- Remove tax-free money from your home with YBS Equity Release
- New lower rates from October 2024
- No monthly repayments unless you prefer
- RIO – retirement interest-only mortgages available for those with income
- Use the money to keep another family member away from a high loan to value mortgage
- Stay living in your property for as long as you like
How much can I release?
You can achieve 65% of your home’s valuation. As an example, if your house is worth £220,000 you can get £143,000.
Frequent Finance Reviews
Mr Hayworth 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.
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.
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.
William from Birmingham
My son knew a guy who owned 6 pubs. Because of successive lockdowns due to the 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.
Mrs Yardage 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 by 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 who had been ripped off with high rates in 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!
Does Yorkshire Building Society do Equity Release?
Yes, Yorkshire Building Society Equity Release is 2.02% MER.
It’s common to discover people looking for home reversion schemes, lump sum lifetime mortgages or monthly payment lifetime mortgages. However, Age Concern like Legal & General is keen to see paperwork to show your situation in the form of investment statements.
Does YBS do Equity Release?
Yes, YBS Equity Release is 2.29% APR.
Equity Release LTV Percentages
The more aged you are and the sicker you are, the more tax-free cash you can release
UK Equity Release Lenders
- Lifetime Mortgage from L&G
- Stonehaven
- Key Solutions
- Stepchange
- YBS Equity Release
What percentage can be released with Equity Release Yorkshire Building Society?
- 55% monthly payment lifetime mortgage Legal & General
- 60% loan to value lifetime mortgage with flexible drawdown cash release Paragon Personal Finance
- 45% LTV lump sum lifetime mortgages Shawbrook
The 1st and 2nd charge lenders will want to know if the property is a Freehold terraced house or a Leasehold flat and if the occupier is an Assured shorthold tenancy tenant.
Does Yorkshire Building Society do Retirement Mortgages?
Yes, Yorkshire Building Society Retirement Mortgages are 2.2% APRC.
Does YBS do Pensioner Mortgages?
Yes, YBS Pensioner Mortgages are 1.99% MER.
Equity Release Providers similar to YBS Equity Release
It’s usual to find people seeking out monthly payment equity release, monthly payment lifetime mortgage or lifetime mortgage with flexible drawdown cash release, however, Just Retirement like VitalityLife Equity Release is eager to see paperwork to show your circumstances in the form of bank statements.
Do Yorkshire Building Society do Pensioner Mortgages?
Yes, Yorkshire Building Society Pensioner Mortgages are 2.22% APR.
- More To Life Equity Release Plans
- Just Retirement Equity Release Schemes
- More to Life Flexi Choice Voluntary Payment Super Lite
- TSB Equity Release
- More to Life Capital Choice Plus Plan
- Saga home reversion plan
- Hodge Equity Release Plans
- HSBC Equity Release Plans
- Barclays Lifetime Mortgage
- YBS Equity Release
- NatWest Equity Release
- Royal Bank of Scotland Equity Release
- Age Partnership Interest Only Lifetime Mortgage
- Hodge Equity Release Schemes
- Just Retirement Drawdown Lifetime Mortgage
- L&G Legal & General Flexible Max Plus
- Liverpool Victoria LV= Flexible Lifetime Mortgage
- More to Life Flexi Choice Voluntary Payment Super Lite
- Age Partnership Equity Release
- Hodge Equity Release Schemes
- Just Retirement Equity Release
- YBS Equity Release
- Liverpool Victoria LV Equity Release Plans
- Nationwide Equity Release
Does YBS offer Retirement Mortgages?
Yes, YBS Retirement Mortgages are 2.28% MER.
Downsides of YBS Equity Release
A lifetime mortgage with flexible drawdown cash release can reduce your estate value.
Interest-only lifetime mortgages may impact the ability to claim benefits. You may need to pay a legal fee and some products expose you to changes in interest rates.
Does YBS do Equity Release Under 55?
Yes, YBS Equity Release Under 55 is 1.95% APR.
Applications of YBS Equity Release
Could be used to manage inheritance tax bills and interest rates can be attractive. Low rate way of helping the family to buy their own home or pay down your debts, so you have lower monthly outgoings.
Does Yorkshire Building Society do Equity Release Under 55?
Yes, Yorkshire Building Society Equity Release Under 55 is 2.04% APR.
Yorkshire Building Society is a member of the Building Societies Association and is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Does the Yorkshire Building Society offer Lifetime Mortgages?
Yes, Yorkshire Building Society does lifetime mortgages at 2.07% APRC. Yorkshire Building Society Lifetime Mortgages have a loan to value of 55%.
Yorkshire Building Society is entered in the Financial Services Register, and its registration number is 106085. Head Office: Yorkshire House, Yorkshire Drive, Bradford BD5 8LJ.
