Jargon Buster

A B C D E F G H I J K L M N O P Q R S T U All 

Portability
Many plan providers, including all SHIP members, guarantee that you can move house without financial penalty. Some administrative costs are usually charged to you when this occurs. The property that you are intending to move to, must meet the initial suitability requirements. Mortgage plans, if you are moving downmarket, may require a proportion of the loan plus interest to be repaid and replaced with a new loan on similar terms. This may involve you in some expense.

Property Types
Plan Providers use different criteria for evaluting property. If your property would not be acceptable for a regular mortgage then it would not generally be suitable for an Equity Release scheme. Freehold houses of traditional construction and which meet the plan provider's minimum value criteria are usually acceptable. Some providers may also accept: Long leasehold flats with a minimum outstanding lease (usually 80 years). Ex-council properties, especially where the majority of the houses in an estate have been purchased. Sheltered housing.

This site is for UK residents only