AnneBernadette
Registered User
- Messages
- 2
I am just 60 and have retired but find the present mortage repayments too much which is why I would be interested in equity release but not sure if its done anymoreYou will need to speak with a bank but make sure you have all the information that they will likely ask to hand.
How much older than 60 are you. Some banks will only allow you to re-mortgage up to the age of 65/66 others will go to 70.
Are you working. You will need to satisfy the bank that you will be able to repay the mortgage.
Personally, I would avoid taking on additional debt if I expected to retire in the next few years.
You are nearly home free with the house. Why bring that risk of losing it into your lives now.
I could be wrong, but I don't think they are talking of re-mortgage or increasing debt. Equity release is a different vehicle for releasing equity in your home.
I am just 60 and have retired but find the present mortgage repayments too much which is why I would be interested in equity release but not sure if its done anymore
Then what you need is not equity release (borrowing more money) instead you need an extension of your mortgage. It would be helpful Anne if you could give us some of the numbers, mortgage, bank, interest rate, income. That way we can have an overview of your financial situation and give you better advise. Have a look at the Money Makeover Forum to see how it works.I am just 60 and have retired but find the present mortage repayments too much which is why I would be interested in equity release but not sure if its done anymore
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?