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Metrobank Equity Release Plans – 4.55% MER – Updated For 2024

Metrobank Equity Release
  • Release tax-free equity from your home with Metrobank Equity Release
  • No monthly repayments
  • Free valuation
  • No early repayment charges
  • No arrangement fees
  • Help a family member buy their own home with a smaller mortgage
  • Still, have a few more mortgage payments to make? No problems
  • Continue to live on your property
  • Your Requirements

  • About You

Recent Reviews

equity release

William from Birmingham

My son knew a guy who owned six pubs. Because of successive lockdowns due to covid 19 coronavirus, he had to make a quick sale on his holiday home in Cornwall. My equity release money bought his flat at 35% under market value. Not only does my family have the shared use of a holiday home, but the rental income is also much more than the interest on the equity release.

Equity Release

Mrs Heart from Aberdeen

I was struggling to pay my mortgage and had no money left for emergencies at the end of the month, let alone saving for a holiday. I had investigated home reversion plans, but they did not appear to be the right solution. Equity Release for older borrowers with no monthly repayments was exactly what I wanted, and the interest rate was very low. I was able to pay off my mortgage.

I live in an area where house prices are going up nicely, so keeping 100% ownership of my home is wise. I am confident that my house price appreciation will be much bigger than my roll-up interest.

retirement interest-only mortgages

Mr Howarth from Leeds

I am healthy and have a good income from my pensions for later life. I decided to release money from my unencumbered home with a retirement interest-only mortgage (RIO mortgage), so I could get a new kitchen and bathroom and give money to my children so they could move house and buy bigger homes.

I had no problems with a minimum or maximum age requirement or affordability. The interest rate was very low like a prime conventional mortgage from a bank or building society. The monthly payment was tiny compared with the rest of my outgoings. The whole process was authorised and regulated by the finance conduct authority.

equity release

Mrs Yardly from Sheffield

I had an old, tired car and an unreliable central heating system. Repair bills continually mounted, meaning I had less money on holidays and other nice things. A friend said I should consider equity release, but I was put off by the horror stories of the roll-up/compounded interest destroying people’s homes.

When I did my homework, I found that in 2024, Equity release interest rates were very low, and the negative press was around people who had been ripped off with high rates. Even if my house price only increased slightly, the roll-up interest would be covered. The equity release enabled me to get a nice 3-year-old car and a new boiler, so I was not wasting money all the time on repairs!

lifetime mortgages

Mr Shaw from Bradford

I thought I would have to sell my home to repay my mortgage as the bank wanted their money back. With the money left, I could only afford a flat, and I would have been further away from my daughter and her children. Downsizing was a bad idea for me.

My lifetime mortgage was ideal for me as I had no monthly repayments, and I paid off my old mortgage.

I saved the cost of moving to a new flat where I would pay to move to a place I did not want. The no negative equity guarantee and equity release council assurances were very important to me. I am better off each month and have some tax-free cash ready if repairs to the house are necessary.

Home with equity- metro bank options

Does Metro Bank offer Equity Release?

Yes, Metro Bank Equity Release is 2.08% APR.

Homeowner in their 60s
Cash tied up in home 70s

It’s common to discover people seeking out monthly payment lifetime mortgages, lumpsum lifetime mortgages or monthly payment equity releases. However, Key Retirement, like AIG Life, is keen to see evidence of your circumstances through investment statements.

Equity Release LTV

The more aged you are and the more serious your illnesses, the more tax-free cash you can release with Metrobank Equity Release.

UK Equity Release Scheme Lenders

  • Key Solutions
  • One Family
  • Aviva
  • Stepchange

Equity Release Loan To Value

  • 55% home reversion plans in Zurich
  • 40% loan to value lifetime mortgage with flexible drawdown cash release Bridgewater
  • 50% Metrobank Equity Release
  • Your Requirements

  • About You

The 1st and 2nd charge lenders will want to know if the property is a semi-detached freehold house or a Leasehold flat with a share of freehold and if the occupier is an AST Tenant.

Does Metro Bank offer Pensioner Mortgages?

Yes, Metro Bank Pensioner Mortgages are 2.27% APRC.

Providers for UK Equity Release

It’s common to find people searching for lump sum lifetime mortgages, monthly payment lifetime mortgages or lifetime mortgages with flexible drawdown cash releases; however, Lifetime Mortgage from L&G like The Exeter Equity Release are eager to see paperwork to show your situation in the form of investment statements – Updated For January 2024.

  • More to Life Capital Choice Plus Plan
  • Hodge Equity Release Plans
  • Metrobank Equity Release
  • Just retirement-defined benefit
  • More to Life Flexi Choice Voluntary Payment Super Lite

Does Metrobank offer Equity Release?

Yes, Metrobank Equity Release is 1.85% MER.

  • Nationwide Interest Only Lifetime Mortgage
  • Age Partnership Equity Release
  • Bridgewater Equity Release
  • More to Life Flexi Choice Voluntary Payment Super Lite
  • Hodge Equity Release Schemes

Does Metrobank offer Pensioner Mortgages?

Yes, Metrobank Pensioner Mortgages are 2.11% APRC.

  • Liverpool Victoria LV Equity Release
  • More to Life Capital Choice Plan
  • Saga Lifetime Mortgage
  • Age Partnership Equity Release Schemes
  • More to Life Capital Choice Plan
  • Canada Life Prestige Flexi Option
  • Just Retirement Equity Release Plans
  • Lloyds Bank Equity Release
  • Saga Lifetime Mortgage

Does Metrobank offer Retirement Mortgages?

