• Colin

Heard the buzz? Clients with interest-only mortgages can pay off their existing borrowing

There are around 1.67 million[1] consumers with interest-only mortgages. Some of whom will have planned ahead, some who haven't.  Even if you have planned ahead you may be facing a shortfall in the amount in your capital repayment vehicle to meet the amount due at the end of your interest-only mortgage.  We are using Lifetime Mortgages to help clients while staying in the home they love. 

If you don't have the capital to repay the residential mortgage or have a capital shortfall we may be able to help you solve that problem. You are coming to the end of your Interest-only term and are over 55 years old with significant equity in your home.  You may be able to:

  • Free up tax free cash from your home to repay the original mortgage;

  • Free up cash to enjoy your retirement;

  • There are no affordability checks;

  • You decide to pay the interest on the lifetime mortgage as you're used to making those payments in your budget;

  • Later on you decide to stop paying the interest - easy, you can;

  • You remain in the home you know and love, living out your later years in comfort.

Equity release is no longer a ‘last resort’ option considered only by a small numbercontact Flexible Lifestyle today on 01279 882188 to discuss later life lending and what it can do for you.

[1] FCA urges action on interest-only mortgages, FCA, January 2018.

Equity release may impact the size of your estate and it could affect your entitlement to current and future means-tested benefits.

Photo by Annie Spratt on Unsplash

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