5.02% Prudential Lifetime Mortgage or RIO Retirment Interest Only

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 August 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.

Recent Reviews

William from Birmingham

My son knew a guy who owned six pubs. Because of successive lockdowns due to the COVID-19 coronavirus, he had to sell his holiday home in Cornwall quickly.

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.

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, which I would have paid to move to a place I did not want.

The no negative equity guarantee and equity release council assurances were fundamental 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 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.

Mrs Yardly from Sheffield

I had an old, tired car and an unreliable central heating system. Repair bills continually mounted up, leaving me with less money to spend 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 own homework, I found that in the 2024 equity release, interest rates were very low, and the negative press focused on people who had been ripped off by high rates in the past.

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!

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 precisely 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.

No product fee prudential equity release

Cash tied up in home prudential lifetime mortgages

Does Prudential offer Equity Release?

Yes, Prudential Equity Release is 1.95% APR.

Does Prudential do retirement remortgages for those in their 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 have the best remortgages for people in their 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 provide mortgage calculators for people in their over 60s?

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

Does Prudential offer an RIO mortgage for those over 60?

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.

People often seek out interest-only lifetime mortgages, lump-sum lifetime mortgages, or lump-sum lifetime mortgages. However, the Telegraph, like Fortify Insurance Solutions, is keen to see paperwork showing 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 a 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 through 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

Stonehaven Interest Select Plan
HSBC Equity Release Plans
Lloyds Bank Equity Release
Barclays 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. A lifetime mortgage with a flexible drawdown cash release may impact your 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

It could 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. She registered number SC212640.

We are 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, incorporated in the United Kingdom.

These companies are not affiliated 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 August 2024

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

Sorting by