Mortgage & Equity Release

A mortgage is a loan to buy your home. You borrow money and pay it back with interest over a period of time agreed with the mortgage lender, which is usually a bank or a building society.

The loan is secured against your home so if for any reason you can't repay the loan the bank or building society can sell your home to get their money back.

How much can I borrow?

This all depends on your personal circumstamces, such as income, outgoings and whether you are buying the home alone or with a partner.

How to repay your mortgage

You can choose to repay the mortgage in one of the following ways:

  • Repayment - the monthly payment is split between paying off the original loan amount and also paying the interest charges on the loan
  • Interest only - the monthly payment pays only the interest element of the loan. You must arrange another way to pay the original loan amount
  • A combination of repayment and interest only

Whether you're buying your first home or changing an existing mortgage, our trained advisers can help you with any questions you may have.

Our advisers also advise on buy-to-let and commercial property mortgages.

 

Equity Release

The equity or value you have in your home is its market value - less any mortgage or any other debt held against it. Equity release is a way of taking money from the value of your home without having to move out of it.

You are more likely to take advantage of an equity release scheme if you have no current mortgage or if any mortgage it is relatively small.

Equity release schemes are very complex and you should always seek professional financial advice before making any commitment.

With an equity release scheme there are a few key points to note:

  • You have to be over a certain age - usually 55 years old - and own your own home
  • You are able to take a cash lump sum, a regular income, or both and use it as you wish
  • You may continue to live in your home
  • You are responsible for maintaining your home