Equity Release to pay off an existing Interest Only Mortgage

Do you have an existing mortgage which needs to be paid off? In the next few years there are lots of interest only mortgages due to mature which will need to be repaid. Do you have a shortfall? You could release equity from your own property to clear your existing mortgage. This will mean you are free of the monthly commitment of monthly mortgage payments.

The money not spent on the mortgage can be used for your leisure, travel, hobbies or extra money to spend on your retirement. Being free of the mortgage payment can give you peace of mind.

With an Equity Release Lifetime Mortgage scheme which is by far the most popular method you release a tax free cash lump sum and has no required monthly payments, the interest rate can be fixed for life, and you will keep ownership of your home. If you make no payments at all the interest will roll up over the life of the scheme until the last owner has died or moved into permanent long term care. At this time the property is normally sold and the mortgage plus interest repaid.

If you are interested in Equity Release it is important to seek out Independent Equity Release advice from specialists in this area. They will check your personal circumstances to see if Equity Release would be right for you and if so make sure you understand the scheme. All the Equity Release providers will be members of the Equity Release Council as well as the adviser firm.

All Equity Release schemes will insist that you take Independent legal advice from a Solicitor to ensure your understanding of the plan.

If you are wanting more information on Equity Release please contact

EQUITY RELEASE MONEY on 07985903620 or 01244322199


Posted by Mark Reynolds