Equity Release

Equity Release is where you can release equity from your property to use the cash as you wish. With house prices having increased significantly over the last 10 years many people are unlocking equity in their homes to do home improvements or to improve their retirement income.

An equity release mortgage is a loan secured on your home to free up capital which then can be used to generate income or for any other purpose. Interest payments on the loan are rolled up on top of the capital for the life of the loan, and no repayments of capital are made while the owner lives in the property. The loan is repaid from the proceeds of the house sale when the owner dies or when the owner moves out.

Equity Release Mortgage Rates are usually higher than ordinary mortgage rates and there are often high redemption charges in the early years. In addition there are often set up charges and fees associated with a property valuation and the use of a solicitor.

 

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