3.3 million UK homeowners aged 55 and over currently have outstanding mortgages. For these homeowners who are looking to reduce their committed monthly expenditure by repaying their existing mortga…
For these homeowners who are looking to reduce their committed monthly expenditure by repaying their existing mortgage, equity release could be the solution.Equity release is a way for homeowners aged 55 and over to unlock the cash, known as equity, from their property.This, coupled with the mortgage repayments you have already made, means you might have a sizeable amount of equity built up in your home.
There are also other types of equity release plans that might be more suitable for your needs, and it’s important that you take advice when considering equity release. As the interest accumulates it can equate to a substantial portion of the property’s value when it is sold as interest rolls up along with the capital, meaning equity is reduced.
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