York is one of the areas we cover, and it throws up a particular set of questions that most equity release calculators are not built for.
York property is not standard property
More of York's housing stock is old, listed, or inside a conservation area than almost anywhere else in the north.
That matters here, because a lender's decision rests on the property as much as on you.
Listed buildings and conservation areas. These are not automatically ruled out, but they are not a tick-box either. They go to a lender for a decision rather than through a standard assessment, and some lenders are considerably more comfortable with them than others. Being whole of market matters more than usual when this is your situation, because it means looking at who will actually lend rather than who happens to be on a panel.
Older construction. Much of the housing inside and around the walls predates anything a modern lender would call standard. Some of it is fine. Some needs a specific lender. The only way to know is to ask.
Leasehold flats and conversions. Eligible, but the lease generally needs more than 75 years left on it. Worth checking before you get attached to a plan rather than after.
The suburbs. Bishopthorpe, Fulford, Heworth, Acomb, Dringhouses and the villages around the city are largely conventional housing and generally straightforward.
If your home is unusual, that is a reason to have a conversation, not a reason to assume the answer is no. Non-standard property gets referred to a lender rather than declined out of hand.
What we can look at
Craig advises across the later life lending market:
- Lifetime mortgages, whole of market
- Retirement interest only (RIO) and term interest only (TIO) mortgages, independent whole of market advice
- Interest only mortgages for ages 50 and over, independent whole of market advice
- Home reversion, referred to sector specialists
The basics
- 55 or over for a lifetime mortgage, 50 or over for a RIO
- Property worth at least £70,000
- Minimum release £10,000
- No upper age limit
- Joint applications assessed on the younger applicant
- Any existing mortgage repaid out of the release
Roughly, you could release up to 28% of your property's value at 55, around 37% at 65, around 44% at 70, and up to 60% from 80 onwards. Your actual figure depends on your circumstances and your property.
Not sure how any of this applies to your own circumstances? Craig is happy to talk it through, free and with no obligation.
Talking to us
Phone, video call, or face to face, whichever you prefer.
The first conversation costs nothing. Our advice fee is a maximum of £1,495, payable only if your case completes.
Craig will tell you if equity release is not the right answer for you. With unusual property in particular, sometimes it is not, and you are better off knowing that quickly.
Book a call with Craig or call 0113 403 5584.
