Are you a Yorkshire Building Society customer with an interest-only mortgage? Are you looking to retire and thus need to find a source of finance to clear this mortgage?
Unfortunately, Yorkshire Building Society does not offer equity release. This includes neither a lifetime mortgage nor a home reversion plan. Organisations such as Yorkshire Building Society may offer products such as Retirement Interest-Only (RIO) mortgages, but this is not the same as a lifetime mortgage, where you only pay back the loan when you die.
Many traditional mortgage providers may partner with intermediary equity release lenders, but we always encourage you to seek out independent advisors who are able to search the ‘whole of the market’, and thus usually get you a better deal than you would if you approached lenders yourself.
Independent advisors will conduct a lot of the initial research for free, such as eligibility enquiries, but if you take out equity release, the advisory fee is typically between £900-£1500. In terms of how much you can borrow to pay back your interest-only mortgage, this depends on a number of factors.
Complete the equity release calculator below to find out how much you can borrow, or call us directly on 0330 058 1579.
Use the equity release calculator below to discover how much money you could release from your home, for anything from bills to the purchase of a second home or a holiday home. Once you have received the estimate from our lifetime mortgage calculator, contact us for financial advice relating to equity release, and we will inform you of the further details that may affect your decision such as interest rates, receiving a lump sum vs regular instalments, and the repayment requirements.
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