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What are the types of equity release?

All equity release deals rely on the value of your home. An equity release calculator can determine how much you could release. Many lenders will provide a free valuation to determine your property value. Many types of equity release involve no monthly repayments, and releasing equity can be a great way to pay off your existing mortgage. The form of equity release you should consider is a lifetime mortgage that will last the rest of your life.

Equity release mortgages use the market value of your home so you can access lump sums plus a cash reserve to supplement your state benefits.  You can help your loved ones buy a house before property prices increase.  Some offers have no arrangement fees and are close to the Bank of England base rate.

Retirement Interest Only Mortgages (RIO Mortgages Products)

Equity Release Plans

Types of Lifetime Mortgage Schemes with Flexible Features

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Later Life Mortgages

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The minimum age is 55 to get a good rate on an equity release plan from your home, where you borrow money and don’t make repayments. Even after 20 years, the overall cost can be offset by the appreciation of the house price. This should be part of your retirement planning if you can meet the lending criteria.

Some lifetime mortgage interest rates are rising, and you don’t want to pay interest you don’t have to.  A drawdown lifetime mortgage can also be a good option, depending on the value of your home.    The good news is when you borrow money secured on your home, the rates are very low with a flexible lifetime mortgage, later life mortgage options or other lifetime mortgage products.

The costs can be:

  • advice fee
  • voluntary payments
  • completion fee
  • arrangement fee
  • flexible repayments
  • rolled up interest
  • existing mortgage
  • pay inheritance tax
  • mortgage payments
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  • paying off your mortgage left

A lifetime mortgage could be part of some very savvy retirement or tax planning. The total loan is repaid when you die from the sale of your home, but due to compound interest, the total loan amount can go up over time.

With most later-life lending products, you don’t need to make monthly payments, and you have to pay off the existing lender. Because of the nature of the product, most lifetime mortgages have fixed interest rates, and no regular payments are needed.

You should get a personalised illustration of what interest is charged, the impact of any medical conditions, the effect of your tax position, the availability of a fixed interest rate and what happens if you pay the loan early.

You need to be cautious if you currently get council tax benefits or pension credit as you might not qualify for it after you get the one lump sum interest-only mortgage long-term loan.

What is a Rio mortgage?

A retirement interest only mortgage is like a normal interest only mortgage you may have had in the past. It is designed for pensioners.

How much can you borrow on a Rio mortgage?

You can borrow up to 65% of your homes value.

What is the difference between Rio and lifetime mortgage?

One has morthly interest payements (RIO mortgage) and one has no monthly payments (the lifetime mortgage)

Is a Rio a lifetime mortgage?

No, they are completely different products.

How do RIO mortgages work?

You collect your proof of personal income, you get your home valued, you make an application and if it’s successful the money is released to your bank.

What are the disadvantages of a RIO mortgage?

You have to prove you can afford the monthly payments.

What are retirement interest only mortgages?

They are similar to the interest only mortgages of the past.

Why choose retirement interest only mortgages?

It could be more effective than a lifetime mortgage because of the way the interest is paid.

Bad Credit Santander Home Improvement Loans

Having a bad credit score can make it difficult to get approved for home improvement loans. Santander offers loan options for those with less-than-perfect credit. Most banks require a minimum credit score for home improvement loans. With Santander, you may be approved for a loan even if your credit score is lower than average. They review your application’s specific details to determine whether you qualify.

Santander also offers unique financing options for those with bad credit who need to repair their current home. These are often referred to as “bad credit home improvement loans” and are designed to help individuals access additional funds without needing to have a large amount of savings in order to cover the cost of repairs. If approved, the loan is usually paid back over time and can help individuals complete necessary repairs while maintaining their current living situation.