Qualifying for equity release and later-life mortgages involves meeting certain criteria. These criteria generally include:
You must be at least 55 years old. The maximum age limit can vary depending on the lender.
Your property should have a minimum value of £70,000.
Typically, a maximum of two people can apply.
You must own your property, and it should be your primary residence.
Most lenders accept properties located in England, Scotland, or Wales. A limited number of lenders may consider properties in Northern Ireland and other islands.
Your home should be of ‘standard construction,’ such as brick or stone with a pitched tile roof. However, some lenders may consider other construction types.
The property must be in good condition, and a valuation will be conducted to verify this.
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This information is a guide only and should not be relied on as a recommendation or advice that any particular Equity Release product is suitable for you.
