Can I release equity to pay off existing debt?

The simple answer is Yes, however there are many factors to consider before entering into any agreements, having access to funds to manage monthly living costs and payments will give you peace of mind.

Using equity release to pay off existing debt

National debt has risen substantially in recent years, potentially adding unnecessary stress and anxiety when you should be relaxing and enjoying the benefits of all those hard years of work. Releasing some of your equity could go towards paying off your existing mortgage or some if not all of your debts leaving you free to enjoy your time

Funds released via equity release are free of ALL taxes leaving you free to spend as you like;

Maybe you have your eye on a new kitchen or bathroom
Clear the credit cards
purchase that dream car or pay off an existing car loan
Pass on funds to your children

What are the benefits of releasing equity to help clear existing debt?

It’s important to fully explore all options and get independent advice from a qualified professional adviser before considering to release any equity from your home. There are a number of benefits to releasing equity from your home to help you have greater financial freedom when you retire.

There are a number of options to consider in how you release equity, you can receive a lump sum or receive regular income by drawing down funds after receiving the initial advance.

You should be aware that paying off short term borrowing such as credit cards or personal loans and adding them to a long term mortgage means that you will potentially pay more for those loans