Swansea Building Society
The Swansea Building Society was founded in 1923 and today it is one of only three remaining mutual building societies in Wales. It is a small society with a handful of branches in and around the Swansea area and primarily aims to lend on residential property in South Wales.
The Society offers a single retirement mortgage and will lend up to 60% of the property’s value (LTV) and is only available for properties in Wales.
A minimum income of £18,000 must be in place, the applicants(s) must be fully retired and at least 50% of this income must be from retirement income. The Society will lend up to age 85 and both interest-only and capital and interest (repayment) options are available.
Do the high street banks offer lifetime mortgages?
The ‘big 6’ high street banks - that is Halifax, Barclays, Lloyds, HSBC, Santander and Royal Bank of Scotland (RBS) don’t currently offer lifetime mortgages or other equity release plans themselves.
Recently, Nationwide entered the lifetime mortgage market but instead of offering its own range of plans, it refers its members to Pure Retirement
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