Concise Finance has announced the launch of equity release mortgages for homeowners in the United Kingdom. The new products for 2021 cover various property types, some of which are not covered by standard mortgages.
The new equity release products feature competitive rates and zero lender and brokerage fees on specific property types. Concise Finance showcased equity release products for BISF steel frame or corrugated iron housing, PCR concrete dwellings, and flats above shops.
More information on these equity releases services can be found here at https://www.concisefinance.co.uk/bisf
Concise Finance has announced this range of products to provide borrowers with an alternative to traditional home financing products, that may feature a relatively high Monthly Equivalent Rate (MER) and hidden fees.
Equity release is a finance solution in which a homeowner borrows money against their home’s value, either as a lump sum or through regular payments. The mortgagor generally retains the use of the home. The two main types of equity release are lifetime mortgages and home reversion.
Concise Finance offers a 2.23% MER for general houses, and it imposes no other fees other than those for valuation. Payments can be made monthly, and no early redemption penalty is charged. To proceed with an application, potential clients use an internet form to state their property’s value, the amount they wish to borrow or release, the total monetary value of any mortgage or loan taken out on their property, and the type of finance requested.
With Concise Finance, the maximum amount of cash that can be released is generally 70% of the home valuation. A competitive valuation fee is charged.
Concise Finance provides various finance options, including retirement mortgages, retirement interest-only mortgages, and lifetime mortgages. It offers equity release on various difficult-to-mortgage properties, including precast reinforced concrete (PRC) houses, British Iron and Steel Federation (BISF) houses, and apartments above commercial properties.
BISF houses, which are built using a steel frame, are a nonconventional dwelling type. Instead of bricks, the exterior of a BISF house comprises shiplap-style concrete panels. With Concise Finance, the MER rate for a BISF house is 1.99%.
PRC houses are also steel framed and contain no bricks. Cast-in-situ concrete is used to form the external envelope. More information on mortgages and equity release for PRC houses can be found at https://www.concisefinance.co.uk/prc
A satisfied customer said, “My son is a chef in a care home. No way his bank would lend him the money to buy a flat. My equity release enabled him to put a substantial deposit down, so his mortgage was very small.”
Those interested in Concise Finance’s equity release services, including those for apartments above commercial properties, can find information at https://www.concisefinance.co.uk/flat-shop
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