What would be the best way to release some of the equity without remortgaging.We are both in our middle to late 50s and need some money without getting a loan.We thought of selling 20% of our property to one of these companys,is this the best way to do it?our house is currently worth £300.000+.We have 7years to go before we finish our payments.We would be able to pay off the balance,freeze or sell on the 2endowments we have and that way give us the ready cash to use now when we need it.We dont want any loans,what would be your advice?have you ever done this?was it a help or a rip off?
2006-11-18 16:01:30 · 7 answers · asked by Big momma 2 in Business & Finance ➔ Personal Finance
Hi Big Momma,
Equity release mortgages are available but you have to be 60 or over unfortunately. I wouldn't sell to one of these schemes that buy your house and rent it back to you, they are a rip off, they will charge an exorbitant rent, much more than your monthly mortgage repayment, I think you would be much better off re-mortgaging though it may be a bit difficult getting one at your age, (sorry don't mean to be rude about the age bit). But there are companies who will give you a re-mortgage as long as you have proof that you have a personal pension in place for after your retirement years. I could name a company but sorry would get into trouble with yahoo police for advertising. Hope this helps, good luck. X
2006-11-18 16:50:25 · answer #1 · answered by RUTH M 3 · 0⤊ 0⤋
You don't have to have big weddings.
Waste of money in my eyes.
If you must, the cheapest way would be a re mortgage.
I don't see why tou can't get one to take you up to 65.
Be sure that you need it before you take on the additional expense.
Personally I don't think that you really need it.
What a waste of money for just one day.
If you wanted money to give the couples a start with a deposit on a home I would say yes - that would be an investment.
2006-11-19 02:11:51 · answer #2 · answered by emeraldisle2222 5 · 0⤊ 0⤋
Get your self a all in one own loan, then you definately can wright your self a examine for what ever you prefer. yet be careful as you're able to pay extra suitable monies returned to compensate the lack of ability of the fairness on your homestead,except its already paid off,? this is something you will could confer with your individual loan lender. They enable you to already know methods plenty your house is nicely worth and how plenty you are able to draw on your fairness. Your own loan lender provides you with extra helpful techniques than i will, yet once you have fairness then there is no longer a project with it . happy spending.
2016-10-22 08:23:48 · answer #3 · answered by ? 4 · 0⤊ 0⤋
From reading similair questions on here it seems its a rip off. with only 7 years to go why risk it. Find another way to raise some cash is my advice.
2006-11-18 16:22:56 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Tell your kids,you can't afford a big wedding without selling part of your house. Scale it down! Don't jeopardise your future for one day in your kids life however special. I'm sure they would understand
2006-11-18 19:20:42 · answer #5 · answered by Anonymous · 0⤊ 0⤋
re-finance for a home equity loan
2006-11-18 16:19:57 · answer #6 · answered by Anonymous · 0⤊ 0⤋
this i would like to know myself but as far as i know it can not be done until you are 60 and 2nd mortgage is unheard of these day i would like to know were to get one.
2006-11-18 17:08:14 · answer #7 · answered by needmybaby2 1 · 0⤊ 0⤋