Can I get equity release with a mortgage?

Yes — the equity release pays off your existing mortgage. You need sufficient equity for both the mortgage and additional funds.

How much equity do I need?

Typically at least 50% equity, though the exact amount depends on your age and property value.

Will I save money by clearing my mortgage?

You'll eliminate monthly payments, but equity release debt accumulates interest. We'll calculate the comparison.

What about retirement interest-only mortgages?

RIO mortgages are an alternative — cheaper long-term but require ongoing monthly payments. We'll compare both.

Equity Release With or Without a Mortgage

You can get equity release even with an existing mortgage — the plan pays it off first, eliminating your monthly payments.

Equity Release With an Existing Mortgage

One of the most common reasons for equity release is to pay off an existing mortgage and eliminate monthly payments in retirement. The plan pays off your current mortgage as a priority, with any remaining funds available as a lump sum.

Existing mortgage paid off — no more monthly payments
Remaining equity released as tax-free cash
Significant monthly budget improvement
No affordability assessment required
free initial equity release advice

Step 3 of 5

Tell us about the property

Estimates are fine — we'll refine the numbers together.

Property Value (£) *

Deposit Amount (£)

Your home may be repossessed if you do not keep up repayments on your mortgage.

How It Works

Your equity release plan repays your existing mortgage in full first. Any additional equity released is paid to you as a tax-free lump sum.

Benefits of Clearing Your Mortgage

Eliminating mortgage payments can free up hundreds of pounds per month in retirement, removing financial pressure.

Without a Mortgage

If you own your home outright, the full amount released is available as a tax-free lump sum — you'll typically release more.

Is It the Right Choice?

It makes sense if you're struggling with payments and understand the debt will accumulate interest. We compare with alternatives like retirement interest-only mortgages.

Equity Release With or Without a Mortgage — FAQs

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Get Free Expert Advice

Your initial mortgage consultation is free with no obligation. If you decide to proceed with an application, a broker fee may apply depending on the complexity of your case — typically £199–£299, capped at 1% of the loan amount or £650 (whichever is lower). The exact amount is explained and agreed in writing before any chargeable work begins. Lenders may also pay us a procuration fee on completion.

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