A cash out or equity release is not a particular type of loan. It has the same features, repayment types, interest rates as your regular loans. Rather it is the means by which you can get cash or equity out of your property.
The uses for this cash can be for many things:
Paying out personal debts
Renovations & improvements
Buying a car
Deposit for your next property
Funding children through further education
In the last couple of years lenders have tightened the rules around this. Some have placed caps around how much you can withdraw. Some have increased the level of information required to do it.
IF you would like to find out more about getting some extra cash out of your home loan then get in touch and we can explore some options.