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Have You Considered Interest Only Equity Release
12/10/2010
An interest only equity release is an option for people aged over 55 who want to pay interest on their equity release schemes and keep the debt fixed.
You can borrow a tax free sum of money to spend as you wish which is secured against your property and pay interest on the loan each month, and keep the initial sum borrowed fixed. To qualify you need to have an income and prove to the equity release lender that you can afford to make the payments each month. The initial sum borrowed remains fixed and will be repaid from your estate.
The advantage of these schemes over traditional equity release schemes is that the initial sum borrowed will always remain the same. However, you have to make monthly repayments and prove your income.
Homeowners aged over 55 years who are able to afford monthly payments and are considering interest only equity release and would like to know how much money the value of their property could release, can find out by contacting therightequityrelease.co.uk for equity release advice.
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