Halifax Equity Release

Halifax equity release is available to homeowners aged 55 or over. It involves unlocking the money that may be tied up in your home, minus any mortgage.

Learn More: How Does Equity Release Work?

Halifax are not members of the Equity Release Council.

Learn More: Who Are the Equity Release Council?

Halifax equity release is a means of retaining use of a house or other object which has capital value, while also obtaining a lump sum or a steady stream of income, using the value of the house.

The ‘catch’ is that the equity provider must be repaid at a later stage, usually when the homeowner dies.

Learn More: What Are the Equity Release Pitfalls?

The most obvious pitfall is that the equity provider must be repaid at a later stage, usually when the homeowner dies.

Also, one needs to keep in mind that there will be rolled up interest and that your equity release will have an impact on your inheritance.

Learn More: What Are the Equity Release Pitfalls?

Yes, Halifax pulls the lifetime mortgage product. The withdrawal of this interest-only lifetime mortgage leaves Stone Haven as the only plan provider proving consumers with this form of a financial product.

However, Stone Haven’s scheme is less attractive as it will only lend on an interest-only basis at lower loan-to-values.

Yes. With the lifetime mortgage industry growing at an alarming rate, Halifax has made it easier for its consumers to get an interest-only mortgage.

Halifax will also allow you to say that you’ll sell your estate as a means of paying back the debt. However, you must have an income of more than £100,000 a year (£150,000 if you apply as a couple) and £200,000 equity in your residence.

Yes, it does.

However, the decision-making on the Halifax Home Retirement Mortgage Schemes is now dependent upon what Scottish Widows are providing as they currently administer Halifax’s equity release schemes.