Has anyone had any experience of equity release? Can it work? Or is it a big no no?
Cheers in advance.
Cheers in advance.
Off Topic Equity Release advice.
- Thread starter Qatartiger Cambridgetiger
- Start date
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I thought about it. But it seems to me living without a mortgage is the cost effective way. Equity release means you pay rent again doesn't it, or a loan and you will soon eat your way through the money. You are best taking professional advice.
Never tried it, a relative did and was shocked at the rate at which the debt piled up. I think you just have to do the sums then take a guess at what house prices will be when the debt needs to be repaid.
Also depends on your attitude to inheritance, ie do you want or need to leave anything to anyone.
Also depends on your attitude to inheritance, ie do you want or need to leave anything to anyone.
I worked 30 odd years in the steel industry to pay my mortgage off - a divorce banged 10 more years onto my mortgage, no matter how hard it gets I'm never having another mortgage.
When i asked my IFA about it on behalf of my mother in law he told me not to touch them because the deals are still bad. That was about 2 years ago.
So what i did was to take an additional chunk of mortgage on our house at a v low fixed rate.
We got a charge on her house for the amount and changed her will so we get that amount before any other distribution of her estate.
She transfers the interest to us each month.
Works well and everyones happy.
Sign up to this site, browse for a thread thats similar to your circumstances or ask the question and give your circumstances.
Trust me, there is lots of good advice and also you often end up with an alternative option.
https://forums.moneysavingexpert.com/forumdisplay.php?f=15
My advice would be to seek independent professional advice.
It's the right advice but finding one who is truly independent is akin to finding a 20 goal/season City striker.
Use it as a very last resort, as others have said, take some independent advice and look at all options if you need funds.
Are you planning on buying a football club?
True, but there are nuggets out there...I need advice about selling my house to a building society so I can trouser the money for a tour around the world, but still keep my house, until I pop my rivets, then it goes to the bank or whoever.
I will PM you.
But in a nutshell to all those listening, some of the Building Societies will lend you money up to age 90 on mortgage rates of c2.5% without any of these ridiculous fees and conditions of equity release.
I run an IFA firm over in Cheshire and we get asked about this daily. Much better ways to release money than equity release.
But in a nutshell to all those listening, some of the Building Societies will lend you money up to age 90 on mortgage rates of c2.5% without any of these ridiculous fees and conditions of equity release.
I run an IFA firm over in Cheshire and we get asked about this daily. Much better ways to release money than equity release.
To all those who have answered my thread. Thanks. This is one of the reasons I love this board. Great place.
Carry on your normal duties.
Thanks again.
Carry on your normal duties.
Thanks again.