Top five tips for paying off your mortgage

1. Extend the term of your loan

Reduce monthly repayments by extending how long you have to clear your mortgage. This will however increase the total amount, including interest, you have to pay. And not all lenders will allow older people to do this.

2. Use your pension

If you are about to start drawing your personal or company pension, you can currently take a quarter of it as a tax-free lump sum, which can help pay down your mortgage.

Find out more about unlocking your pension

3. Consider equity release

Your home may have increased considerably in value since you bought it, so you may be able to sign up for equity release to generate cash and pay off your loan.

What are the different types of equity release?

4. Switch to a cheaper deal

Speak to your lender or a mortgage broker about moving to a loan with a lower interest rate. Again, banks can be less willing to give new deals to those past retirement age.

Find out more about equity release

5. Rent out a room

If you have space, consider taking in a lodger. Under the Government’s rent-a-room scheme, you are allowed to make up to £7,500 a year tax free.

12 ways to make some extra money

Is Equity Release right for you? Find out more here