I have recently been trying to help some people that I know - friends of the family. They are a retired couple - he is in his early seventies and she is about five years younger (I think). They have a bit of an outstanding mortgage. They recently looked into equity release as a solution, but were put off by the way the amount owed would increase every year. I suggested contacting the mortgage company and going "interest only", but he dismissed that idea as he wants to pay to replace some windows, and wants to pay of some credit card borrowing. Personally I think paying off credit cards at the expense of the equity in their house would be a bad idea, but I'm not sure that they would listen, even after mentioning the problem to me. The way I see it is that going interest only would leave a fixed sum owing to be the bank (call it £x), but they also want £y for windows, reducing credit card stuff, etc. So my solution would be to go interest free, and use money not going on the mortgage to pay the card, and deal with the windows as and when. I am missing something, or is this a sensible proposal? On that note, I seem to remember hearing interest free loans and Mortgages being available for Muslim people who may have a religious objection to usury (presumably the bank charges a fixed percentage instead?), so could they use a similar scheme? Either go interest free on the mortgage, and seek some sort of interest free/low interest loan secured against the long term value of the house, or do the same and pay of the existing mortgage and raise £y (or part of) the same way? Not sure why they asked me, as I know nothing about finance, but I am reasonably numerate, analytical, and good at finding things out on the net. They are people I know well, so I promised I would try and look into it.