Releasing Equity
This section explains mortgage products that are specifically designed for people who are not moving home. If you have some money tied up in your home, either as a result of rising house prices or from repaying most of your mortgage, you may be able to release it using one of the following mortgages:
Remortgage
You can release some of the equity in your home by remortgaging to
a larger mortgage, or you can simply switch
to a lower rate mortgage to save money. A remortgage is a popular
way of raising money at a lower rate than a personal loan to finance
things like home improvements, holiday homes and for debt
consolidation.
Equity release mortgage
Equity release mortgages are designed for the elderly. They can be
used in one cash lump sum or as installments during retirement.
Second mortgage
A second mortgage is an additional mortgage taken out on top of the
existing mortgage.
Shared appreciation mortgage
(SAM)
A mortgage that is repaid to the lender by a proportion of the appreciation
in the value of the property being mortgaged.
Read news about equity release.
Discuss equity release in the forum - coming soon.