked at retirement mortgages, a reversion company and many other equity release products. The cash reserve I needed for my retirement planning was covered by taking out an equity release mortgage from HSBC with no early repayment charges and a free valuation.
With my equity release plan, I can get further lump sums at a good interest rate. Later life lending worked out well for me.
The cash lump sum I wanted was based on my property value. The equity release scheme from HSBC will be paid back when I die or move into long term care when my main residence is sold.
I looked into home reversion plans for the lump sum payment I needed, but the equity release advice I received suggested with my property type and market value an equity release provider with low interest rates was the best idea for me.
HSBC Equity Release Rates
The current interest rate from HSBC is 2.37% MER fixed for life.
Does HSBC offer lifetime mortgages?
Yes, HSBC lifetime mortgages are 2.37% fixed and have no redemption penalties.
Does HSBC offer an equity release loan?
Yes, HSBC equity release options can help you get money for a loved ones home purchase.
Do HSBC equity release advisers charge a fee?
No, HSBC equity release consultants do not charge a fee.
Does HSBC offer home reversion schemes?
No, HSBC offers lifetime mortgage products, not reversion products.
How much does HSBC equity release cost?
The release depends on many things including the value of your home. There is a free valuation and no product fees.
Does HSBC do retirement interest only mortgages?
Yes, HSBC retirement interest-only mortgages are 2.37% APRC fixed for life.
Does HSBC offer pensioner mortgages?
Yes, HSBC pensioner mortgages have very low rates and no lender fees.
How does HSBC equity release work?
You have no need to make monthly payments, interest roll up works by the interest payments being added to the loan. Equity release is a way to borrow money and not pay it back until you have to leave the home.
Does HSBC offer later life mortgage options?
Yes, HSBC later life mortgages have no early repayment charge, no completion fee and low interest payments.
Do I have to be aged 55 or over?
No, you don’t need to be over 55 years old.
How does an HSBC lifetime mortgage work?
It’s a mortgage with broad lending criteria with no arrangement fee and a free valuation. It is a mortgage with a term for the rest of your life and loan amounts can be substantial.
Do HSBC offer retirement interest only mortgage products?
Yes, you can use your retirement income and have your anticipated retirement income worked out and get a mortgage for older borrowers.
Do mortgages for pensioners have a maximum age limit as part of the interest only mortgage term?
No, they have flexible lending criteria similar to standard interest only mortgages where mortgage payments are made monthly like a traditional mortgage. An affordability assessment for the entire mortgage term will be worked out and other debts considered (as most lenders do).
Direct contact details for HSBC UK
HSBC Holdings plc has a Companies House number of 14259 and a principal place of business of 8 Canada Square. HSBC Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Other lenders include Lloyds Bank
You should think carefully before securing debts against your home as your home may be repossessed if you fail to keep up repayments and default.
