Understanding the Journey to Mortgage-Free Homeownership in the UK
When a UK mortgage is fully paid off, homeowners experience a transformative shift in their financial landscape that extends far beyond the simple cessation of monthly payments. This milestone represents the culmination of years, often decades, of financial commitment and marks the beginning of a new chapter in property ownership and wealth management. The implications of achieving mortgage-free status in the UK are multifaceted, affecting everything from monthly cash flow and credit profiles to legal property ownership and long-term financial planning strategies.
The process of paying off a mortgage in the UK involves several distinct phases and considerations that differ significantly from other international markets. Understanding these nuances is crucial for homeowners approaching this significant financial milestone, whether they are planning to pay off their mortgage early or are nearing the natural end of their mortgage term. The regulatory framework governing UK mortgages, overseen by the Financial Conduct Authority, ensures that the mortgage completion process follows established procedures designed to protect both borrowers and lenders whilst facilitating the smooth transfer of full property ownership.
The financial benefits of paying off a UK mortgage extend well beyond the obvious elimination of monthly mortgage payments. Homeowners typically experience substantial improvements in their monthly cash flow, with funds previously allocated to mortgage payments becoming available for other financial priorities such as pension contributions, investment portfolios, or discretionary spending. This increased financial flexibility often enables homeowners to pursue opportunities that were previously constrained by mortgage obligations, whether that involves career changes, early retirement planning, or significant lifestyle adjustments.
However, the journey to mortgage-free homeownership also presents certain challenges and considerations that require careful planning and understanding. The impact on credit profiles, changes in property insurance requirements, and the need to reassess overall financial strategies all represent important factors that homeowners must navigate as they transition from mortgaged to mortgage-free property ownership. Additionally, the decision of whether to accelerate mortgage payments or maintain the existing payment schedule involves complex calculations regarding opportunity costs, investment returns, and personal financial priorities.
The legal aspects of completing a UK mortgage involve specific procedures and documentation that homeowners must understand to ensure the process proceeds smoothly. From obtaining redemption statements to updating Land Registry records, the administrative requirements of mortgage completion require attention to detail and proper coordination with various parties including lenders, solicitors, and government agencies. Understanding these requirements in advance helps homeowners prepare for the transition and avoid potential complications that could delay the completion process.
The Immediate Financial Impact of UK Mortgage Completion
The immediate financial consequences of paying off a UK mortgage create both opportunities and responsibilities that require careful consideration and planning. The most obvious and immediate benefit is the elimination of monthly mortgage payments, which for many homeowners represents their largest single monthly expense. This sudden increase in available monthly income can be substantial, often ranging from several hundred to several thousand pounds depending on the size and terms of the original mortgage.
The cessation of mortgage payments also eliminates the associated costs and fees that accompany ongoing mortgage arrangements. These may include mortgage protection insurance premiums, arrangement fees for mortgage renewals, and various administrative charges that lenders typically impose throughout the life of a mortgage. The cumulative effect of eliminating these ancillary costs, whilst often modest compared to the principal and interest payments, contributes to the overall improvement in monthly cash flow that mortgage-free homeowners experience.
However, homeowners must also prepare for new financial responsibilities that emerge once mortgage payments cease. Property insurance, which was previously often arranged and paid through mortgage escrow arrangements, becomes the direct responsibility of the homeowner. This transition requires homeowners to establish direct relationships with insurance providers and ensure that coverage remains adequate and continuous. The absence of lender requirements for specific insurance levels provides homeowners with greater flexibility in choosing coverage options, but also places the full responsibility for risk assessment and management on their shoulders.
Property maintenance and improvement costs also take on new significance once mortgage payments end. Without the constraint of monthly mortgage obligations, homeowners often find themselves with both the financial capacity and the motivation to undertake property improvements that were previously deferred. This can lead to significant expenditures on renovations, extensions, or maintenance projects that enhance both the property’s value and the homeowner’s quality of life. However, these expenditures require careful budgeting and planning to ensure that the newfound financial freedom is managed responsibly.
The tax implications of mortgage completion also require consideration, particularly regarding the loss of mortgage interest tax relief where applicable. Whilst the UK has largely phased out mortgage interest relief for residential properties, some homeowners may still benefit from tax deductions related to their mortgages, particularly those with buy-to-let properties or those who have used their homes for business purposes. Understanding these tax implications and planning accordingly helps ensure that homeowners maximise the financial benefits of mortgage completion whilst remaining compliant with tax obligations.
