Existing Mortgages
If you have an existing mortgage or other loan secured against your home and wish to raise money through an Equity Release Scheme, it is a condition that you use part of the money to repay the original mortgage or secured loan. Sometimes, this can be of benefit, as the monthly mortgage repayment will no longer be required and may ease some pressure on your current income and expenditure position.
It is also possible to review your options if you have an existing Equity Release mortgage on your property and wish to release further funds. It is wise to check that your existing provider would still be the best company to provide this, as the Equity Release market may have changed since you arranged your original loan.
We recommend that clients think carefully before securing any other debts against their home. By extending the term of the debts, you will be increasing the overall cost.
Equity Release may involve a Lifetime Mortgage or Home Reversion Plan.
To fully understand the features and risks, please ask for a personalised illustration.
With some Interest Only Plans, your home may be repossessed if you do not keep up repayments on your mortgage. |
