WHAT IS AN EQUITY RELEASE MORTGAGE ?
An Equity Release Mortgage allows you to borrow money by releasing some of the value or ‘equity’ in your home, where the value of your Property is greater than the amount of money you owe under a Standard Security secured on it. Equity Release offers the facility to borrow further sums if you already have a Standard Variable Mortgage with us, or to redeem your existing mortgage with another lender and to borrow additional funds as well. THE CONSUMER CREDIT ACT, 1974 In general, mortgage agreements are not regulated agreements under the Consumer Credit Act. However, an Equity Release Mortgage with a value of 25,000 or less is a regulated agreement under that Act, and when you apply for an Equity Release Mortgage Loan we will ask you to sign certain documents, in addition to the Standard Security and these Terms and Conditions, which will apply to your Agreement. SECTION I : SPECIAL CONDITIONS RELATING TO FIXED RATE MORTGAGES WHAT IS A FIXED RATE MORTGAGE ? A Fixed Rate Mortgage means th
