Interest Only Mortgages – how Equity Release can help

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 this is a solution that could be considered, many people do not WANT to move and therefore Equity Release can be used as a safe and affordable alternative to moving house. There are many retirement lending options which are, essentially, Lifetime Interest Only mortgages so Equity Release can be a solution in this situation and can relieve the pressure of knowing there is an “end date” by replacing the mortgage with a lifetime scheme.

  • ‘Earlier this month Key Retirement published a report showing that last year the average equity release customer accessed nearly £78,000 from their property, with more than one in five using the funds to clear an outstanding mortgage.’

(The Guardian – January 2017).

https://www.theguardian.com/money/2017/jan/28/is-equity-release-good-way-pay-off-interest-only-home-loan-capital

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Your home may be repossessed if you do not keep up repayments on your mortgage.

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