The psychological impact of eliminating mortgage payments often leads to changes in spending patterns and financial behaviour that can have lasting consequences. Some homeowners experience a sense of financial liberation that leads to increased discretionary spending, whilst others become more focused on wealth accumulation and long-term financial security. Understanding these psychological factors and developing appropriate financial disciplines helps ensure that the benefits of mortgage completion are maximised and sustained over time.
Early Mortgage Repayment in the UK: Strategies and Considerations
The decision to pay off a UK mortgage early represents a significant financial strategy that requires careful analysis of both the potential benefits and the opportunity costs involved. Early mortgage repayment can provide substantial interest savings and accelerate the path to financial freedom, but it also involves tying up capital that could potentially generate higher returns through alternative investments. Understanding the various strategies available for early mortgage repayment and their respective implications helps homeowners make informed decisions that align with their broader financial objectives.
Overpayment strategies represent the most common approach to early mortgage repayment in the UK. Most UK mortgage products allow borrowers to make additional payments beyond their required monthly amounts, either as regular overpayments or occasional lump sum contributions. These overpayments are typically applied directly to the outstanding principal balance, reducing both the total interest payable over the life of the mortgage and the time required to achieve full repayment. The impact of overpayments can be substantial, with even modest additional monthly payments potentially reducing mortgage terms by several years and saving thousands of pounds in interest charges.
The effectiveness of overpayment strategies depends largely on the timing and consistency of additional payments. Early overpayments tend to have a more significant impact than later ones due to the front-loaded nature of mortgage interest calculations. Regular, consistent overpayments often prove more beneficial than sporadic large payments, as they provide sustained reduction in the principal balance and create compound effects over time. However, the optimal overpayment strategy varies depending on individual circumstances, mortgage terms, and alternative investment opportunities.
Lump sum repayments offer another approach to early mortgage completion, particularly for homeowners who receive windfalls such as inheritance, bonuses, or investment gains. These large, one-time payments can dramatically reduce outstanding mortgage balances and accelerate the path to mortgage-free ownership. However, lump sum repayments require careful consideration of early repayment charges, which many UK mortgages impose to compensate lenders for lost interest income. Understanding these charges and timing lump sum payments to minimise their impact is crucial for maximising the benefits of this strategy.
Remortgaging strategies can also facilitate early mortgage repayment by enabling homeowners to secure better interest rates or more favourable terms that support accelerated repayment. Switching to a mortgage with lower interest rates reduces the cost of borrowing and enables homeowners to maintain the same monthly payment levels whilst applying more funds to principal reduction. Alternatively, remortgaging to products that offer greater overpayment flexibility or lower early repayment charges can provide more options for accelerated repayment.
The decision to pursue early mortgage repayment must be evaluated against alternative uses for available funds, particularly investment opportunities that might generate higher returns than the interest savings achieved through early repayment. This analysis requires consideration of risk tolerance, investment time horizons, and the tax implications of different financial strategies. For many homeowners, the guaranteed return represented by mortgage interest savings provides an attractive, risk-free investment that compares favourably to many alternative options, particularly in low-interest-rate environments.
Early repayment strategies must also account for the importance of maintaining adequate emergency funds and financial flexibility. Committing all available resources to mortgage repayment can leave homeowners vulnerable to unexpected expenses or changes in circumstances that require access to liquid funds. Balancing the desire for early mortgage completion with the need for financial security and flexibility requires careful planning and regular reassessment of financial priorities and circumstances.
UK Mortgage Redemption Process: Legal and Administrative Requirements
The process of redeeming a UK mortgage involves specific legal and administrative procedures that ensure the proper transfer of property ownership and the satisfaction of all outstanding obligations. Understanding these requirements and preparing for them in advance helps ensure that the mortgage redemption process proceeds smoothly and efficiently, avoiding delays or complications that could impact the timing of achieving mortgage-free status.
The redemption process typically begins with obtaining a redemption statement from the mortgage lender, which provides a detailed breakdown of all amounts required to fully satisfy the mortgage obligation. This statement includes not only the outstanding principal balance and accrued interest but also any fees, charges, or penalties that may apply to the early repayment of the mortgage. Redemption statements are typically valid for a specific period, often 30 days, after which updated statements may be required to account for additional interest accrual and any changes in applicable charges.
