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July 2025 | Phonebox Magazine 37%u2022 Company Accounts%u2022 Corporati on Tax Returns%u2022 Sole Trader and Partnership AccountsEmail: andrew@aj-accountancy.co.ukTel: 07799 398555 or 01234 71315117 High Street, Olney House, Olney, Bucks, MK46 4EB%u2022 Self-Assessment%u2022 Payroll%u2022 VAT & Book-Keeping%u2022 Tax Advice and Business Start Upwww.aj-accountancy.co.ukDominic Mills & CoSolicitorsSpecialists in:WillsPowers of AttorneyDeputyship applicationsProbate and administration of estatesInheritance tax planningCare fees advicePlease contact Steven HighamBrewery House, 84 High StreetNewport Pagnell, BuckinghamshireMK16 8AQTel: 01908 618708email: sh@dmillsandco.comWebsite: www.dmillsandco.comI have always paid my mortgage, and I don%u2019twant my debt to increase. With many of today%u2019splans a regular payment of interest is not onlyallowed, but also encouraged. With a selectionof the newer plans, a reduced interest rate canbe secured in return for a commitment tocontinue to make regular monthly payments.Now I am semi-retired my income hasreduced...is this a problem? The benefit ofmost Equity Release/Lifetime Mortgage plans isthat, unlike a traditional mortgage, theunderwriting is NOT based on affordability. Yourage and the valuation of your property are thekey factors when a lender is assessing how muchyou can borrow. If you are also able to pay theinterest, so much the better!Whether you decide to pay interest, or not, thereare benefits/merits to each depending onindividual circumstances. Regardless of thereasons for considering Equity Release, Michaelwould strongly recommend seeking advice as towhether this route may be appropriate for yourindividual circumstances.There are many plans to choose from. Findingthe most appropriate option is important toensure that your decision is not just suitable atthe outset, but, as far as possible, that it remainssuitable later in life.Local adviser, Michael Petchey, specialises inEquity Release and is seeing many more peopleconsidering this as a solution to their financialproblems.Increasingly, Equity Release is being used to repayInterest Only mortgages.In these circumstances the interest has been paid,often for many years, but the capital is now duefor repayment. Options for repayment includeselling the property however, for some, a moreattractive option is to re-finance.The difficulty is that if the borrower has retired, oris over 70, the options are much more limited.Equity Release/Lifetime Mortgages are often themost attractive solution if people do not want to,or are unable to, sell.Mortgages are highly regulated %u2013 does thesame apply to Equity Release? Yes, and there isa particular focus on Equity Release due to itslong-term nature and the typical customer base.Equity Release is regulated under the FinancialConduct Authority, and is also guided by the EquityRelease Council. Any reliable Equity Releaseadviser should be a member of the council.Call Michael on01908 382 406 or 07922 590652or e-mail him atmichael@bricksandmortgages.co.ukYou may find answers to some of yourquestions atwww.bricksandmortgages.co.ukMichael Petchey CeMAP, CeRERHow Will I Repay My Interest Only Mortgage...Could Equity Release Be The Answer?This is a lifetime mortgage. To understand the features and risks, please ask for a personalised illustration. Check that this mortgage will meet your needsif you want to move or sell your home or you want your family to inherit it. If you are in any doubt, seek independent advice. Bricks and Mortgages Ltd is anAppointed Representative of The Right Mortgage Ltd, which is authorised and regulated by the Financial Conduct Authority. Registered in England and Wales no.11726935. Registered address : 3 Warren Yard, Warren Park, Stratford Road, Wolverton Mill, Milton Keynes, MK12 5NW. A fee may be charged for equity release advice.The exact amount will depend on your circumstances, our typical advice fee would be up to %u00a3495 on completion..