References to ‘YBS Group‘ or ‘Yorkshire Group’ refer to Yorkshire Building Society, the trading names under which it operates (Chelsea Building Society, the Chelsea, Norwich & Peterborough Building Society, N&P and Egg) and it’s subsidiary companies.
Does YBS do Lifetime Mortgages?
Yes, YBS do lifetime mortgages at 2.19% MER. YBS Lifetime Mortgages have an LTV of 65% – Updated For October 2024.
Unlocking the Value in Your Home: An Exploration of Equity Release, Lifetime Mortgages, and Retirement Interest Only Mortgages in the UK
As we progress through life, our financial goals and situations evolve. One of the key assets many people in the UK accumulate over their lifetime is property. Over time, this property often appreciates in value, presenting homeowners with opportunities to leverage its worth for financial flexibility. One of the most common means of doing so is through equity release, lifetime mortgages, and retirement interest-only mortgages. Each of these financial products offers a unique approach to leveraging your home’s value, particularly as you approach or are in retirement. Let’s delve into these to understand them better.
Equity Release
Equity release refers to methods that allow you to access the equity (cash) tied up in your home without having to move out. This often becomes a consideration for older homeowners, especially if they need to supplement their pension or have other significant expenses.
Benefits:
- No need to move out of your house.
- Provides a lump sum, regular income, or both.
- No monthly payments, depending on the plan chosen.
Considerations:
- Reduces the inheritance value of your home.
- Might impact means-tested state benefits.
- Interest can accumulate, increasing the amount you owe over time.
Lifetime Mortgages
A lifetime mortgage is the most popular type of equity release. With this approach, you take out a mortgage secured on your property while retaining ownership. Instead of making repayments, the interest is typically rolled up, which means it accumulates over time and is repaid when the property is sold, either when you pass away or move into long-term care.
Benefits:
- You remain the owner of your property.
- No required monthly repayments.
- Flexible ways to access funds.
Considerations:
- Compound interest can mean the amount owed grows quickly.
- It might not leave much for inheritance.
- Early repayment charges could apply if you decide to pay off the mortgage sooner.
Retirement Interest Only Mortgages
Retirement Interest Only (RIO) mortgages are a newer concept. With RIOs, you borrow a sum of money against the value of your home and only pay back the interest each month. The loan itself is repaid when the property is sold.
Benefits:
- Monthly repayments are typically lower than traditional mortgages since you’re only covering the interest.
- Can provide a way to stay in your home if your previous mortgage is coming to an end.
- Loan duration is open-ended.
Considerations:
- Monthly interest payments are required.
- The principal loan amount remains outstanding until the property is sold.
- Not all providers offer RIO mortgages.
Halifax Retirement Interest-Only Mortgage Rates
Halifax, one of the UK’s leading mortgage providers, offers competitive RIO mortgage rates tailored to the financial needs of retirees. For a comprehensive view of their offerings, explore Halifax Lifetime Mortgage.
Nationwide Rio Mortgage Rates
Nationwide is renowned for its diverse mortgage offerings, including RIOs. Those considering an RIO mortgage with Nationwide should investigate their rates and terms to ensure they align with their financial objectives. More details can be found on Best Lifetime Mortgage Rates.
Mortgage For Over 70S – Yorkshire Building Society mortgage
The financial market recognizes the unique needs of older homeowners. As a result, several providers offer mortgages tailored for those aged 70 and over. To explore these options in detail, visit Mortgages for Pensioners Over 70.
Retirement Interest Only Mortgage Rates 2024
The dynamic nature of the financial market means mortgage rates fluctuate over time. For the most up-to-date rates in 2024 for RIO mortgages, potential borrowers should review Best Retirement Interest Only Mortgage Rates.
Nationwide Shared Ownership Mortgage Calculator
Shared ownership is a unique way to enter the property market. Nationwide offers shared ownership mortgage options along with tools like calculators to help prospective borrowers gauge the feasibility of such an undertaking. More about their shared ownership offerings can be discovered at Nationwide Equity Release Rates.
Natwest Equity Release
Natwest provides equity release solutions tailored for older homeowners, especially those above 75 years of age. Their product offerings can be a viable financial solution for those looking to release funds from their homes. Dive deep into their offerings at Natwest Lifetime Mortgage Over 75.
Navigating the Options for mortgages equity release
Choosing the right mortgage product is a pivotal decision. The above offerings provide a diverse range of options to cater to individual financial situations. It’s crucial to analyze each product’s benefits and limitations thoroughly. Seeking expert advice from financial consultants or mortgage advisers can help in understand the nuances of each offering and guide you towards a decision that aligns with your financial and personal goals. As with all financial commitments, being well-informed ensures that the path you choose aligns seamlessly with your retirement aspirations, ensuring peace of mind and financial stability.