Retiring with a mortgage – Difficult decisions.

Rightly or wrongly the general belief most people had was that prior to retirement their mortgages or those of their parents would be repaid.

This though is now in a growing number of cases, not the case. Whether it be endowments which had shortfalls, changes in affordability through life events or a myriad of other reasons increasingly more and more people find themselves with debts hanging over them at retirement. or preventing them retiring when they might wish.

Unlike investment/pension planning where clients may find this an easier matter to discuss with family of friends or their financial adviser, this is an area many are unsure where to turn to for advice.

If you are looking for a simple answer here, I am afraid there is not one that fits all or even the largest percentage of scenarios. This advice is extremely specific to circumstance and there may be a number of options.

We will consider your future income, existing savings/investments, value of you home or other assets and guide you through each option until we agree the one that you feel most comfortable with and best fits your personal situation.

This maybe:

1. Downsizing

2. A repayment mortgage

3. Lifetime interest only

4. Equity release

5. Utilising existing assets or savings

6. A combination of any of the above.

Whichever route is chosen Alexander Beard is available to give you ongoing advice as your circumstances change over the years. Mike Shakespeare

Financial Planning Director (UK) YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

CHECK THAT THIS MORTGAGE WILL MEET YOUR NEEDS IF YOU WANT TO MOVE OR SELL YOUR HOME OR YOU WANT YOUR FAMILY TO INHERIT IT. IF YOU ARE IN ANY DOUBT, SEEK INDEPENDENT ADVICE.