Independent Financial Life Planners Bishop's Stortford: When's the right time to pay off your mortgage?

Wednesday, 4 November 2015

When's the right time to pay off your mortgage?

For many paying off the mortgage is one of the things that Enable's IFA's in Bishop's Stortford regularly see people aiming for so they can enjoy their later years. But a study, by the Saga Equity Release Service, has recently discovered that one in three people over the age of 50, and one in seven over the age of 70, still have a mortgage. And that on average those who still have a mortgage in their 70s will have £40,000 left to repay.

There can be lots of reasons for still having a mortgage to pay in your later years many over the years take out an interest only mortgage so at the end of the mortgage period are not in a positon to repay the debt some have tapped into the equity in their home over the years, in order to maintain a lifestyle that was maybe beyond their means hoping that house price rises would help wipe out their debt. And not everybody buys property when they are young, and gradually pays it off, life can end up being a bit more complicated and issues like unexpected debt and divorced can get in the way and mean some people have to start all over again.

The Saga research also found that a third of people over 50 had never tried to renegotiate their mortgage, so for some there could be serious savings to be made from shopping around for a cheaper deal. Enable’s IFA’s in Bishop’s Stortford might be able to help you find the right deal for you.

Remember your home could be at risk if you do not keep up your mortgage or re-mortgage repayments.

Issued by: Enable Independent Financial Life Planners  25c North Street, Bishops Stortford, Herts CM23 2LD Telephone: 01279 755950 - Fax: 01279 657339  Enable Independent Financial Life Planners is a trading style of Enable Independent Limited is authorised and regulated by the Financial Conduct Authority. It is important always to seek independent financial advice before making any decision regarding your finances. If you would like any assistance, please contact us. NOTHING CONTAINED IN THE ARTICLES SHOULD BE CONSIDERED AS GIVING INDIVIDUAL FINANCIAL ADVICE

Source - Saga Equity Release Service

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IFA Bishop's Stortford

At Enable Independent we know that our clients trust us and rely on our advice to help them to plan a better, more secure financial future. This is a responsibility that we take very seriously especially because we know that many clients have chosen us on the recommendation of friends and family. Each one of our advisers has deep expertise in their area of specialist knowledge and, as a team, we hold some of the highest qualifications available in the financial advice industry.

Our job satisfaction comes from using our skills to find workable, affordable and flexible solutions to meet our clients needs. Whether we are planning for known future funding requirements such as house purchase, school fees or income in retirement - or for the unforeseen such as job loss, long-term illness or early death, our independence from any product provider enables us to view the marketplace impartially. Our training permits us to look beyond a product's marketing hype and select on the basis of its fitness for purpose.