Lloyds Bank Equity Release

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Lloyds Bank equity release products are provided via Scottish Widows and are available as lifetime mortgages. There are no specific Lloyds Bank equity release products available from the bank itself. All inquiries and applications are handled externally by Scottish Widows. The history of Lloyds Bank dates back to June 1765, when Taylors & Lloyds opened as a private bank in Birmingham. Today, Lloyds Banking Group has a total global audience of more than 30 million customers, served by approximately 65,000 employees. Lloyds Bank has the kind of size and buying power that translate to an enormous range of private and commercial banking services for customers from all backgrounds. However, Lloyds Bank equity release products are not currently available in any form. Limited information about equity release is available on the Lloyds Bank website, which links to Scottish Widows for all subsequent inquiries and applications.

Independent expert advice on equity release

The vast majority (around 99%) of equity release products are issued in the form of lifetime mortgages. This is essentially where you sell a portion of your home to a lender in order to free up some money you have tied up in your home. Depending on your requirements and the type of product you take out, this could be anything up to 75% of your property’s full value. If your home has a current market value of £400,000, this means you could release up to £300,000 as a tax-free lump-sum payment. There are no restrictions placed on how this money can be spent, which is yours to do with as you wish. Qualifying for equity release is fairly straightforward; you simply need to be 55 or older and own your own home. You can even release equity in your home if you have poor credit, a history of bankruptcy, or no proof of income. But as an equity release will significantly reduce the value of your estate, it is essential to seek independent expert advice before applying. Equity release is not suitable for everyone and comes with disadvantages that must be taken into account. At UK Property Finance, we can provide you with the independent expert advice you need to make the right decisions for your financial future. Whether you are ready to go ahead or simply considering an equity release application, we are standing by to take your call. Contact a member of the team at UK Property Finance anytime for an obligation-free consultation.

What can equity release be used for?

With average UK house prices hovering at all-time highs, it has become increasingly common for homeowners to be asset-rich but cash-poor. This applies when you own a high-value asset like a property but have minimal on-hand cash to support your lifestyle. Equity release is designed to give exactly such homeowners the opportunity to release some of this tied-up capital, which is then theirs to spend as they wish. Equity release can be used for any legal purpose, with no specific restrictions imposed by lenders. Some use the funds raised to improve or extend their homes or to make modifications for accessibility and mobility purposes. Others buy cars, take holidays of a lifetime, or even purchase second properties. It has also become common for equity release customers to use the funds to help family members get onto the UK’s increasingly elusive housing ladder. At UK Property Finance, we can help ensure you understand all terms, conditions, costs, and potential implications associated with equity release. Before entering into any long-term agreement that could have major implications for your beneficiaries, contact a member of our team for an obligation-free consultation.