Equity Release Lenders
At Essex Home Finance, we offer Equity Release Mortgages from lenders that are Members of the Equity Release Council. This provides for a number of product standards that are designed to give you security and options where applicable :
- For lifetime mortgages, interest rates must be fixed or, if they are variable, there must be a “cap” (upper limit) which is fixed for the life of the loan.
- You must have the right to remain in your property for life or until you need to move into long-term care, provided the property remains your main residence and you abide by the terms and conditions of your contract.
- You have the right to move to another property subject to the new property being acceptable to your product provider as continuing security for your equity release loan.
- The product must have a “no negative equity guarantee”. This means that when your property is sold, and agents’ and solicitors’ fees have been paid, even if the amount left is not enough to repay the outstanding loan to your provider, neither you nor your estate will be liable to pay any more.
RIO Mortgage Lenders
In addition to our Equity Release Lenders, a growing number of Building Societies now off the Retirement Interest Only products, where our clients can show they can service the monthly interest cost of the mortgage into retirement.