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The Equity Release Council's Spring 2021 Market Report found that the average equity release interest rate that year was 3.95%.
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As you are increasing your mortgage balance, your monthly repayments will rise,unless you also extend your mortgage term.
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Equity release is a way for homeowners over 55 to release some of the tax-free cash from their property to spend on a variety of uses.
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The calculator will tell you what your monthly payment will be and how much you'll pay in interest over the life of the loan.
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