Compare equity release mortgages
If you’ve lived in your home for several years and have completely or very nearly paid off your mortgage, it’s likely that there’ll be a large difference between what you paid for your home and what it’s worth now. There could be a lot of money tied up in your home at a time when you could really make good use of cash, but your income isn’t as significant as it was – such as when you’re retired.
What’s the difference between an equity release mortgage and a normal remortgage?
Some equity release mortgages are designed to give you a lump sum of cash secured against your property, but do not require any monthly payments to be made, as the secured loan is settled after you die. Clearly if your house is an asset you intend to hand on to your children an equity release mortgage can make this tricky. You could also consider a secured loan over a short term, but the monthly repayments you would have to make could be high.
What do I need to get an equity release mortgage?
You’ll only be eligible for an equity release mortgage if there’s no other debt secured on your home. If there’s some mortgage left to pay, this could be settled by the equity release though. It’s also worth noting that should you live a long time, which hopefully you will, the interest on the loan amount could mount up and mean there’s less left over for your family.
How will an equity release mortgage help me get lower bills?
Even in your retirement it’s likely you have bills to pay each month, maybe someone in your family needs your help to get on to the difficult first rung of the property ladder, if so, compare mortgages to get an equity release quote now. It’s important to note that equity release mortgages are not regulated as closely as other financial products at this time, so be sure to seek expert independent financial advice. It’s also a decision the whole family should be involved in too. However, at this stage there’s absolutely no obligation whatsoever, you can compare equity release mortgage quotes now to see how this could change you and your family’s future!
Experian® - the company behind LowerMyBills - also provides CreditExpert, which gives you access to your credit report and score enabling you to see what lenders see about you when they make a decision about which financial products or services are available to you.
The LowerMyBills.co.uk mortgage service is provided by BeatThatQuote.com Ltd, an appointed representative firm of Best Value Financial Services Ltd which is authorised and regulated by the Financial Services Authority.
YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
You might also be interested in...
Back to Top