Understanding the components of a redemption statement is crucial for homeowners planning mortgage completion. The outstanding principal balance represents the remaining amount borrowed, whilst accrued interest covers any interest charges that have accumulated since the last payment date. Early repayment charges, where applicable, compensate lenders for the loss of expected interest income and can represent substantial amounts, particularly for mortgages with fixed-rate periods or special promotional rates. Administrative fees may also apply to cover the costs of processing the redemption and updating relevant records.
The timing of mortgage redemption requires careful coordination to ensure that all parties are prepared and that the necessary funds are available when required. Most lenders require several days’ notice of intended redemption to prepare the necessary documentation and coordinate with their administrative systems. This notice period also allows homeowners to arrange for the transfer of funds and ensure that their bank accounts have sufficient balances to cover the redemption amount. Coordination with solicitors, where required, also needs to be arranged in advance to ensure that legal requirements are met and that property ownership records are properly updated.
The method of payment for mortgage redemption varies among lenders, with some accepting electronic transfers whilst others require certified cheques or other specific payment methods. Understanding these requirements in advance and arranging for the appropriate payment method helps avoid delays in the redemption process. Some lenders also require specific reference information or account details to ensure that redemption payments are properly credited to the correct mortgage accounts.
Following the completion of mortgage payments, lenders are required to provide various documents that confirm the satisfaction of the mortgage obligation and release their legal interest in the property. These documents typically include a mortgage discharge certificate or deed of release that formally acknowledges the completion of all mortgage obligations. This documentation is crucial for updating Land Registry records and establishing clear title to the property free from mortgage encumbrances.
The process of updating Land Registry records represents a critical final step in the mortgage redemption process. Homeowners or their solicitors must submit the appropriate forms and documentation to remove the mortgage charge from the property’s title and establish clear, unencumbered ownership. This process typically involves fees and may require several weeks to complete, during which time the property’s title records may show the mortgage as satisfied but not yet removed from the register.
Impact on Credit Profile and Financial Standing
The completion of a UK mortgage has significant implications for homeowners’ credit profiles and overall financial standing that extend well beyond the immediate cash flow benefits. Understanding these impacts helps homeowners prepare for changes in their credit situations and make informed decisions about future borrowing and financial planning. The effects on credit profiles can be both positive and negative, requiring careful consideration and potentially proactive management to optimise outcomes.
The closure of a mortgage account represents the elimination of a major credit facility from a homeowner’s credit profile, which can have complex effects on credit scores and creditworthiness assessments. On the positive side, mortgage completion eliminates a significant monthly debt obligation, improving debt-to-income ratios and demonstrating successful completion of a major financial commitment. This can enhance creditworthiness for future borrowing applications and provide evidence of financial responsibility and stability.
However, the closure of a long-standing mortgage account can also have negative effects on credit scores, particularly in relation to credit history length and credit mix diversity. Mortgages typically represent homeowners’ longest-running credit accounts, and their closure can reduce the average age of credit accounts, which is a factor in credit score calculations. Additionally, the loss of an instalment credit account from the credit mix can negatively impact scores, as credit scoring models typically favour diverse credit portfolios that include different types of credit facilities.
The impact on credit utilisation ratios depends on the homeowner’s other credit commitments and available credit facilities. For homeowners with significant credit card limits or other revolving credit facilities, the elimination of mortgage debt can substantially improve overall credit utilisation ratios, potentially leading to improvements in credit scores. However, homeowners with limited other credit facilities may see less dramatic improvements in this area.
The timing of credit score changes following mortgage completion can vary significantly, with some effects appearing immediately whilst others may take several months to fully manifest. Credit reporting agencies typically update their records monthly, so the closure of mortgage accounts may not be reflected in credit reports until the next reporting cycle. Additionally, the complex algorithms used in credit scoring may take time to fully incorporate the changes resulting from mortgage completion.
Future borrowing capacity may be affected by mortgage completion in various ways. On one hand, the elimination of mortgage payments improves debt-to-income ratios, potentially increasing capacity for other types of borrowing such as personal loans, credit cards, or future mortgages. On the other hand, the loss of a mortgage payment history may make it more difficult for lenders to assess creditworthiness for future mortgage applications, particularly if significant time passes between mortgage completion and future property purchases.
