Downsizing as a method for repaying a mortgage can sound like a perfect plan when the decision is years ahead.
Downsizing as a method for repaying a mortgage can sound like a perfect plan when the decision is years ahead.
With so much uncertainty in the mortgage market at present the security of knowing a borrowing rate is fixed for life can be reassuring.
There is a general feeling that at retirement we won’t need as much money as we did earlier in life.
Many people still consider Equity Release a “last resort” however an increasing number of people are choosing this route to help other family members.
A familiar concern is that rates for Equity Release borrowing are significantly higher than other finance options however this recent report shows how low rates are for retirement lending.
I speak with many clients who think that if their Interest Only Mortgage is due to end they will have to sell their home and move to be able to pay off the mortgage.
Whilst Equity Release can be used to repay debt, it can be used for so many other reasons.
It has not been previously considered to take one’s property into account when looking at how to finance retirement however this is starting to change.
Sarah Ferrell Equity Release and Mortgage Advice is a trading style of Ferrell Financial Limited is authorised and regulated by the Financial Conduct Authority.
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Sarah Ferrell Equity Release and Mortgage Advice is a trading style of Ferrell Financial Limited, which is authorised and regulated by the Financial Conduct Authority.
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