All my cash is tied up in the house but I could buy a cheaper one as I want to live a little before retiring
Q I am a 56-year-old man with nine years left on my £70,000 mortgage. The mortgage is split so that £20,000 is on a repayment basis and the remaining £50,000 is interest only. I reckon I could sell my house for £225,000 so I have £155,000 equity.
I have no savings whatsoever and all of my cash is tied up in the house. I want to live a little before I retire at 60 and have a bit of spending money while I’m still young enough to enjoy myself.