Equity release and paying off early

Bowey123

is it possible to get equity release and paying it off early?

MWT

Yes, but check the terms to see if there is a penalty for doing that.

If it is a very old loan then there may still be a significant early redemption charge, if it is more recent then you will often find there is a reducing charge which will be very low or non-existent after 10 years.

The details will be in the original loan documents and usually mentioned in the annual statements.

dreaming

I took equity release last year, partly to gift some to family and partly for some work on my house. I am currently paying just the interest each month (so the amount owed doesn't increase) but plan to start paying the actual loan down next year. I can pay up to 10% each year and the company provided details of potential charges for early repayment. As MWT says it is a reducing charge over 10 years.