Existing Mortgage

Pay off mortgage

Equity Release to Pay off 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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Why You should always choose a product from a lender approved by the Equity Release Council

Guarantee 1

equity release council logo approved You have the Right to Remain in your Home for as long as you choose

Guarantee 2

equity release council logo approved You will NEVER owe more than the value of your home due to the "no negative equity" guarantee.

Guarantee 3

equity release council logo approved You have the freedom to move to another property without financial penalty (subject to provider criteria)

Here to Help You

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

Free Equity Release Guide

Looking to release some cash that is tied up in your property? Get Your FREE Guide here

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You can contact us by calling 0333 360 1958 or using our contact form

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How Much Can You Release?

Use our Equity Release Calculator to find out how much cash you can release

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