Equity Release

Taking a further advance on an existing mortgage to access some of the difference between the value of your property and your current mortgage. It is a way of unlocking the value of your property, without having to move home. It is used mostly by older homeowners who either have paid off their mortgage altogether or have only a small amount left to pay, and require a lump sum or a regular income (or both).

If you live in the property until you die, the money from its sale will be used to pay the lender before anything left over is paid to your beneficiaries. If you sell the property before you die, you will need to repay the money you borrowed from the lender. With some types of loan you might also have to make regular interest payments.

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Accident Sickness And Unemployment Insurance (ASU)
Additional Cardholder
Adjudication
Administration Order
Adverse Credit
AER
Agreement In Principle
Amortisation
Annual Equivalent Rate (AER)
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Annuity Mortgage
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Bridging Loan
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Cap And Collar
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CCN
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Charge Card
Charge Over Equitable Interest
Charging Order
CIFAS
CIFAS Case Type
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CML
Collar
Collateral
Commission
Consolidation Loan
Consumer Credit Act 1974
Consumer Credit Trade Association.
Cooling Off Period
County Court Judgment (CCJ)
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Credit Agreement
Credit Card
Credit Card Cheques
Credit File
Credit Impaired
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Credit Reference
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Deed Release Fee
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Delinquent
Delinquent Account
Delphi
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Depreciation
Disassociation
Discounted Rate Mortgage
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Dynamic Delinquency
Early Repayment Penalty
Electoral Roll
Endowment Mortgage
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Enquiry
Equifax
Equity
Equity Release
Experian
Extended Credit Taker
Fair Isaac
FICO Score
Financial Association
Financial Ombudsman Service
Financial Services Authority (FSA)
First Mortgage
Fixed Rate
Fixed Rate Mortgage
Flexible Loan
Forced Sale Value (FSV)
FSA
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Full Payer
Further Advance
GAIN
Garnishee Order
General Insurance Standards Council (GISC)
Geodemographic Data
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Gone Away Information Network (GAIN)
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Higher Lending Fee
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Mortgagee
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Negative Equity
Non Status Mortgage
Notice Of Arrears
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Offset Mortgage
Ombudsman
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Overdraft
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P60
Payment Holiday
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Pension Mortgage
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Principles Of Reciprocity
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Scottish Decree
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