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Free advice on problem debt
based on what's best for you

0800 138 1111 Freephone (including all mobiles)

StepChange Financial Solutions


When your interest only mortgage ends,
we can give you the advice you need

 
StepChange Financial Solutions

Interest only mortgage maturity advice service

If your mortgage term has expired, and you still owe money with no means to repay, then StepChange Financial Solutions may be able to help.

We have an interest only maturity advice service to help you find practical solutions to deal with your mortgage when you've not got the money available to repay the outstanding balance. We provide free and impartial advice to help you understand your options and ensure you have the knowledge and confidence to make informed decisions.

Once we establish the options with your existing mortgage provider, we’ll search the whole market to identify your residential mortgage, retirement mortgage and equity release alternatives.

If re-mortgaging is not an option we can discuss downsizing or an alternative solution and ensure you get the advice and support you need to make the right choice. 

To create a safe environment in which to explore your options our advisors are salaried with no sales targets, bonuses or commission. That way the only basis for any recommendation is that it’s right for you.

How can I repay my matured interest only mortgage?

Once we understand the options with your existing mortgage provider, we will work with you to establish what alternative solutions you can consider. 

Residential mortgages could enable you to remortgage to an alternative provider offering a longer mortgage term. It would require repayment in the future but could give you breathing space to consider your long-term plans. 

Equity release refers to products designed specifically for those in or near retirement. Designed to last until your home is sold, lending is based on age and property value more than affordability. You can also choose to make monthly repayments or repay what you owe when your home is sold.

Retirement mortgages bridge the gap between residential and equity release mortgages. Subject to affordability these products could allow you access to lower interest rates and greater flexibility.

We will talk you through the advantages and disadvantages of any recommended solution, so you’re in a position to make an informed choice. If there are no suitable solutions, we can help you proactively explore other options such as downsizing. 

Why choose StepChange Financial Solutions?

Trust

We're the UK's only charity-operated mortgage and equity release advice service.

Expertise

Fully qualified mortgage and equity release advisors with in-depth knowledge and experience.

Unbiased

Salaried advisors. No sales targets, bonuses or commission.

Value

No advice fee payable even if you proceed with an application.

Convenience

Telephone-based advice at a time to suit you. No intrusive home visits.

Peace of mind

The only advice service to pass all the best practice tests in the 2012 Which? equity release report.

Award winning advice

We're proud that the equity release industry has acknowledged our commitment to providing expert, honest advice. The awards we've received are much appreciated recognition for the work our team does on behalf of all our clients. 

Equity Release Awards logo

Important things to consider

Here are some things to consider when assessing your suitability for a residential mortgage or equity release solution:

  • Releasing equity may affect your tax position and entitlement to means-tested benefits
  • Think about alternatives, such as downsizing to a smaller property
  • Future property prices may be higher or lower than they are today
  • Releasing equity from your home will reduce the value of your estate, affecting the amount of inheritance you may leave
  • Think carefully before securing other debts against your home
  • To understand the features and risks of any plan ask for a personalised illustration
  • Your home may be repossessed if you do not keep up repayments on your mortgage (Residential & retirement mortgages only)

StepChange Financial Solutions is a registered trading name of Consumer Credit Counselling Service (Equity Release) Ltd. Authorised and regulated by the Financial Conduct Authority.

Book an appointment

0808 168 67199am to 5pm Monday to Friday

Free from all landlines and mobiles 

Case study

Tim’s advice meant that Jim and Barbara had the security of a fixed rate and a plan in place to be mortgage-free by their 75th birthday."

Read Jim and Barbara’s story»

Which? equity release report

Which equity release report

Under our previous name, CCCS Equity Release, we were the only advice service to pass all of Which?'s equity release tests

Radio 4 logo

Listen to our financial advice manager, Tom Moloney, answering questions with Ruth Alexander on BBC Radio 4's Money Box.

Helping you become debt free...

“I wish to thank your staff for all the great help they gave me when I was in so much debt.
They were a pillar of support to me.” (Leslie, Essex)

Foundation for Credit Counselling Wade House, Merrion Centre, Leeds, LS2 8NG trading as StepChange Debt Charity and StepChange Debt Charity Scotland. A registered charity no.1016630 and SC046263. It is a limited company registered in England and Wales (company no:2757055). Authorised and regulated by the Financial Conduct Authority.

*This is the average rating of our service on Feefo by DMP and DRO clients three months into their solution.

© StepChange Debt Charity 2016