I want to…

Redeem

Redeem

When it comes to paying back your equity loan you have two options;
Full Redemption, paying your equity loan back in full with or without selling your property or Partial Redemption also known as Staircasing, where you pay back part of your equity loan without selling your property.

 

For details on the full process and documentation needed for both options please read the Customer Information Pack


When it comes to paying back your equity loan your options are;

Redeem: Repaying your loan when selling your property

If you sell the property against which your loan is secured, you will need to repay your loan in full. This is also known as loan redemption.

The repayment amount you will be required to pay is calculated as a proportion (percentage) of either the current market value or the agreed sale price of your home (whichever is higher).

Redeem: Repaying your loan without selling your property

a. Full redemption (without another loan being secured on your property)

In this scenario you will be looking to repay (redeem) your loan in full without taking out another loan secured on your property. The repayment amount you will be required to pay is calculated as a proportion (percentage) of the current market value.

Staircasing: (without another loan being secured on your property)

In this scenario you will be looking to repay (redeem) your loan in part without taking out another loan secured on your property.

Staircasing: (by securing another loan on your property)

In this scenario you will be looking to repay (redeem) your loan in part by taking out another loan secured on your property with another lender.

For details on the full process and documentation needed for both options please read the Customer Information Pack

If your property is affected by novel issues in relation to its valuation e.g. its external cladding, we reserve the right, in accordance with the terms of the equity loan, to agree the RICS Valuer you intend to use, with you, before you instruct them.