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Home Equity Mortgage

Find out whether equity release is right for you

  • You’re aged 62 years or older
  • You decide how you spend the money
  • You get to stay in your own home
  • You pay no extra monthly charges
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If you’re aged 62 years or older and your home is worth more than your outstanding mortgage, you may be able to take out a Home Equity Mortgage and release part of your equity. That money can be used to renovate your home, provide financial support to your children or grandchildren, top up your pension or for something else altogether. Do the home equity check and find out how much equity you could release.

How does the Home Equity Mortgage work?

The Home Equity Mortgage lets you release part of your equity. You can take the money as a lump sum or in monthly instalments and spend it how you wish, such as to top up your pension. The interest you pay is added to your mortgage debt, but your monthly payments won’t increase. Releasing home equity has an impact on your personal finances. Our advisers can help you to find out more.

The Home Equity Mortgage in three steps

1. Do the home equity check

Quickly check whether you’re eligible and how much equity you can release.

2. Make an appointment

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You can only take out the Home Equity Mortgage after seeking advice, so please make an appointment with an adviser or intermediary.

3. Discuss your options

An adviser will discuss the options with you and sort everything out.

Home Equity Mortgage: pros and what to bear in mind

Pros

  • You don’t need to sell your home to release equity
  • You decide how you spend the money
  • Your property’s value is ring-fenced and you’re protected from incurring a residual debt after selling your property if you meet certain terms and conditions
  • We add the monthly payments for your Home Equity Mortgage to your mortgage debt
  • You can back pay all or part of the interest during the term of the mortgage, so that your mortgage debt rises less quickly.

What to bear in mind

  • Your mortgage debt will increase: the interest is added to the home equity you release. This means you can’t be certain about how much debt you’ll have in the future. Your current mortgage may also be classed in a higher rate category
  • If you have a mortgage with another provider, you can’t take out a Home Equity Mortgage while retaining your current mortgage However, you can refinance that mortgage with ABN AMRO. This means that you may owe early repayment charges to your current mortgage provider Ask your adviser for more information
  • Once you’ve taken out a Home Equity Mortgage, you’ll no longer be able to increase your mortgage.

Questions about the Home Equity Mortgage

If you can’t quite find the answer to your question or just have a quick question about the Home Equity Mortgage, don’t worry – we understand. Simply ask your question over the chat and get an answer in no time.

Frequently Asked Questions

Ready for the future

Live in your home for longer

Renovate your house and stay independent for longer.

Increase your home’s energy efficiency

Use the Energy Saving Check to find out how much you could save.

Paying for care at home

Make sure you get the individual care and support you need.

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