Halifax Equity Release Reviews (Updated 2022)

Is Halifax Equity Release Any Good & Safe? We Review the Pros, Cons & Scheme Features
Contributors: Nicola Date, Katherine Read. Edited by Rachel Wait & Reviewed by Francis Hui
Are You Considering Halifax Equity Release? What Are the Pros, Cons & Costs? Read Our Reviews & Discover If Halifax Lifetime Mortgage Schemes Are For You.

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 May 2022, we have concluded that Halifax is an institution work considering.

Here’s why!

Before You Start Reading….

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What is Equity Release

Equity release is a variety of 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.

Does Halifax Offer Lifetime Mortgages & Home Reversion Schemes?

Halifax doesn’t offer lifetime mortgages or home reversion schemes.

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 Widows offers lifetime mortgage plans.

What is a Lifetime Mortgage?

A lifetime mortgage is the most widely used type of equity release available in May 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.

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

The services offered by Halifax bank are 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 pros of equity release with Halifax is that their provider, Scottish Widows, is an Equity Release Council member.

The cons 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?

Use the FREE Calculator Below 👇


Equity Release Calculator

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.