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Equity Release
Yes I want to take out an Equity Release Mortgage but first I need to know:
- Can I be repossessed ?
- Will I still own the property?
- Is the mortgage portable if I want to move home?
- Why are there no payments ?
- What happens if I go into care?
- Will my children get an inheritance from the property ?
- What happens if the property is sold and there is a deficit ?
- Can I take a further loan in a few years time ?
- I have a bad credit record - will this make a difference ?
- How long does it take to complete ?
- Can the interest rate change ?
Click here for Equity Release Scheme enquiry form
An equity release mortgage can also be known as an equity release scheme or equity release plan or lifetime mortgage for retired homeowners or those approaching retirement.
Click here for the Equity Release Mortgage main page
No. Under no circumstances will your property be repossessed.
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Will I still own the property?
Yes.
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Is the mortgage portable if I want to move home ?
Depends on lender, that's why we recommend our
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Because your Equity Release Mortgage is subject to a deferred rate of interest which means that interest gets added to the mortgage. The only time that it is repayable is when you go into a home or when your home is sold by your estate.
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What happens if I go into care ?
Assuming the loan is in joint names then the property will not be sold and the mortgage cleared off until your wife/husband also goes into care or they die.
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Will my children get an inheritance from the property?
Yes. As long as the property has not decreased in valuation since our mortgage was granted to the extent that when your property is sold and your equity release mortgage is cleared there is no balance left over.
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What happens if the property is sold and there is a deficit ?
The lender will meet this loss. It will not be your responsibility.
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Can I take a further loan in a few years time ?
Yes. As you get older and your property becomes worth more then you can apply for a further advance on your original equity release mortgage.
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I have a bad credit record - will this make a difference ?
No. We will not carry out a credit search.
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How long does it take to complete ?
Depending on how quickly you return the application forms we send to you, we can normally complete your loan in 2-4 weeks from your initial enquiry. It is up to you.
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Can the interest rate change ?
No. The interest rate is fixed for the whole term of the equity release scheme.
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Click here for Equity Release Scheme enquiry form