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BoS unveils unique equity release mortgage for Millennium

The Bank of Scotland will unveil what its says is a unique mortgage as part of the Government&#39s Millennium Products initiative, at the CBI National Conference in Birmingham next week.


The mortgage will allow borrowers to release cash tied up in their house at zero interest on the condition they share any increase in the house value after sale with the bank.


The Bank of Scotland hopes that the mortgage will give elderly borrowers peace of mind by freeing cash for healthcare, pension shortfalls and home maintenance.


The Millennium Products initiative was launched by Tony Blair in September 1997 to identify, encourage and promote British creativity and innovation.

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