If you plan to sell your home to pay off your interest only mortgage you will need to think about where you’re going to live.
You may wish to:
- Use the equity from your home to buy a cheaper property with no mortgage
- Use the equity from your home to buy a cheaper property and have a smaller repayment mortgage
- Move into a rented property or with family
With each of these options (particularly the first two) you’ll need to make sure that you have enough equity in your property to make your plan work.
If you’re planning to sell your property, our dedicated team can help you answer these questions. Call our them on 0330 159 7153. Phone lines are open Monday to Friday 08:30am-6:00pm.