Award Winning Equity Release Mortgages
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What else do you need to know about equity release mortgages?
Equity release mortgages can be an ideal solution to access extra money, to be able to enjoy in retirement, or if you’ve come in to some financial difficulties, without the need to sell your home or move house. However, it is important to understand that equity release can become more expensive than a typical mortgage. This is down to the higher interest rates which can evolve if the interest is rolled up.
- No fixed term. This means there is no set date by which you need to repay your loan.
- The interest rate is fixed for life, unless you take out any additional equity.
- Releasing equity to spend now may mean you are not able to rely on your property for additional money later on in to your retirement.
- The money you receive from your equity release may impact upon any state benefits you claim.
- You are expected to pay arrangement fees.
- If you take out an equity release plan which allows interest to roll up, there will be less for you to leave in for inheritance.
- Changing your mind might result in early repayment charges.