Yes, Metrobank Retirement Mortgages are 2.11% APRC.

Does Metro Bank do Retirement Mortgages?

Yes, Metro Bank Retirement Mortgages are 2.14% MER.

Mortgages For Over 70s
Metrobank Equity Release
Pensioner Mortgages – Updated For January 2024

Does Metro Bank offer Equity Release Under 55?

Yes, Metro Bank Equity Release Under 55 is 2.28% APRC.

Equity Release Yorkshire Building Society YBS

Does Metro Bank offer Lifetime Mortgages?

Yes, Metro Bank does lifetime mortgages at 1.87% APR. Metro Bank Lifetime Mortgages have an LTV of 65%.

Metrobank Lifetime Mortgage
Which? Equity Release Scheme
Yorkshire Bank Equity Release Scheme – Updated For January 2024

Does Metrobank do Equity Release Under 55?

Yes, Metrobank Equity Release Under 55 is 2.21% APR.

YB-Yorkshire Bank Lifetime Mortgage
Which? Money Lifetime Mortgage
Legal & General Lifetime Mortgage

retired pensioner remortgage

Downsides of Metrobank Equity Release

A monthly payment lifetime mortgage can reduce your estate value. Monthly payment equity release may impact entitlements to state benefits. You may need to pay an advisor’s fee, and you could be exposed to changes in interest rates with some products.

Advantages of Metrobank Equity Release

Often used to help tax planning and interest rates are attractive. Help your family get a deposit for their own home or pay down your debts so that you can spend more of your monthly income.

Does Metrobank do Lifetime Mortgages?

Yes, Metrobank does lifetime mortgages at 1.96% APRC. Metrobank Lifetime Mortgages can have a loan to value of 60%.

Understanding Equity Release and Retirement Interest Only Mortgages in the UK

The rising life expectancy and the desire for a comfortable retirement have led many UK homeowners to consider financial solutions that allow them to unlock the value of their property. Two popular options that cater to these needs are equity release and Retirement Interest Only (RIO) mortgages.

Equity Release Explained

Equity release refers to the methods through which homeowners can access their property’s equity (or value) without having to move out. It essentially allows individuals, usually over the age of 55, to either borrow against the value of their home or sell a portion of it to provide them with a lump sum, a regular income, or a combination of both.

There are two primary forms of equity release:

  1. Lifetime Mortgages: This is a long-term loan secured on the borrower’s property, which remains in their ownership. The amount borrowed, including the accumulated interest, gets repaid when the homeowner dies or moves into long-term care. The homeowner can make regular interest payments or allow the interest to be rolled up.
  2. Home Reversion Plans: Homeowners sell part or all of their property to a reversion provider. In return, they get a lump sum or regular payments. They can continue to live in the property rent-free until they die, at which point the house is sold, and the sales proceeds are shared as per the previously agreed proportions.

RIO Mortgages: A Closer Look

RIO mortgages are similar to standard interest-only mortgages designed specifically for older borrowers. With a RIO, the homeowner makes regular monthly payments that cover the loan’s interest. The capital remains unchanged and is repaid once the homeowner dies or moves into care.

One of the defining characteristics of RIO mortgages is the affordability check. Lenders will verify if the homeowner can manage the monthly interest payments, ensuring they won’t be in financial strife in their later years.

Nationwide Rio Mortgage Rates

As one of the significant financial institutions in the UK, Nationwide offers competitive RIO mortgages. Their products are tailored to the unique needs of older borrowers. For more details on their current offers, one can visit nationwide lifetime mortgage interest rates.

Mortgages Over 70

Age is not necessarily a limiting factor when securing a mortgage in the UK. Many lenders have products tailored to those over 70, considering pensioners’ distinctive financial circumstances and needs. A detailed exploration of such offerings can be found at mortgages for the over 70s.

Nationwide Later Life Mortgages

Nationwide, understanding the evolving needs of its ageing customer base has introduced a range of later-life mortgage products. Their offerings include both equity release and RIO mortgages. You can check nationwide Rio mortgage rates for a deeper dive into their product range and current rates.

Nationwide Lifetime Mortgage Calculator

Before diving headfirst into an equity release plan, estimating how much you can release is vital. Nationwide offers a useful tool to gauge this: their lifetime mortgage calculator. More details can be accessed via the nationwide lifetime mortgage calculator.

Natwest Lifetime Mortgage

Natwest, another major player in the UK’s financial landscape, offers its range of lifetime mortgages. Their products are crafted with the flexibility and security that retirees need. Potential borrowers interested in what Natwest offers can glean more information from NatWest lifetime mortgages.

Halifax Retirement Mortgages

Halifax provides a comprehensive suite of financial products, including those aimed at retirees looking to release equity or secure an RIO mortgage. Their retirement mortgages are worth a look for anyone considering this route. Details of their offerings can be found at Halifax Retirement Mortgage.

Making Informed Decisions

Embarking on the equity release journey or taking on an RIO mortgage requires careful thought and planning. These long-term commitments can impact your financial health, the amount of inheritance you leave behind, and your overall quality of life in retirement.

It’s always advisable to consult with financial advisors who specialise in equity release and RIO mortgages. Their insights and expertise can clarify, ensuring you make decisions that align with your retirement goals and financial circumstances.

The financial landscape is also evolving, with lenders continuously innovating and regulatory bodies updating guidelines to safeguard consumers. As such, staying informed and periodically reviewing any arrangements you’ve made can put you in a stronger position, allowing you to adapt to changing circumstances and possibly even secure better deals as they come to the market.