Equity release plans
Equity release plans and equity release
mortgages are the same as lifetime mortgages.
They are special types of mortgages for
homeowners aged over 55 who need to gain access
to the equity in their property.
Equity release plans are available from many
established lenders including;
- Northern Rock
- Prudential
- Mortgage Express
- Norwich Union
With an Equity release plan you can borrow
some of the equity in your property and spend
this money however you wish. Maybe some home
repairs or improvements, a new car or possibly a
holiday. The main difference between an Equity
release plan and a normal mortgage is how the
debt is repaid. With Equity release plans you do
not make any monthly mortgage payments. The
interest charged is added to the mortgage amount
and is repaid on death.
This makes Equity release plans very useful
for those people with large amounts of equity
but only a small amount of income available.
There are many types of equity release plans and it pays to take good
advice from a professional adviser who is
experienced in such matters.
Equity release plans
Equity release lifetime mortgages
Flexible
Lifetime mortgages
Interest only lifetime mortgages
Lifetime
mortgages
Lifetime
mortgages UK
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