pension lump sum or Equity release mortgage
Posted: April 19th, 2022, 1:44 pm
I am undecided on whether to take an equity release mortgage or to transfer my DB pension which has a 300k pot and take the Maximum lump sum (75k) to help clear my debts
My circumstances are I am 59 with a mortgage balance of 47k with 6 years remaining and credit card and loan debt of 39k
-Monthly loan and mortgage payments equal around £1400 (I have minimal monthly credit card interest as most on temporary interest free or low interest deals)
I feel my finances need restructuring and see it as a logical step to clear them and free up that monthly payment burden but need advice/assurance on which of these 2 options would be best . Your opinions would be appreciated
My circumstances are I am 59 with a mortgage balance of 47k with 6 years remaining and credit card and loan debt of 39k
-Monthly loan and mortgage payments equal around £1400 (I have minimal monthly credit card interest as most on temporary interest free or low interest deals)
I feel my finances need restructuring and see it as a logical step to clear them and free up that monthly payment burden but need advice/assurance on which of these 2 options would be best . Your opinions would be appreciated