If you are aged release equity in house under 55 there may be options for you to borrow money against the value of your home without using full equity release products. We can explain these in detail over the telephone if you wish.
If your mortgage is paid off or you have a small amount left, you might be able to get an interest-only mortgage to help fund a new kitchen or bathroom. You pay the lender a fixed monthly payment which covers the interest and the capital (the initial amount borrowed) is reduced over time.
You might also be able to borrow against the value of your property by remortgaging or getting a secured loan. You might need to prove that you can afford the monthly payments if you want this kind of borrowing.
Unlocking Home Equity: A Guide to Releasing Funds Under 55
There is huge demand for equity release loans under 55 because many people believe that they can access their home equity in their lifetime and there’s no need to downsize or move home. There are a number of equity release schemes available which can be used for this purpose including a lifetime mortgage and home reversion scheme. Both of these allow homeowners to take a percentage of the value of their property as a tax-free cash sum but they retain full ownership of the property and can move home if they want.
There are some lenders who do equity release for under 55s and these can offer rates that are close to normal prime mortgage rates. They can also provide a range of different types of loans including those for non-standard construction houses like BISF and steel frame/concrete panel properties. They also accept flats and leasehold homes which might be difficult to find on comparison websites and will work with you to tailor a plan that suits your requirements.