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July 12, 2013 Latest News

Equity Release Can Defuse the Interest Only Time Bomb

Having an Interest Only Mortgage to redeem, without having enough funds so to do, is a worry for many over 55s. This shortfall happens for various reasons, such as an under-performing endowment, expected cash from other sources not forthcoming or downsizing not being an option. This is a serious concern for many thousands of mature people who want to live free from financial stress in their later years.

Whatever the cause, there may be a way to solve this problem without having to sell the property.

Equity Release could be that solution. By releasing equity from the home, the original mortgage can be cleared thus relieving the anxiety of finding the cash, in addition to making more disposable income available for current lifestyle.

There would be no repayment of capital or interest on an Equity Release Mortgage until either death or permanent long term care, when the property would be sold; indeed, there are even some structures which can allow for part or all of the interest to be paid monthly, still without the need to repay the capital, except as mentioned above.

Equity Release can be a very satisfactory method of clearing an interest only mortgage and, at the same time, freeing up further income for day to day living.

Please call me on my mobile 07888 979 799 or call our freephone number 0800 612 6755. Alternatively complete our request form for further information, without obligation.

This is a lifetime mortgage. It may affect your entitlement to state benefits & will reduce the value of your estate. Think before securing other debts against your home. To understand the features and risks, ask for a personalised illustration. Your home may be repossessed if you do not keep up repayments on your mortgage. The Right Equity Release does not charge any up front fees. A fixed fee is only charged on completion of an Equity Release Plan. Typically, this is 1.5% of the total facility or £995 whichever is the greater.