3.3 million UK homeowners aged 55s and over currently have outstanding mortgages.
For these homeowners who are looking to reduce their committed monthly expenditure by repaying their existing mortgage, equity release could be the solution.
Equity release is a way for homeowners aged 55 and over to unlock the cash, known as equity, from their property.
If you’ve owned your home for a number of years, the value of your home has likely increased.
This, coupled with the mortgage repayments you have already made, means you might have a sizeable amount of equity built up in your home.