If you are over 55 an equity release mortgage could boost your finances.
If you are over 55 years old you could be eligible for an equity release mortgage. If there is equity in your home and you need to raise funds, this type of mortgage allows you to release the equity for your use without having to sell the property. The equity is amount of value in your home over and above the value of any outstanding mortgage.
Obviously this type of scheme is not suitable for everyone and there are other alternatives that allow you to release funds such as downsizing and remortgaging. At Deal Direct we can offer you impartial advice about the range of mortgage options available to you so that you can make the best choice to suit your individual circumstances.
There are many equity release mortgage products from different lenders if you are looking to access a percentage of the capital that has built up in your home. There are different types of product available with the most common form known as mortgage and roll-up.
Equity release through mortgage and roll up is a scheme whereby equity is released by borrowing from a mortgage lender. The interest is then paid by regular payments to the lender as with any residential mortgage, or added to the loan. The equity release loan and any interest is then repaid after your death, when the property is sold.
If you are considering an equity release mortgage, give us a call at Deal Direct for advice and we can source the best type of product for you at the best rates in the market.
