EXCITING NEWS: repay early without penalty!

30th September 2015

30th September 2015 sees a new lifetime mortgage product that lets you repay 10% each year without charge, says Kevin Woods.

I have just received the exciting news that a new product is launching today (30th September 2015) into the Equity Release Market.

What is it? And why is it exciting?

It’s a lifetime mortgage which allows you to make a contribution of up to 10% of the initial loan amount each year, without facing an early repayment charge (ERC).

This will appeal to those who want the freedom to choose how much to pay off their balance and when. It will also interest those who have concerns over interest roll-up and its effect in eroding the equity in their property. It is also great news if you want to safeguard more of your inheritance for your loved ones.

Voluntary contribution can be made Up to 10% of the initial loan amount each year, without an ERC. The minimum payment amount is £50, the maximum being the full 10% allowance. The first payment can be made on the day following completion.

In my opinion, this new product gives you unprecedented flexibility, offering the positive benefit of early repayment without the negative of incurring an ERC – the best of both worlds!

If you have any questions about the subject matter of this blog, or would like more information on any equity release related point, please do not hesitate to contact me in any of ways highlighted on this website.

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Equity release is the answer to so many financial questions. If you would like to know more about it, and see if it could be the right move for you, please book an appointment or request a call-back