Homeowners planning future property purchases or other major borrowing should consider the timing of mortgage completion in relation to these plans. Maintaining some credit activity and ensuring that other credit accounts remain active and in good standing can help preserve credit profiles and demonstrate ongoing creditworthiness. This may involve strategic use of credit cards or other credit facilities to maintain active credit relationships whilst avoiding unnecessary debt accumulation.
Property Ownership and Legal Implications
Achieving mortgage-free status in the UK brings about fundamental changes in property ownership rights and legal standing that have far-reaching implications for homeowners. The transition from mortgaged to unmortgaged property ownership involves the removal of significant legal encumbrances and the establishment of clear, unencumbered title that provides homeowners with enhanced rights and responsibilities. Understanding these legal implications helps homeowners navigate the transition effectively and take full advantage of their enhanced ownership position.
The most significant legal change resulting from mortgage completion is the removal of the lender’s charge over the property, which had provided the lender with security for the mortgage loan. This charge, registered with the Land Registry, gave the lender the right to take possession of and sell the property in the event of mortgage default. The removal of this charge through the mortgage redemption process establishes the homeowner’s absolute ownership of the property, free from any claims by the former mortgage lender.
The process of removing the mortgage charge from the Land Registry involves specific procedures and documentation that must be completed to establish clear title. Homeowners or their legal representatives must submit appropriate forms along with evidence of mortgage satisfaction to update the property’s title records. This process typically takes several weeks to complete and involves fees, but it is essential for establishing clear legal ownership and avoiding potential complications in future property transactions.
Clear title to property provides homeowners with enhanced flexibility in property use and disposal that was previously constrained by mortgage terms and lender requirements. Mortgage agreements typically include various covenants and restrictions that limit how properties can be used, modified, or transferred. The elimination of these restrictions through mortgage completion provides homeowners with greater freedom to make property improvements, change property use, or transfer ownership without requiring lender consent or approval.
The enhanced ownership rights that come with mortgage-free status also bring increased responsibilities and liabilities. Without lender oversight and requirements, homeowners become solely responsible for maintaining adequate property insurance, ensuring compliance with all relevant regulations and planning requirements, and managing all aspects of property maintenance and improvement. This increased responsibility requires homeowners to be more proactive in property management and to ensure that they have appropriate professional advice and support when needed.
Estate planning implications also change significantly once mortgage obligations are eliminated. Mortgage-free properties represent unencumbered assets that can be more easily transferred to beneficiaries or used as security for other purposes. The absence of mortgage obligations simplifies estate planning and provides greater flexibility in structuring inheritance arrangements. However, homeowners should review and update their estate planning documents to reflect their changed circumstances and ensure that their wishes regarding property disposal are clearly documented.
The ability to use mortgage-free property as security for other borrowing purposes provides homeowners with enhanced financial flexibility but also requires careful consideration of the risks involved. Secured borrowing against unencumbered property can provide access to significant amounts of capital at relatively favourable interest rates, but it also reintroduces the risk of property loss in the event of default. Homeowners considering such arrangements should carefully evaluate their financial circumstances and risk tolerance before encumbering previously mortgage-free property.
Financial Planning After Mortgage Completion
The achievement of mortgage-free status creates both opportunities and challenges for long-term financial planning that require careful consideration and strategic thinking. The elimination of mortgage payments fundamentally alters homeowners’ financial landscapes, creating new possibilities for wealth accumulation, investment, and lifestyle choices whilst also requiring reassessment of financial priorities and risk management strategies. Developing appropriate financial plans that maximise the benefits of mortgage completion whilst maintaining financial security requires comprehensive analysis of individual circumstances and objectives.
The increased monthly cash flow resulting from mortgage completion provides homeowners with enhanced capacity for retirement planning and pension contributions. For many homeowners, mortgage payments represent their largest monthly expense, and their elimination can free up substantial amounts for pension contributions that can benefit from tax relief and compound growth over time. Maximising pension contributions in the years following mortgage completion can significantly enhance retirement security and provide tax-efficient wealth accumulation opportunities.
Investment portfolio development often becomes a priority for mortgage-free homeowners who have substantial monthly cash flow available for wealth accumulation. The guaranteed return represented by mortgage interest savings provides a baseline against which other investment opportunities can be evaluated. Homeowners must consider their risk tolerance, investment time horizons, and overall financial objectives when developing investment strategies that make productive use of their enhanced financial capacity.
