Equity Release
Equity release or home income schemes allow you to take a new larger mortgage, or increase the mortgage you already have and use some or all of the extra money.
This allows the lender to take ownership of a portion of your home.
People often use these in later stages of life who have paid of all or most
of their mortgage and who are looking to raise funds without borrowing money
for home improvements or holidays etc.
Click for more mortgage glossary terms relating to remortgaging.