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Personal Finances
Equity Release Loan
With a Royal Bank Equity
Release Loan, we've made it easy to tap into the equity in your home.
Equity Release Loans are available to existing Royal Bank of Scotland mortgage
customers and people who own their home outright with no outstanding mortgage.
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Variable rate % |
Variable APR % |
Net Monthly Payments |
Total amount payable |
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5.95 |
6.7 |
£210.29 |
£39,198.00 |
Typical example: based on a £16,000 Equity
Release Loan repayable on a capital and interest basis, on a property valued at
£50,000. There are 180 monthly repayments. It is assumed that the total
borrowing secured by the property is £35,000. It is assumed that a new
valuation has been provided, estimated at £160 and that the Bank holds a first
charge over the property. The total borrowing secured by the property is
£46,000 and a MAP of £1,432 is included in the calculation.
Fixed rates are also available for loans above
£25,000 (see Fixed Rate mortgage products).
Benefits
- You don’t have to be a customer of The Royal Bank of Scotland to
take advantage of a secured Equity Release Loan.
- And you can raise money for whatever you want. So whether you're
wanting to do some home improvements, planning a holiday or buying a car,
this highly competitive, low interest rate, secured loan could turn your
dreams into reality.
- We can lend up to 95% of the current value of your home less any
outstanding mortgage and you can borrow from £5,000 right up to £100,000.
- A variety of repayment methods are accepted- Capital Repayment,
Endowment, Pension Plan or Individual Savings Accounts.
- And you can spread the repayments over any period from 3
years right up to retirement or age 70, whichever is earlier.
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Mortgage Loanguard is available - for added peace of mind.
For further details about a Equity Release Loan, why not contact a
Customer Adviser in one of our branches, or phone us, on FREEPHONE 0800 917
3025.
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