Using equity release to clear a mortgage

A common reason for releasing equity is to pay off a mortgage that is coming to the end of its term, especially an interest only one with no repayment plan in place. Equity release can clear it and remove the monthly payment, but it swaps a debt you were paying down for one that grows. This tool shows the release needed and the long run cost.

Outstanding mortgage balance (£)

Any extra cash you also want (£)

Equity release rate (% per year)

Over how many years