Home Reversion & Retirement Mortgage Providers

Top 16 Home Reversion & Retirement Mortgage Providers: A Definitive Guide

A Home Reversion Plan Is a Competitive Type of Equiry Release Available. Discover the In's & Out's of This Fantastic Option & if It's Right for You.

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Top 16 Home Reversion & Retirement Mortgage Providers

Here we’ve listed our best Home Reversion providers:

#01. Bridgewater

This company is one of the more prominent companies within the Retirement Bridge Group that manages more than 4500 reversion plans in the UK. Bridgewater was created in 1912, and they’re regulated by the FCA 1(or the Financial Conduct Authority) and the ERC2 (Equity Release Council).

Now:

Bridgewater offers many home reversion options. Most of these offers are focused on tenants paying rent to the homeowner. The first option is no rent, the second option is fixed rent, and lastly, there’s escalating rent.

Simply put:

If more rent gets paid, then more money will be released lump-sum by Bridgewater. And if you want an inheritance guarantee, home reversion can help you with that as well.

#02. Crown

Let’s take a look at Crown, founded in 2001. This provider uses private investors for funding their plans. All their plans are according to the ERC’s code of conduct. This ensures all members peace of mind – tenants can’t be evicted according to this code of conduct.

Listen to this:

Crown is one of the few providers that offer great flexibility because investors fund them. Crown accepts property that most lenders won’t – property that falls outside the standard property criteria.

Best of all…

They also will sell your property up to 100% of its value while you can pay monthly, according to the plan you choose.

Here we’ve listed our best Retirement Mortgage providers:

#03. Bank of Ireland

This is a provider associated with Post Office Money®. They offer a range of mortgage options specially created for borrowing money even into your retirement.

#04. Beverly Building Society

Beverley Building Society is a provider that’s Yorkshire-based and regional society. They offer a mortgage that’s an interest-only retirement mortgage, which is excellent for your finances! I mean, no one wants to pay too much interest.

#05. Hanley Economic Building Society

Hanley Building Society was established in 1854 in Stoke on Trent. They are willing to borrow money from people up to the age of 80. This allows you the freedom to borrow money into your retirement if you choose them as your provider.

#06. Hinckley and Rugby Building Society

Hinkley and Rugby Building Society offer fixed as well as discounted retirement mortgages. You can employ them once you turn 55 years of age with no maximum age. They’ll lend you up to 60% of the value of your property, also known as the LTV. Best of all, they don’t require early repayment charges.

#07. Hodge Lifetime

As mentioned above, Hodge Lifetime was launched in 1965 when they introduced their first equity release plan. They’re the longest-existing provider in the UK. Their retirement mortgage is a hybrid of residential retirement and lifetime mortgage plans.

Listen to this!

It’s interest-only, and you’ll have to repay the interest on a month-to-month basis until the owner of the property dies or goes into long-term medical care.

#08. Ipswich Building Society

They’re situated in Suffolk, and they offer options like discounted and fixed-rate retirement mortgages. You have to be 55 years or #older to take this mortgage. The minimum that you can borrow is £25,000 and £500,000 maximum.

#09. Leeds Building Society

Leeds Building Society has a residential mortgage range for people up until the age of 80. therefore they’re all so perfect as retirement mortgages, so it isn’t for younger people only.

#10. Mansfield Building Society

Mansfield Building Society gives you RIO mortgages options with fixed or discounted rates. They have different lengths you can choose from, terms of 2 to 3 years. They aim to be a trustworthy and secure mutual organization. They’ll use 100% of your pension salary, and they assess each individual’s situation to determine your plan.

#11. Marsden Building Society

Another society was created in 1860 and offered fixed and discounted rate retirement mortgages with a three or 5-year fixed-rate RIO for those over the age of 55 who own a home. They’ll borrow you money up to the value of 50% of your property, with the minimum value being £150,000.

#12. Newsbury Building Society

Newbury Building Society is a smaller mutual society that offers a single discounted rate 5-year retirement interest-only (RIO) mortgage. They’ll pay about £700 of your property valuation fees, so you don’t have to, and they also don’t charge you legal fees either.

Better yet:

The RIO is discounted, and overpayments are allowed. However, you’ll have three years to do early repayment charges. Within this ERC period, you can overpay up to 20% of your initial loan.

#13. Penrith Building Society

Penrith Building Society offers an entire residential mortgage range. It’s suitable as a retirement mortgage as there’s no age limit attached to it. You’ll also be borrowed up to 50% of your property value if you’re 55 years or older.

#14. Scottish Building Society

Established in 1848, the Scottish Building Society is the only society situated in Scotland. They allow homeowners to borrow money up to the age of 85. You can borrow up to 50% of your property value, minimum being £30,000, maximum being £300,000. Your income determines the maximum you can borrow, and that could be your pension income as well.

#15. Swansea Building Society

Swansea Building Society was born in 1923. They’re offering one retirement mortgage plan that’s solely for properties in Wales. They’ll lend you up to 60% LTV (your property’s value). You’ll need to receive an income of £18,000 minimum, you have to be retired, and 50% of your income must come from your retirement income specifically. You’ll be lent money up until the age of 85.

#16. Tipton and Coseley Building Society

‘The Tipton’, a small building society, is situated in the West Midlands. With them, you’ll be able to get a fixed or discounted rate retirement mortgage of many varieties. They have options like three and 5-year terms as well as a whole term discounted mortgage with their “later life lending range.”

High Street Banks & Lifetime Mortgages

The ‘big 6’ high street banks are Halifax, Barclays, Lloyds, HSBC, Santander, and Royal Bank of Scotland (RBS). They don’t offer lifetime mortgages at the moment. They also don’t provide other equity release plans. Therefore, you’ll need one of the companies or societies listed above to provide you with a mortgage.

In recent years, Nationwide has joined the lifetime mortgage market too. However, they don’t have their plans. They use Pure Retirement instead to do those services on their behalf.

In Conclusion

In the current economic climate, people are turning to home reversion and retirement mortgages for a number of reasons. These mortgages can provide security and stability that is otherwise difficult to find in some parts of the world. They also allow you to enjoy your time with family without sacrificing your quality of life or financial future. The key is finding the right provider for you

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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Home Reversion Retirement Mortgage Providers

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Now, compare and save: Search over 200 equity release council approved plans and find the best deal for the amount of money that you need.

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