Coventry Building Society – equity release

There are two types of equity release product: lifetime mortgages and home reversion plans. At the Coventry, we offer only equity release lifetime mortgages.

A lifetime mortgage is a mortgage which runs for the rest of your life. You do not make any mortgage payments, instead the amount you borrow, interest and any charges will be repaid from the proceeds of the sale of your home when you die, move into long-term care or your property is no longer your main residence. This means you retain full ownership of your home.

We offer two types of lifetime mortgage, both of which have a fixed rate of interest for the duration of the mortgage.

Lump sum - you simply take the full amount that you want to borrow at the outset of your mortgage.

Drawdown - you agree a sum to borrow at the outset, but then withdraw in smaller amounts as you need it. You will only be charged interest on the amount you have withdrawn.

To find out how much you could borrow with a Coventry equity release lifetime mortgage why not try our calculator? Alternatively call our specialist Advisors on 0845 7665522, or order an information pack to find out more.

Borrowing key facts

How much you can borrow depends on the value of your home and your age.
You will never owe more than your property is worth with our 'no-negative equity guarantee'.
Protect up to 50% of the equity in your home to ensure an inheritance for your beneficiaries.
The interest rate is fixed for the duration of the loan.
All our products are portable which means that you can apply to transfer your lifetime mortgage to a new property if you move.

Coventry Building Society is authorised and regulated by the Financial Services Authority (FSA reference no: 150892 www.fsa.gov.uk). The Society is a member of the Building Societies Association. We introduce only to the Norwich Union Marketing Group, members of which are authorised and regulated by the Financial Services Authority. This site is intended for UK residents only. Coventry Building Society. Registered Office: Economic House, PO Box 9, High Street, Coventry CV1 5QN.

Our telephone advisors are available: 8am to 8pm - Monday to Friday, 9am to 5pm - Saturday, 10am to 4pm - Sunday (Opening hours are subject to change on bank holidays). Calls cost 5p per minute, maximum for BT customers. Non-BT customers should contact their service provider as costs may vary. To maintain a quality service, we may monitor or record phone calls. Information correct as at 1st January 2008.