Halifax Equity Release (Jan 2022)

Halifax Lifetime Mortgage Review

Contributors: Nicola Date, Katherine Read. Edited by Rachel Wait & Reviewed by Francis Hui

Are You Considering Halifax Equity Release? What are the Pros & Cons? What are the Costs? Discover If Halifax Lifetime Mortgage Schemes are for You.

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Halifax Equity Release

While some equity release providers focus solely on later-life lending, others are massive banks that offer a wide range of financial products.

Do you think that a leading, multifaceted financial institution is the best place to find an equity release product? You might be right!

With branches across the UK, could Halifax bank be the equity release lender you’ve been searching for?

This article will explore:

  • What is Halifax Bank?
  • The equity release products are available through Halifax.
  • Additional services that they offer.

After reviewing more than 220 equity release plans available in Jan 2022, we have concluded that Halifax is an institution work considering.

Here’s why!

What is Equity Release & How Does it Work?

An equity release refers to various services that allow you to access the equity (cash) invested in your house if you are above 55. It’s a mortgage against the value of your estate while you live there. You have the option to receive the money in one lump sum, drawing down on it bit by bit, or receiving a constant flow of money.

It works by the mortgage and accrued interest, being paid back when the last homeowner dies or enters long-term care. This is generally achieved through the proceeds from the sale of the house in question.

Learn more: What is Equity Release?

Does Halifax Offer Lifetime Mortgages & Home Reversion Schemes?

Halifax themselves do not offer equity release products. However, they have a partnership with Scottish Widows Bank, which does offer equity release plans. If you contact Halifax for equity release, they will put you in touch with Scottish Widows.

Scottish Widdows offers lifetime mortgage plans.

What is a Lifetime Mortgage?

A lifetime mortgage is the most widely used type of equity release available in Jan 2022. Essentially, it allows you to use some of the value of your home as a  tax-free loan, with your home as collateral. The loan and interest accrued are then repaid from the sale of the property when the last homeowner dies or goes to long-term care.

More information: What is a Lifetime Mortgage?

An Introduction to Halifax Bank

Halifax is a British banking brand owned by the Bank of Scotland, which is a wholly-owned subsidiary of Lloyds Banking Group. It was first opened as a building society in Halifax, West Yorkshire, in 1853 and subsequently known as the Halifax Building Society.

Services Offered by Halifax

Halifax Bank offers bank accounts, ISA’s, savings and investment solutions, credit cards, loans, home insurance, mortgages, and asset insurance.

Halifax Equity Release Products

As mentioned above, Halifax bank doesn’t offer equity release, but they have partnered with Scottish Widows. Scottish Widows plans have the following features:

  • Available for homeowners aged 55 to 85.
  • Lump-sum and drawdown facilities.
  • Full property ownership with no monthly repayments.’
  • Joint name plans.
  • In-house equity release advice.

The Pros & Cons of Equity Release with Halifax

The biggest pro of equity release with Halifax is that their provider, Scottish Widows, is an Equity Release Council member. The biggest con of equity release with Halifax is that they don’t offer plans themselves, so they won’t be responsible for any issues or complaints.

Why Should I Consider Equity Release with Halifax?

You should consider equity release with Halifax if you are already a member of the bank. Otherwise, your best bet is to contact an independent financial adviser who will advise if Scottish Widows is the best plan provider to cater to your needs.

Is Halifax Not the Solution for You?

Browse through all the regulated plan providers that we have shared, as there will likely be the ideal lender for you and your family. Also, be sure to check all the alternatives as equity release should be a last resort.

How Much Can You Release?

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Value of Your Home?


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Editorial Note: This content has been independently collected by the EveryInvestor advisor team and is offered on a non-advised basis. EveryInvestor may earn a commission on sales made from partner links on this page, but that doesn’t affect our editors’ opinions or evaluations. Learn more about our editorial guidelines.
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Written by
Jason Stubbs
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Jason Stubbs Is a Specialist in the Equity Release Sector. He Enjoys Helping Older People Who Are Struggling Financially Get Out From Under Financial Pressure.

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Rachel Wait
Personal Finance Journalist

Rachel is an experienced finance journalist and editor with a particular interest in personal finance and consumer affairs. She has vast experience writing about money issues, property, insurance, and consumer affairs, and you’ll find her articles regularly featured in top media and newspaper publications.

Reviewed by
Francis Hui
Senior Risk Manager

Having held various high-level roles across the industry, Francis is truly an expert in aiding UK citizens in their financial decisions and risk analysis. His unique insight and statistical knowledge make him the perfect person to help you take your financial future to the next level.
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Mortgage Expert

Mark Patterson is a well-known expert in mortgages. He has been working as an expert for over 15 years, and he specializes in the UK mortgage market.
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Katherine Read
Consumer Affairs Writer

She writes on the topics of equity release, home reversion, and mortgages.

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Nicola Date
Writer & Journalist

Nicola is a financial writer for EveryInvestor and is passionate about the opportunities that equity release can open up for homeowners. Her extensive business experience and deep understanding of the industry means that she’s always up-to-date with the latest developments.