Emergency fund management takes on new importance once mortgage payments are eliminated, as homeowners lose the implicit emergency fund represented by the ability to reduce or suspend mortgage payments in times of financial difficulty. Building and maintaining adequate emergency funds becomes crucial for financial security, particularly given the increased responsibilities that come with mortgage-free property ownership. These funds should be sufficient to cover not only normal living expenses but also potential property maintenance and improvement costs that are no longer covered by mortgage payment arrangements.
Tax planning strategies may need to be revised following mortgage completion, particularly regarding the loss of any remaining mortgage interest tax relief and the potential tax implications of increased investment activity. Homeowners should review their overall tax positions and consider strategies for tax-efficient wealth accumulation and income generation that take advantage of available allowances and reliefs whilst minimising tax liabilities. In many cases, seeking professional guidance such as mortgage broker services for homebuyers can also provide valuable insights, since brokers often assist with wider financial considerations beyond mortgage products.
Insurance planning requires comprehensive review following mortgage completion, as homeowners lose the insurance arrangements that were previously required by mortgage lenders. This includes not only property insurance but also life insurance and income protection arrangements that may have been structured around mortgage obligations. Homeowners should assess their insurance needs independently and ensure that coverage remains adequate for their changed circumstances whilst avoiding unnecessary costs for coverage that is no longer required.
Estate planning considerations become more complex once mortgage obligations are eliminated, as homeowners must consider how to manage and transfer unencumbered property assets. This may involve reviewing wills and estate planning documents, considering trust arrangements, and evaluating the tax implications of property transfers. Professional advice is often valuable in developing estate planning strategies that maximise the benefits for beneficiaries whilst minimising tax liabilities and administrative complications.
Property Insurance and Maintenance Responsibilities
The transition from mortgaged to mortgage-free property ownership brings significant changes in insurance arrangements and maintenance responsibilities that require careful attention and planning. Previously, mortgage lenders typically required specific insurance coverage and often arranged for payments through escrow accounts, providing a structured approach to property protection and maintenance funding. The elimination of these lender requirements provides homeowners with greater flexibility but also places full responsibility for property protection and maintenance on their shoulders.
Property insurance arrangements must be completely reassessed following mortgage completion, as homeowners lose the insurance requirements and oversight previously provided by mortgage lenders. This transition requires homeowners to evaluate their insurance needs independently and establish direct relationships with insurance providers. The absence of lender requirements provides opportunities to optimise coverage and costs, but it also requires homeowners to ensure that they maintain adequate protection for their property investments.
The evaluation of insurance coverage should consider not only the basic requirements for property protection but also additional coverage options that may be appropriate for mortgage-free homeowners. This might include enhanced contents coverage, liability protection, and coverage for property improvements and renovations that homeowners may undertake once mortgage constraints are removed. The increased financial flexibility that comes with mortgage completion often leads to property improvements that require adjustments to insurance coverage.
Maintenance and improvement planning takes on new significance once mortgage payments are eliminated, as homeowners often have both the financial capacity and the motivation to undertake projects that were previously deferred due to mortgage obligations. This enhanced capacity for property investment can significantly improve both property values and quality of life, but it requires careful planning and budgeting to ensure that projects are completed successfully and within reasonable cost parameters.
The development of maintenance and improvement budgets should consider both immediate needs and long-term property preservation requirements. Mortgage-free homeowners should establish regular maintenance schedules and budget for both routine upkeep and major improvements or replacements that may be required over time. This proactive approach to property management helps preserve property values and prevents minor issues from developing into major problems that require expensive remediation.
Professional property management advice may be valuable for mortgage-free homeowners who want to optimise their property investments and ensure that maintenance and improvement decisions are made strategically. This might include property surveys to identify potential issues, energy efficiency assessments to guide improvement priorities, and professional advice on renovation and improvement projects that provide the best returns on investment.
The tax implications of property improvements and maintenance should also be considered, particularly regarding potential capital gains implications for future property sales and the availability of tax relief for certain types of improvements. Understanding these implications helps homeowners make informed decisions about property investments and ensures that they maximise the financial benefits of their property ownership.
