Yorkshire Bank Equity Release And Lifetime Mortgage Review in 2024

Would You Like To Know if Yorkshire Bank Offers Equity Release in 2024? Find Out Everything You Need to Know About Yorkshire Bank’s Products and Services and if They Offer Equity Release. Read On…
  • Last Updated: 05 Feb 2024
  • Fact Checked
  • Our team recently fact checked this article for accuracy. However, things do change, so please do your own research.

Contributors:

Francis Hui

Key Takeaways

  • The Yorkshire Bank equity release Scheme allows homeowners aged 55 and over to release wealth from their property while still living in it.
  • It works by providing a lump sum or regular income from the value of your home, which is repaid when the property is sold.
  • Benefits include access to tax-free cash, no monthly repayments, and maintaining ownership of your home.
  • Risks include reducing your estate value, affecting your entitlement to means-tested benefits, and potential early repayment charges.
  • Applying involves contacting the bank, receiving a personalized quote, and undergoing a property valuation.

Are you looking into releasing money from property and wondering if Yorkshire Bank can help?

More and more UK-based homeowners are looking at equity release schemes to fund their retirement in a growing equity release market.

Yorkshire Bank is one of the top ten banks in the UK, which makes it attractive as a lender. But does it offer equity release?

The good news is we have done the research for you.

In This Article, You Will Discover:

    We have researched the entire equity release sector, as well as alternatives available so that we can bring you the most current information available.

    Therefore:

    NOTEEvery Investor is an impartial and unconnected third-party information provider via this website, and the details replicated in this commentary represent the opinions of Every Investor only and may not reflect the views or opinions of Yorkshire Bank. This article must not be interpreted as advice, nor is it a solicitation to conduct transactions in any financial product provided by Yorkshire Bank.

    Who Is Yorkshire Bank?

    Yorkshire Bank began as the West Riding Penny Savings Bank in 1859 and changed it's name to Yorkshire Bank in 1959.1

    Yorkshire Bank has a large personal client base and a nationwide corporate banking network.

    Yorkshire Bank is part of the Virgin Money Group and is a business brand of Clydesdale Bank Plc.2

    What Is An Equity Release Mortgage?

    For over-55 homeowners, equity release is a mechanism to access the embedded value in their property, allowing them to release equity from their mortgage.

    It's a financial strategy for converting home equity into cash.

    The repayment of this loan is distinctive in its timing; it occurs from the home's sale, often after the homeowner's significant life event, like passing away or entering care.

    What Is the Process for Yorkshire Bank Equity Release?

    The process of equity release with Yorkshire Bank involves a number of key steps.

    First, you need to book a consultation with a financial adviser to discuss your needs and financial situation.

    This expert will help you understand the range of equity release products offered by the bank and how they can benefit you.

    Following the consultation, you submit an application detailing our property and financial details.

    The bank then conducts a property valuation, and if everything checks out, they approve your equity release.

    The money can be received as a lump sum or in smaller, regular amounts depending on your preference.

    This process ensures you can unlock the wealth tied up in your homes in a secure and efficient manner.

    Why Should You Consider Yorkshire Bank?

    Yorkshire Bank is a well-known name, they are part of the Virgin Money Group and a business brand of Clydesdale Bank Plc.

    What Services Does Yorkshire Bank Offer?

    Yorkshire Bank offers a full range of traditional high-street banking products and services for consumers and medium-sized businesses.

    Their services include:

    • Transactional banking
    • Savings
    • Loans
    • Mortgages
    • Insurance

    Does Yorkshire Bank Offer Equity Release or Lifetime Mortgages?

    No, Yorkshire Bank does not offer equity release.

    However, they do offer traditional mortgages and other banking services.

    Yorkshire Bank’s Alternatives

    As one of the UK’s largest banks, Yorkshire Bank offers several traditional mortgages and other banking services.

    However, it does not offer equity-release products.

    What Are Yorkshire Bank’s Interest Rates?

    Yorkshire Bank’s traditional mortgage interest rates range between 5.20% to 6.30% AER*.

    Are you curious about equity release interest rates?

    *While we regularly review our rates, these may have changed since our last update.

    What Are Yorkshire Bank’s Fees?

    Yorkshire Bank’s fees for the services offered vary depending on the products and services you require.

    We recommend ‌you visit their website to obtain the latest information on the fees for the services you are interested in.3

    Does Yorkshire Bank Have An Equity Release Calculator?

    No, Yorkshire Bank does not have an equity release calculator, but it has a mortgage calculator.

    If you are looking for an equity release calculator, try ours for an approximation of how much equity you could release.

    What Are the Advantages and Disadvantages of Yorkshire Bank?

    The advantage of Yorkshire Bank is that it is a traditional high-street bank in the UK.

    The disadvantage is that it's products and services do not include equity release.

    More pros:

    Yorkshire Bank Pros

    The pros of Yorkshire Bank are:

    • It is part of the Virgin Money Group.4
    • It is authorised and regulated in the UK by the Financial Conduct Authority (FCA).5

    Yorkshire Bank Cons

    The cons of Yorkshire Bank are:

    • It only offers traditional banking products and services.
    • It does not offer equity release schemes.

    How Did We Review the Information on Yorkshire Bank?

    Our experts reviewed all information available to bring you the details you need.

    NOTE: This article is an unaffiliated, independent, third-party, review of Yorkshire Bank and it did not request an article from us.

    Yorkshire Bank Customer Reviews

    Yorkshire Bank Complaints

    If you are dissatisfied with Yorkshire Bank and you want to lodge a complaint, do so directly on their website or write to them at:

    Jubilee House, Gosforth, Newcastle-Upon-Tyne, NE3 4PL, UK.

    Alternatively, leave them a review on Trustpilot or Feefo.

    Yorkshire Bank FCA Details

    Trading Names

    Clydesdale Bank

    FCA Permitted Services

    • Banking
    • Insurance
    • Mortgages and home finance
    • Consumer credit
    • Pensions and investments

    Regulators

    • Financial Conduct Authority (FCA)

    Registration Numbers

    FCA Reg Number: 121873
    Companies House number: 01855020

    Companies House Link

    Companies House Link: Companies House Link

    Yorkshire Bank Contact Number and Address

    • +44 141 951 7315
    • info@ybonline.co.uk
    • 20, Merrion Way, Leeds LS2 8NZ, UK.

    Common Questions

    What Is the Yorkshire Bank Equity Release Scheme?

    How Does Yorkshire Bank Equity Release Work?

    What Are the Benefits of Yorkshire Bank Equity Release?

    What Are the Risks Associated with Yorkshire Bank Equity Release?

    How Can I Apply for Yorkshire Bank Equity Release?

    Is Yorkshire Bank a Member of the Equity Release Council?

    Who Owns Yorkshire Bank?

    How Can I Apply for a Job at Yorkshire Bank?

    Does Yorkshire Bank Offer Equity Release?

    In Conclusion

    Yorkshire Bank is part of Virgin Money and a business brand of Clydesdale Bank Plc.

    Yorkshire Bank is a traditional high street bank that does not offer equity release products and services. 

    It's products and services include transactional accounts, savings and investments, mortgages, home finance, and insurance.

    When it comes to equity release, Yorkshire Bank is not an option, but there are several reputable equity release companies that offer equity release.

    The features mentioned and the amounts raised, are subject to the lender’s criteria, terms, and conditions. These may take into account the age, health, and lifestyle factors in order to provide an enhanced amount. To understand the features and risks, ask for a personalised illustration.

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