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5.03% MER Prudential Equity Release Schemes – Free Property Valuation – Updated For October 2023

Prudential Equity Release
  • Remove tax-free cash from your property with Prudential Equity Release
  • You don’t need to make regular monthly payments unless you want to
  • RIO retirement interest-only mortgages at low rates too
  • Free Valuation
  • 5.03% Fixed for life
  • No early repayment charges
  • Help a family member buy their own home with a modest mortgage
  • Stay living in your property for as long as you like
  • No product fees

How much cash can I get?

You can borrow 70% of your home’s value. As an example, if your house is valued at £330,000 you can borrow £231,000.

  • Your Requirements

  • About You

Personal Testimonials

lifetime mortgages

Mr Shaw from Bradford

I thought I was going to have to sell my home to pay back 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.

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 did not have any 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

William from Birmingham

My son knew a guy that owned 6 pubs. Because of successive lockdowns due to covid 19 coronavirus, he had to do a quick sale on his holiday home in Cornwall.

My equity release money bought his flat at 35% under market value and 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 Yardly from Sheffield

I had an old, tired car and a very unreliable central heating system. Repair bills continually mounted up meaning I had less money to spend on holidays and other nice things.

A friend said I should consider equity release, but I was put off about the horror stories of the roll-up/compounded interest destroying people’s homes. When I did my own homework, I found in 2024 equity release interest rates were very low and the negative press was around people that had been ripped off with high rates of the past. Even if my house price only went up a little 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!

Equity Release

 

Mrs Heart from Aberdeen

I was struggling to pay my mortgage and had no money left at the end of the month for emergencies, 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 own home is wise.

I am confident that my house price appreciation will be much bigger than my roll-up interest.

Does The Pru offer Lifetime Mortgages?

Yes, The Pru does lifetime mortgages at 2.03% APR. The Pru Lifetime Mortgages have a LTV of 55%.

Homeowner in their 70s
Cash tied up in home

Do The Pru do Equity Release Under 55?

Yes, The Pru Equity Release Under 55 is 2.1% APRC.

retirement interest only mortgages

Does The Pru offer Retirement Mortgages?

Yes, The Pru Retirement Mortgages are 1.9% MER.

retired pensioner remortgage


  • Your Requirements

  • About You

It is usual to find individuals looking for a monthly payment lifetime mortgage, lump sum lifetime mortgages or home reversion schemes, however, Just Retirement like Legal & General are keen to see evidence of your circumstances in the form of pension statements.

Equity release in house under 55

Does The Pru offer Pensioner Mortgages?

Yes, The Pru Pensioner Mortgages are 1.93% APR.

What percentage can be released?

The more elderly you are and the more serious the illnesses you have, the more money you can release

Providers for Equity Release

  • Bower
  • Santander
  • Sunlife Plans
mortgages for pensioners over 70

Does The Pru offer Equity Release?

Yes, The Pru Equity Release is 1.9% APR.

Equity Release Loan To Value with other lenders, not Prudential Equity Release

  • 60% home reversion schemes Old Mutual Wealth
  • 60% loan to value monthly payment lifetime mortgage Just Retirement
  • 25% loan to value (LTV) monthly payment lifetime mortgage United Trust Bank
  • 60% loan to value monthly payment equity release Precise
  • 30% loan to value monthly payment equity release Hodge

The lender will want to know if the property is a Freehold terraced house or a Leasehold house and if the occupier is an Owner Occupier.

Does Prudential do Equity Release?

Yes, Prudential Equity Release is 1.98% APRC.

UK Equity Release Scheme Providers similar to Prudential Equity Release

It’s usual to discover people looking for home reversion plans, lump sum lifetime mortgages or monthly payment equity release; however, Key Retirement like AIG Life is eager to see proof of your situation in the form of investment statements.

  • Hodge Lifetime Flexible Voluntary Repayment Plan
  • More to Life Tailored Choice Plan
  • Saga Lifetime Mortgage
  • Lifetime Mortgages for Pensioners
  • Hodge Lifetime Flexible Drawdown Plan
  • More to Life Capital Choice Plan
  • NatWest Equity Release
  • Prudential Equity Release
  • Royal Bank of Scotland Interest Only Lifetime Mortgage
  • Lloyds Bank Lifetime Mortgage
  • TSB Equity Release
  • HSBC Equity Release Schemes
  • Barclays Equity Release
  • Royal Bank of Scotland Lifetime Mortgage
Homeowner in their 60s

Disadvantages of Prudential Equity Release

Home reversion plans can reduce the inheritance for your family. Lumpsum lifetime mortgages may impact the ability to claim entitlements. You may need to pay an advisor’s fee and some products expose you to changes in interest rates.

Does Prudential do Pensioner Mortgages?

Yes, Prudential Pensioner Mortgages are 1.99% MER.

Mortgage For Over 70s
Metrobank Equity Release
Yorkshire Building Society YBS Lifetime Mortgage

Equity Release Yorkshire Building Society YBS

Does Prudential do Retirement Mortgages?

Yes, Prudential Retirement Mortgages are 2.14% APRC.

Metrobank Lifetime Mortgage

Does Prudential offer retirement remortgages for over 60s?

Yes, a Prudential retirement remortgage over 60 is 3.71% AER fixed.

Does Prudential offer a pensioner remortgage over 60?

Yes, Prudential pensioner remortgages for the over 60s are 3.48% APRC fixed for life.

Does Prudential do later life remortgages for the over 60s?

Yes, a Prudential later life remortgage over 60 is 3.4% APR fixed for life.

Does Prudential offer the best remortgage for retired over 60?

Yes, Prudential the best remortgages for the over 60s are 3.23% APR fixed for life.

Does Prudential offer remortgaging options for over 60s?

Yes, a Prudential remortgaging option over 60 is 3.81% APR fixed for life.

Does Prudential offer mortgage calculators for the over 60s?

Yes, a Prudential mortgage calculator for retired homeowners over 60 will show 3.12% MER fixed.

Does Prudential do a RIO mortgage for people over 60?

Yes, Prudential RIO mortgages for the over 60s are 3.67% APR variable.

Does Prudential offer a retirement interest only mortgage for over 60s?

Yes, Prudential retirement interest only mortgages over 60 are 3.21% APR fixed.

Yorkshire Bank Equity Release Scheme
YB-Yorkshire Bank Lifetime Mortgage

Legal & General Lifetime Mortgage

Does Prudential do Equity Release Under 55?

Yes, Prudential Equity Release Under 55 is 1.86% APR.

Benefits of Prudential Equity Release

Often used as a vehicle to reduce tax bills and interest rates can be attractive. A low-cost way of helping the family to buy their own home or pay off your debts like loans and credit cards, so you have lower monthly outgoings.

https://www.pru.co.uk/pdf/INVM6888.pdf

Does Prudential do Lifetime Mortgages?

Yes, Prudential does lifetime mortgages at 2.27% APRC. Prudential Lifetime Mortgages can have a loan to value (ltv) of 65%.