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This will only be considered by the lender if you have little or no outstanding payments remaining on the mortgage of your property. Any outstanding mortgage payments must be paid off by using the equity released or by other means if desired.
With this plan, an agreed percentage of the current value of your home will be released, and this loan will accumulate interest at a rate in line with current interest rates. |
NB. Some lenders will offer interest
at a capped rate, for your security, in the event of a dramatic
rise in interest rates. |
The equity release plan is offered as a tax free fixed loan.
For example, if you borrow £40,000 against the value of
your property, you must pay back £40,000 plus any interest
and other costs that have been accrued, exactly as you would with
a traditional mortgage or personal
loan.
The mortgage plan does not have to be paid off by the sale of
your home.
Go to: equity release index | home
reversion plans.
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