Can I use Equity Release to repay my interest only mortgage?
Equity Release could be a solution
With an interest only mortgage you will have been paying just the interest back and may now find yourself needing to repay the mortgage without any savings or investments. New rules covering mortgages has made it more and more difficult for people to get mortgages, especially those who are close to or have already retired. Although you have been paying the mortgage for years quite comfortably these new rules may make it very difficult for you to remortgage, even to a cheaper deal!
Although the high street banks are trying to be more flexible with the rules, many people are still finding they just cant remortgage and are potentially being forced to sell their house and downsize.
if you are struggling to repay your interest only mortgage and don’t want to be forced to sell your family home then equity release could be a solution.
By using Equity Release you can repay your existing mortgage and remain in your home for the rest of your life. Instead of repaying the mortgage or only paying the interest each month the interest will roll up into the loan each month, increasing the amount you have to repay when the loan is repaid.
The amount you can release will be dependent on your age and the value of your property. Why not use our Equity Release Calculator to find out how much you could release and if this is an option that could be suitable for you.
Use Equity Release to repay any type of mortgage.
Whatever type of mortgage you have, you could use Equity Release to repay your existing mortgage and have no monthly repayments to make. Contact us today to find out if repaying your current mortgage with Equity Release is the right solution for you.