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5.02% MER Prudential Lifetime Mortgages Over 60 or Retirement Interest Only Mortgages 2023

Prudential Lifetime Mortgage
Interest Only Mortgages
  • Release money from your home with a Prudential Lifetime Mortgage
  • You don’t need to make monthly payments unless you want interest-only payments
  • No early repayment charges
  • RIO retirement interest-only mortgages
  • Use the equity released for anything you like
  • Continue to stay in your house
  • Help a family member buy their first home
  • 5.02% MER Fixed for life from January 2024

How much money can I borrow?

You can get 60% of your property’s valuation. For example, if your home is valued at £250,000 you can get £150,000.

  • Your Requirements

  • About You

Recent Reviews

Prudential 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.

Prudential lifetime mortgage

 

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.

Prudential 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.

Prudential 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.

Prudential retired pensioner remortgage
No product fee prudential equity release
Cash tied up in home prudential lifetime mortgages
  • Your Requirements

  • About You

Prudential Lifetime Mortgage
Lifetime Mortgages
NatWest Interest Only Lifetime Mortgage

Does Prudential offer Equity Release?

Yes, Prudential Equity Release is 1.95% APR.

Does Prudential do retirement remortgages for the over 60s?

Yes, a Prudential retirement remortgage over 60 is 3.63% MER variable.

Does Prudential do a pensioner remortgage over 60?

Yes, Prudential pensioner remortgages for the over 60s are 3.26% APR fixed for life.

Does Prudential offer later life remortgages for over 60s?

Yes, a Prudential later life remortgage for homeowners over 60 is 3.59% APRC fixed.

Does Prudential do the best remortgages for the over 60s?

Yes, Prudential is the best remortgage for retired over 60 and is 3.08% AER fixed for life.

Does Prudential offer remortgaging options for over 60s?

Yes, a Prudential remortgaging option for retired homeowners over 60 is 3.14% AER fixed for life.

Does Prudential do mortgage calculators for over 60s?

Yes, a Prudential mortgage calculator for retired homeowners over 60 will show 3.28% AER variable.

Does Prudential offer a RIO mortgage for those over 60s?

Yes, Prudential RIO mortgages over 60 are 3.72% AER fixed.

Does Prudential offer retirement interest only mortgages for over 60s?

Yes, a Prudential retirement interest only mortgage for retired homeowners over 60 is 3.67% APR fixed for life.

It is often found to find people seeking out interest-only lifetime mortgages, lump sum lifetime mortgages or lump sum lifetime mortgages, however, the Telegraph like Fortify Insurance Solutions are keen to see paperwork to show your situation in the form of pension statements.

Equity Release LTV

The more aged you are and the sicker you are, the more cash you can release

UK Equity Release Scheme Providers

  • Key Solutions
  • New Life
  • Sun life Plans
  • Stonehaven Mortgage
  • Zurich

Equity Release LTV – similar to a Prudential Lifetime Mortgage

  • 50% lump sum lifetime mortgages LV Liverpool Victoria
  • 50% loan to value (LTV) lump sum lifetime mortgages Bower
  • 30% loan to value monthly payment lifetime mortgage United Trust Bank

Does Prudential offer Pensioner Mortgages?

Yes, Prudential Pensioner Mortgages are 2.2% APR.

The 1st and 2nd charge lender will want to know if the property is a Freehold terraced house or a Leasehold flat with share of freehold and if the occupier is an Assured shorthold tenancy tenant.

Lenders for Equity Release

It is usual to find people searching for monthly payment equity release, monthly payment lifetime mortgage or home reversion plans. However, Age Partnership like Aegon is eager to see evidence of your circumstances in the form of bank statements.

  • Lifetime Mortgages
  • Canada Life Lifestyle Gold Flexi
  • Nationwide Equity Release Schemes
  • Saga home reversion schemes
  • Lifetime Mortgages for Pensioners
  • Canada Life Lifestyle Gold Flexi
  • Just Retirement Interest Only Lifetime Mortgage
  • L&G Legal & General Flexible Max Scheme
  • Nationwide Equity Release Plans
  • TSB Lifetime Mortgage
  • NatWest Interest Only Lifetime Mortgage
  • Saga Equity Release Plans
  • Age Partnership Interest Only Lifetime Mortgage
  • Hodge Equity Release Schemes
  • Liverpool Victoria LV Equity Release Schemes
  • L&G Legal & General Premier Flexible Lifetime Mortgage
  • Prudential Lifetime Mortgage
  • Stonehaven Lifetime Mortgage
  • Lloyds Bank Equity Release Plans
  • NatWest Interest Only Lifetime Mortgage

The Downside of a Prudential Lifetime Mortgage

Does Prudential offer Retirement Mortgages?

Yes, Prudential Retirement Mortgages are 2.13% APRC.

Monthly payment equity release can reduce your estate value. Lifetime mortgage with flexible drawdown cash release may impact the ability to claim entitlements.

You may need to pay a legal fee, and you could have higher rates to pay with some schemes.

Benefits of a Prudential Lifetime Mortgage

Could be used to help tax planning and interest rates can be quite low. 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.  A Prudential Lifetime Mortgage can be a very low overall cost.

Does Prudential do Equity Release Under 55?

Yes, Prudential Equity Release Under 55 is 2.15% APR.

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

“Prudential” is a trading name of Prudential Distribution Limited.

Prudential Distribution Limited is registered in Scotland. Registered Office at Craigforth, Stirling FK9 4UE. Registered number SC212640.

Authorised and regulated by the Financial Conduct Authority. Prudential Distribution Limited is part of the same corporate group as the Prudential Assurance Company.

The Prudential Assurance Company and Prudential Distribution Limited are direct/indirect subsidiaries of M&G plc, a company incorporated in the United Kingdom.

These companies are not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America or Prudential plc, an international group incorporated in the United Kingdom.

Does Prudential offer Lifetime Mortgages?

Yes, a Prudential lifetime mortgage is at 1.9% APR. Prudential Lifetime Mortgages can have a loan to value (ltv) of 60%. – Updated For January 2024

Find out if a Prudential Lifetime Mortgage can help you release the money tied up in your home that you need. Rates are now very very low and can be fixed for the life of the mortgage.