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Equity Release Remortgages

If you’re aged 55 or over, an equity release mortgage can be a good way to free up money for your home or a change of lifestyle.

At Norton Finance we’ve boosted many customers’ financial prospects for later life with an equity release plan – unlocking part of the value of their home. Our customer service advisors are here to help answer your questions and help you choose the most suitable plan for your circumstances.
  • We search a higher number of loans to find the right equity release product for each customer.

  • Equity release lets you release up to 60% of the value of your home as a cash lump sum.

  • Searching for an equity release loan with Norton Finance won’t affect your credit score.

  • Our friendly and expert customer service team are on hand to help with any questions you have.

  • Equity release plans are available as a lifetime mortgage or a home reversion plan.

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Am I eligible for an equity release mortgage?

If you’re aged over 55 and own your own home, you could apply for an equity release mortgage. However, you should be aware of the requirements you’ll need to fulfil to be eligible.

Your eligibility depends on several factors, including:

How does equity release work?

You can release equity in one lump sum, or over several instalments if you’d prefer to receive payment over time. However, you will pay interest on each of the smaller sums.

Before releasing equity from your home, it’s important to receive professional advice from a financial advisor so you fully understand the process and can decide if it’s right for you.

Types of home equity release

There are two different types of equity release for your property - lifetime and home reversion. Each has its own features, benefits and things to be aware of. Read more about equity release.

Lifetime Mortgage

Releasing equity as a lump sum is a form of lifetime mortgage agreement. You’ll usually receive your finances in one go. However, this arrangement also comes with compound interest. This means the outstanding balance can grow larger than it would with other kinds of loan.

You may choose a lump sum equity release, as payments don’t need to be made until the house is sold, although some options may allow you to make repayments rather than let the interest roll up.

Home reversion plan

A home reversion equity release plan allows you to sell either the entirety or a portion of your property at a below market value. The home reversion plan is generally only available to homeowners aged 65 and over.

You can either receive the funds in a lump sum or through regular payments. After the sale, you’ll then be able to live in the house rent-free. At the end of the plan, your property is sold and the sale proceeds are shared according to the remaining proportions of ownership.

Pros and cons of home equity release

As with all types of remortgage, equity release has its benefits and drawbacks, so there are some things to take into account before you apply. For many, it can be an effective way to borrow, but it’s important to consider whether it’s right for you.

Pros of equity release

Benefits of equity release include:

Cons of equity release

As with any financial decision, it’s important to be aware of the disadvantages before making any commitments. These can include:

Commonly asked questions about equity release

Releasing equity from your home is a big financial decision, so it’s important to be aware of every factor involved. Here are some of the most common queries around equity release.

How much can I borrow?

The amount you can borrow varies depending on your provider and circumstances. Some lenders allow you to release up to 60% of your property’s value.

How long are the repayment terms?

Your repayment terms will depend on the type of deal you agree. Although most don’t feature a monthly repayment plan, some drawdown mortgages allow you to cover the cost of the interest if you wish.

Do I need a valuation?

Yes, you will need to have your property valued during the application process.

Are there any loan fees?

Lenders may charge fees for the application process to cover the costs of setting up the application and any legal requirements. With Norton, our commission comes from the lender once your equity release loan is drawn down.

Applying for home equity release

When it comes to drawing an equity release mortgage, there are a lot of financial aspects to consider. We want to make it easy for you to find out what you need to know.

Once you have decided how much you want to borrow, you can use our online application to apply. We can then put you in touch with one of our specialist providers, who will work with you to decide whether an equity release scheme meets your needs and circumstances.

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