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0808 252 9170Property wealth among those in or approaching retirement has never been higher. It's great news for homeowners looking for a financial boost later in life. But what if you want to stay in your own home and still reap the rewards of increasing house prices?
You could look at remortgaging your property, or maybe equity release could be the answer. Here's a short guide to both.
Remortgaging your property is where you take out a different or additional mortgage secured on your home
Homeowners who have an existing mortgage against their property could have the option to remortgage their home to receive a cash lump sum. That includes retirement mortgages, as age is not the barrier it once was. You could be eligible to remortgage your home as long as you meet the affordability criteria, no matter how old you are.
Typically, the cash released through a remortgage is used to pay off other existing debts, such as credit cards or loans, or to add value to the property via home improvements.
Remortgaging your property to release a cash lump sum is a decision which must be thought about carefully. If you decide to go ahead, your monthly repayments will likely increase to cover the bigger loan amount, and extending your mortgage's term means it will take you longer to pay it off.
Another option that may be available to you if you're wanting to unlock some of the cash tied up in your home is equity release
Equity release allows homeowners aged 55-95 to access a portion of their property's value. After any existing mortgage has been settled, the tax-free money released is then yours to spend as you wish. See how much you could release using our free calculator.
With a lifetime mortgage, the most popular form of equity release, you retain full ownership of your property.
That's because it's a loan secured against your home and it's repaid after your property is sold when your plan comes to an end. That's typically when you or the last remaining applicant either passes away or enters into long-term care.
There are typically no monthly repayments associated with equity release. If you wish, you may be able to lower the overall cost of your agreement by taking out a plan which allows you to make either regular or ad hoc repayments, but it's not compulsory.