Coventry Equity Release Lifetime Mortgage Schemes

To find out more about Coventry Equity Release Lifetime mortgages and the other leading equity release schemes on the market, Click on the image below to complete the Equity Release Quote request  form and an equity release specialist will be in touch to offer you independent help, advice and quotes.

 

Coventry have been helping people with savings and mortgages for more than 100 years, and now provide Equity Release Lifetime Mortgages with a competitive product that provides the unique option of  no early repayment penalties at any time.

If you're aged 60 or over and own your own home, Coventry’s equity release lifetime mortgages are a useful way of releasing the money tied up in your home. You can use the cash for whatever you want, giving you the financial freedom to enjoy life. There are no mortgage payments to make, and you still own your own home.

Coventry Building Society is also a member of SHIP (Safe Home Income Plans). SHIP is dedicated to the protection of customers and the promotion of equity release products, and has a code of practice for your protection, which Coventry fully adhere to.

As part of their Equity Release service, Coventry Building Society offers the following guarantees:

• You will never owe more than your home is worth with their 'no negative equity' guarantee.
• You will have the right to live in your property for life.
• You have the freedom to move to a suitable alternative property without financial penalties.

Coventry Lifetime Mortgage – Lump Sum Option

The Lump Sum Lifetime Mortgage offers a one off lump sum that can be used for any purpose. With Coventry Building Society this option is available to anyone over the age of 60.

The key Lump Sum equity release criteria are

• Minimum loan of £25,000
• Maximum lump sum of £1,000,000
• Interest rate is fixed for the life of the mortgage
• Minimum property value of £100,000.

Coventry Lifetime Mortgage – Drawdown Option

The Coventry Equity Release Lifetime Mortgage drawdown option provides the flexibility to borrow what you want when you want it, subject to a total loan facility.

At outset the total loan facility can be agreed along with the required initial drawdown. The balance of the drawdown facility is then available for you to draw upon at any time. There is no minimum or maximum number of times you can withdraw from the facility, as long as funds are available.

The key Drawdown equity release criteria are:

• Minimum loan of £25,000
• Minimum regular drawdowns of £2000
• Maximum facility/drawdown £250,000
• No fees on drawdowns
• Ability to draw from the facility for ten years, up to the maximum facility
• Interest rate is fixed for the life of the drawdown.
• Drawdowns are taken at the prevailing fixed rate at the time of the drawdown.

THIS IS A LIFETIME MORTGAGE. TO UNDERSTAND THE FEATURES AND RISKS,
ASK FOR A PERSONALISED ILLUSTRATION.