Northern Rock Equity Release

Northern Rock has announced the launch of an equity release mortgage scheme which allows retired homeowners to release some of the equity in their home, while also protecting a proportion of the eventual value of their property. They will also have security of tenure with right to live in the property for life.

The scheme, aimed at homeowners aged 60 or over, allows borrowers to release a lump sum with the added bonus of setting aside between 10 and 50 percent of the sale value of their property, thereby providing a potential legacy for their family.

Fixed interest rates, which are set for life, are from 6.99% (7.6% APR) for those who are releasing a smaller proportion of the equity in their home or from 7.19% (7.8% APR) for customers wishing to maximise the total amount of released equity.

No monthly repayments need be made during the term of the loan and interest which is added to the loan on a regular basis is rolled-up and then repaid from the final sale of the home.

For more information, visit Northern Rock website.