Remortgaging an equity release mortgage to get a better deal
Discussion
Another post for my mum, sorry about that.
Mum has decided that she would rather stay in her current house for now. Having had a valuation, and seen what else she get with the balance after paying off the equity release mortgage, she's better off where she is.
Her house was valued at £325k, possibility she could get £350 if she waited for the right buyer.
The balance on the equity release mortgage is just shy of £150k. Scottish Widows roll-up, at 6%. The balance is increasing way faster than house prices.
She is 80 years old.
Are there any better deals out there that she could switch to? Maybe something that allows payments to stop the balance going up so fast?
Mum has decided that she would rather stay in her current house for now. Having had a valuation, and seen what else she get with the balance after paying off the equity release mortgage, she's better off where she is.
Her house was valued at £325k, possibility she could get £350 if she waited for the right buyer.
The balance on the equity release mortgage is just shy of £150k. Scottish Widows roll-up, at 6%. The balance is increasing way faster than house prices.
She is 80 years old.
Are there any better deals out there that she could switch to? Maybe something that allows payments to stop the balance going up so fast?
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