Thousands of homeowners in their 50s used high-interest equity release loans last year to unlock cash from their properties. But experts have warned that interest payments could erode the total value of the properties leaving retirees unable to downsize and with no inheritance to pass onto children.
What would you answer if I asked you how much money you need for the rest of your life (pension freedom)?
One way to beat low savings rates is to overpay your mortgage, says the Mail. Every extra £1 you use to pay off the loan saves you the interest you’re paying on the mortgage, which is usually much higher than the savings rates on offer from banks and building societies (Wealth Managers Bristol).