Equity release?

koexelek

getmore4less wrote: »

Can't family members help them out some way

Why use an external company that will insist on a good deal for themselves.

Keep the money and house in the family.

I'll always recommend that before equity release if it is a possibility.
The parents get the money they need now, and the family protect their inheritance

EdInvestor

Trustysi wrote: »

With the major downturn in the construction industry, and my dad's small architectural outfit downscaling the amount of work he is now doing.....

Your parents might be suitable candidates for G.Brown's new scheme to help people who can't pay the mortgage by giving a payment holiday for 2 years - interest will roll up, same as an equity release mortgage - but after 2 years, normal arrangments resume.

Your father is in the right industry to benefit from this, would it work for them?If so, they should give it a bit of time to settle in and then approach their lender to see if they might qualify.

Although the scheme is presented as a way of preventing repossessions, the underlying aim is to stop people from selling property into a falling market, thus causing prices to fall even faster, on this basis the parents are certainly qualified.

Trustysi

I'll make that idea known to them too for consideration. Thanks very much to all who have advised on this one. invaluable unbiased suggestions. Cheers!

mrsjameson1934

One thing I will mention in response to the banks versus specialists debate is that the banks are way behind in terms of self-regulation. Only the Bradford & Bingley are part of the Safe Home Income Plans as far as I know whereas most good specialists are. I found finding them to be confusing especially online. I searched Google for equity release and read some news that I agreed with on a blog on a company called responsible's website so I trusted them to help with an initial consultation.

Hope that helps, if at all.