Long-term Wealth Management Strategies
The achievement of mortgage-free status represents a significant milestone in wealth accumulation that opens up new opportunities for long-term financial growth and security. The elimination of mortgage payments provides homeowners with enhanced cash flow that can be directed towards various wealth-building strategies, whilst the ownership of unencumbered property provides a solid foundation for further wealth accumulation. Developing effective long-term wealth management strategies that maximise these opportunities requires careful consideration of individual circumstances, risk tolerance, and financial objectives.
Investment diversification becomes particularly important for mortgage-free homeowners who may have significant portions of their wealth concentrated in property assets. Whilst property ownership provides valuable wealth preservation and growth opportunities, diversification across different asset classes can help reduce risk and enhance long-term returns. This might include investments in stocks and shares, bonds, alternative investments, and international markets that provide exposure to different economic conditions and growth opportunities.
The development of investment portfolios should consider the homeowner’s overall risk profile, which may change following mortgage completion. The elimination of mortgage obligations may increase risk tolerance by providing greater financial security and flexibility, but it may also increase the importance of wealth preservation as homeowners approach or enter retirement. Balancing growth opportunities with security requirements is crucial for developing appropriate investment strategies.
Regular portfolio review and rebalancing become important disciplines for mortgage-free homeowners who are actively building wealth through investment activities. Market conditions, personal circumstances, and financial objectives can all change over time, requiring adjustments to investment strategies and asset allocations. Professional investment advice may be valuable for homeowners who want to optimise their investment approaches and ensure that their portfolios remain aligned with their objectives.
Tax-efficient investment strategies take on increased importance as homeowners’ investment activities and income levels may increase following mortgage completion. Understanding and utilising available tax allowances, reliefs, and efficient investment vehicles can significantly enhance long-term wealth accumulation. This might include maximising contributions to ISAs and pension schemes, considering tax-efficient investment funds, and structuring investments to minimise tax liabilities whilst maximising growth opportunities.
Estate planning integration with wealth management strategies ensures that accumulated wealth can be effectively transferred to beneficiaries whilst minimising tax implications and administrative complications. This might involve considering trust arrangements, lifetime giving strategies, and tax-efficient wealth transfer mechanisms that preserve wealth for future generations whilst providing current financial security and flexibility.
Conclusion: Embracing Financial Freedom Through UK Mortgage Completion
The completion of a UK mortgage represents far more than the simple elimination of monthly payments; it marks the beginning of a new phase of financial freedom and opportunity that can transform homeowners’ long-term wealth and lifestyle prospects. The journey from mortgaged to mortgage-free homeownership involves navigating complex legal, financial, and administrative requirements whilst making strategic decisions that can have lasting impacts on financial security and wealth accumulation.
Understanding the immediate and long-term implications of mortgage completion helps homeowners prepare for this transition and maximise the benefits that come with mortgage-free property ownership. From the enhanced cash flow and investment opportunities to the increased responsibilities and planning requirements, mortgage completion creates both opportunities and challenges that require careful consideration and strategic thinking.
The legal and administrative aspects of mortgage completion, whilst often complex and time-consuming, are essential for establishing clear property ownership and ensuring that homeowners can fully enjoy the benefits of their achievement. Proper preparation and understanding of these requirements help ensure that the transition proceeds smoothly and that homeowners can quickly begin to benefit from their enhanced financial position.
The impact on credit profiles and financial standing requires ongoing attention and management to ensure that homeowners maintain their creditworthiness whilst adapting to their changed circumstances. Strategic management of credit relationships and financial planning can help homeowners preserve their borrowing capacity whilst taking advantage of their improved financial flexibility.
Long-term financial planning becomes both more important and more complex following mortgage completion, as homeowners must develop strategies for managing increased cash flow, building wealth, and preparing for future financial needs. Professional financial advice can be valuable in developing comprehensive plans that maximise the benefits of mortgage completion whilst maintaining appropriate levels of financial security and risk management.
The achievement of mortgage-free homeownership represents a significant financial milestone that provides the foundation for enhanced financial security, wealth accumulation, and lifestyle flexibility. By understanding the implications and opportunities that come with this achievement, homeowners can make informed decisions that maximise the benefits of their financial freedom whilst building towards even greater long-term financial success and security.
Professional mortgage and financial advice is recommended for all major financial decisions. Your home may be repossessed if you do not keep up repayments on any secured borrowing. The value of investments can fall as well as rise, and you may not get back the amount originally invested.
