Get a new deal
Ask your lender what they can offer you.
Finding out what options there are can help you to decide what to do next. You need to look into this as early as possible. Don't wait for your deal to end.
It may be possible to do this by remortgaging your home with another lender. This may mean your mortgage will be:
- Better suited to what you need right now
- A better fit for your future plans
Before you go ahead with a deal with another lender, you need to be aware of the extra costs involved. Make sure you can afford:
- Application feeds
- Conveyancing
- Legal fees
- Any other costs that you may need to cover
Our mortgage and equity release experts can help you
You need unbiased advice you can trust. There are no hidden fees for our service. Contact StepChange Financial Solutions today
Take your mortgage over a longer term
- Ask your lender what they can offer you
- You may need to have an additional credit and affordability check to make sure this is right for you
- Don’t wait for your deal to end. Looking at your options early gives you chance to shop around.
This will increase the overall cost of your mortgage repayments. This is called the “total amount payable”.
Retirement mortgages
These are designed for people who:
- Have retired already
- Are planning to retire
This type of mortgage will last until your home is sold.
Some people like this type of mortgage because:
- There can be a more competitive interest rate than with equity release
- There is no need to move
- The interest rate is usually fixed for five years
- There is flexibility to repay the mortgage without paying a penalty
- There are different rates and products to suit different circumstances
Risks of retirement mortgages
- Releasing equity might affect your tax position and entitlement to means-tested benefits
- Future property prices might 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 might leave
- There are implications of securing other debts against your home
- Consolidating debts over a longer period may mean you pay more overall
Find out about retirement mortgages
Equity release
With equity release, you could access funds from your property, without having to sell your home. You may be able to do this if:
- You are 55 or older
- And you have at least 50% equity in your home
You can get this money as a lump sum or in regular payments.
The offer is based on your age and value of your home.
Work out how much equity you have with our equity release calculator.
We can talk you through your options so you are able to make an informed choice. Contact us.
Risks of equity release
- You don’t pay tax by releasing equity, but the way it’s released might affect your tax position and entitlement to means-tested benefits
- There may be more suitable alternatives, such as downsizing to a smaller property or remortgaging
- Future property prices might 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 might leave
- There are implications to securing other debts against your home
- Consolidating debts over a longer period may mean you pay more overall
- If you're planning home improvements, a government grant may be a better option for you
Find out more about equity release