I am 60 next year and the outstanding mortgage on the £300,000 property is £150,000Q Should I explore equity release when my two-year fixed-rate deal (on my 15-year repayment mortgage) comes to an end? I am 60 next year and intend to work until I am 67. I have a number of decent local authority and private pensions, and also £40,000 in additional voluntary contributions, which should cover any mortgage payment after retirement. My property on the market would fetch about £300,000, and my outstanding mortgage is £150,000 (but probably £130,000 when the fixed rate expires). I bought last year at the peak of the market.I have no children and nobody that I want to leave the property to after my death. So I have little ambition to pay off the mortgage (although I would use the AVCs towards it).What is important to me is low monthly payments. Should I look at equity release, or am I too young?SK Continue reading…
Source : theguardian.com
Read more…Is equity release an option when my mortgage fix ends or am I too young?
