#1
September 2nd, 2015, 02:03 PM
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Barclays Bank Equity Release
I am customer of Barclays Bank and want to know the details about the Barclays Bank Equity Release. Can you tell me how to calculate the home equity loan based on the value in my home and also tell me can I get this equity information from bank website?
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#2
October 11th, 2019, 08:12 AM
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Re: Barclays Bank Equity Release
Can you tell me in detail about the Home Equity Loans offered by Barclays Bank for its customers as I want to check it before applying for it?
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#3
October 11th, 2019, 08:13 AM
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Re: Barclays Bank Equity Release
Home equity loans offered by Barclays Bank enable you to borrow money against the value or 'equity' in your home. This loan enables to raise money against the value in ones home. One will take out a home equity loan because it enables them to raise money without having to sell their home, often helping them to consolidate debts of any kind. A home equity loan is a secured loan lenders loan the money secured against the value of ones home. They are sometimes referred to as homeowner loans. An alternative to home equity loans is home mortgage refinancing. This is where one increases mortgage, taking some or all of the extra borrowing in cash. Eligibility One can apply if one is 18 or older and buying a new-build property that one will be living in as main home Dont own another property Can provide a deposit of at least 5% of the propertys value Equity loan fees One dont have to pay borrowing fees or interest on the equity loan for the first 5 years after buying home, although one can start repaying the loan whenever one want to. After 5 years, there will be an interest fee of 1.75% of the amount of loan at the time one took it out, which will rise each year after that by the increase in the Retail Price Index. Repaying the equity loan amount The charges one pay for the equity loan doesnt reduce the amount borrowed from the government. One can start repaying the amount borrowed as soon as one wants to reduce the governments share in homes equity. The minimum repayment is 10% of the market value at the time one pay (or 5% in Scotland). The equity loan must be repaid when the property is sold or when the mortgage is paid off. |
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