Posted on 15 June 2012 by Ann
I own my house outright with no mortgage. I want to release some cash from the house. Can I do this? I am female aged 53 years old.
So long as you have a decent credit record, you have sufficient income to support the amount you want to release and the property is suitable for a lender to take as security this is certainly possible.
At the moment you will need to arrange an ordinary residential remortgage and you should be able to bank on being able to get a mortgage up to age 75, although there are lenders who will go beyond this. Unless you have a repayment vehicle in place which will clear the mortgage debt in the future you will need to pay both capital and interest each month. The term of the mortgage will effect the size of the monthly repayments with a shorter term leading to higher payments and vice versa. You will also need to consider whether you want a Fixed or Variable rate mortgage and this will largely depend on your attitude to risk. A fixed rate mortgage will give you the security of knowing how much your payments are going to be for a set period whereas the payments on a variable rate could go up or down depending on the economy.
I strongly recommend that you seek independent mortgage advice before speaking to any Banks or Building Societies as they can only advise you on what they can offer and nothing else. Please call 0344 346 3672 and speak to one of our independent mortgage advisers, tell them the date and title of your question, they will then be able to help you find the right mortgage for your situation.
Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.
We recommend you seek professional advice with regard to any of these topics where appropriate.