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2 popular equity release options
‘This is a lifetime mortgage. To understand the features and risks, please ask for a personalised illustration. Check that this mortgage will meet your needs if you want to move or sell your home or you want your family to inherit it. If you are in any doubt, seek independent advice’
Roll up equity release
With a roll up option you release equity from your home and pay no monthly payment, instead the monthly payment or the monthly interest rolls up into the borrowing. An example would be if you borrowed £100,000 at an interest rate of 3.5% then you would have no monthly payment but your mortgage balance at the end of year one would be £103,500. This type of mortgages can come with a ‘no negative equity guarantee' which basically means the lender will never allow the borrowing to go higher than the value of your home.
Monthly interest payment equity release
With a monthly interest payment option you pay the monthly interest every month with no risk of your capital (borrowing) increasing. An example would be if you borrowed £50,000 at an interest rate of 3.5%. Your monthly payments would be £145.83 per month. This now means that your original borrowing of £50,000 would remain the same if you made all your payments on time.
This type of equity release mortgages can be flexible. Some equity release lenders will allow you to pay more every month or as a lump sum. If you were to pay extra off your equity release mortgage then this will come straight of the capital (within limits). The flexibility on equity release doesn't end there, you could even convert the borrowing to a roll up equity release if your circumstances change and you can no longer afford the monthly payments on the equity release. A monthly interest option will result in you paying less interest overal.