David Allan

Expertly compared by David Allan

Products Updated November 8, 2018

Equity Release Under 55?

If you need to realise a cash lump sum from your home and are under the age of 55 then unfortunately you wouldn’t qualify for a regular equity release or lifetime mortgage. However our approved experts at Feasible Loans have an alternative solution. They can provide a short term second charge loan against your home until a time which you are 55 or over and then eligable to apply for a equity release plan.

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All credit types
Rated 4.9/ 5

Feasible.co.uk Why?
Why?

This provider is our Expert’s Choice in its category as it won tops marks for the following.

  • TRUST
  • VALUE
  • EXPERTISE & KNOWLEDGE
  • CUSTOMER SERVICE

Learn more about how we review and assess the providers here on Lending Expert.

Loan Amount
£1,000 - £250,000

Representative APR
4.2%

Loan Term
3 - 30 years

Loan Type
Secured Loans & Personal Finance

Status
Homeowners & Tenants
Max LTV 100%

Feasible.co.uk are our approved credit brokers who working alongside their award winning partners can search the market place to find you the cheapest loans on the market. They can arrange loans for any purpose including popular options such as debt consolidation, home improvements.

 

FAQ's

If I take out a second loan on my property will have to make payments?

Yes. The loan is like a regular loan and you will need to make monthly repayments and meet the lending criteria of the lender.

How old do I have to be for equity release?

If you are a homeowner aged 55 or over, you could benefit from releasing a lump sum of tax-free money from the value of your home with the help of an equity release scheme. Please note that for equity release you need to be 55 years of age or over to qualify. If you are under 55 and want to release equity then you may wish to consider a second charge loan or a remortgage on your existing property.

What is equity release?

Equity release allows you to release tied up cash in your home for you to enjoy now as either a one off cash lump sum or a monthly amount. There is no requirement to make monthly repayments with most equity release plans. Instead, on a lifetime mortgage, a fixed or variable rate of interest is rolled-up against the loan so that you have nothing to pay during your lifetime. The amount you could recieve depends on the value of your home and any outstanding mortgage or secured loans.

Will I have to make monthly repayments on my loan?

Yes, if you choose to take out a second charge loan against your home then you will be required to make monthly loan repayments to the lender until the loan is repaid in full.

Do you have an equity release calculator for under 50's??

If you are under 55 and decide to go down the second charge loan route then your broker will calculate how much you can borrow and how much it will cost per month in repayments. How much you can borrow will depend on your home equity and affordability of the loan taking into consideration your earning capacity and expenses.

What is the maximum LTV I can borrow on equity release?

The maximum loan to value on a lifetime mortgage is around 45%. That means that you can release up to nearly half of your homes value for retirement.

Can I get equity release under 55 years of age?

If you are under the age of 55 or 50 you can release equity tied up in your home via a remortgage or second charge loan. Contact our specialist broker above to see what solutions you qualifiy for.

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