Pay off mortgage

Pay off your existing mortgage

It can be stressful knowing you’ve got a mortgage hanging over your head when you’re around retirement age.

When your income changes or begins to slow down, that monthly amount for the mortgage can become uncomfortable or restrict you doing what you want to do. That’s why many people look to equity release as an answer.

Mark and Yvonne – a real life example

“Life was starting to feel a bit constrained, we’ve got lots we want to do but knowing there was a mortgage payment to make just meant we had to be continuously careful with our budget.”

Mark and Yvonne’s mortgage still had a few years to run – but having both retired, the payment was taking an increasingly large chunk from their monthly income.

“We talked about selling this house and getting something smaller – but we’ve got so many memories here, we’d be devastated to leave. We talked to a friend and she suggested releasing the equity we have in the home – then paying off the mortgage.”

“When we arranged a visit to look at some plans and how the numbers might stack up, I could have jumped for joy! It was literally perfect for our situation.”

Mark and Yvonne were able to settle their existing mortgage with the money released – and have an amount left over to leave to their children further down the line.

“We talked about it with our family first and they agreed that it was the right thing to do. They’re not expecting anything from us so just wanted to make sure we were happy and financially sound. They don’t realise it but we’ve made sure there’s a bit kept aside that we can leave to them too.”

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Equity release – the facts

It’s important that you fully understand equity release before committing to a plan. It’s also important that you consider all your choices – people sometimes choose to downsize their home or access savings rather than release equity.

We recommend plans that meet Equity Release Council approval – meaning you benefit from guarantees around the right to stay in your home and are protected against negative equity.

Equity release can change the value of your estate and can therefore affect entitlement to means-tested benefits.

The most popular kind of equity release is a lifetime mortgage; a loan secured against your home which typically has no monthly repayment. Instead, the loan accrues interest – and is repaid when your plan ends.

What’s right for you?

If you think releasing the equity in your home would help you to settle a current mortgage, get in touch and see how we can assist. We always promise no jargon or pressure – just a friendly discussion about your unique situation and details of plans that might suit you. Click here or call us on 0333 360 1958 and take the first steps toward clearing off your existing mortgage.

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What our Customers say About Us

“We just wanted to be able to stay in our home for some years to come and the local advisor from Equity Release Scotland was very helpful and understanding. We now feel very comfortable that we can afford stay in our home for the foreseeable future and have options further down the road.”

Mr & Mrs Davidson

Glasgow

“What a relief, our mortgage and debts repaid, one easy monthly payment which we can afford and the option to stop paying that in the future if we choose’ . The process was smooth and everything was clearly explained to us. We had lots of questions but our adviser was always available to answer any concerns we had....thanks a million”

Mr & Mrs Curran

Edinburgh

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To Provide Friendly, Efficient Advice For The Life Of Your Mortgage.

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0333 360 1958

You can contact us by calling the above number or using our contact form

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