Raising cash

lemony_2

We are both retired in our 60s. Own property valued £120,000. We do not want to go down the road of equity release and was wondering if there was any way of releasing cash against our property to improve our every day living. We have no savings. Any advice would be appreciated.

Robert_Sterling_3

Releasing cash against your property IS equity release.

maninthestreet

What income do you have?

lemony_2

Just our state pensions

maninthestreet

lemony wrote: »

Just our state pensions

So how much is that, exactly, per month?

lemony_2

£850 per month

Conrad

In principle this is possible, however, there are various issues to be resolved, most notably - how will you repay the debt at the end of the term?

There are lenders that can go up to age 99, but at the same time that have to be able to demonstrate the loan is made responsibly.

Now an applicant may retort - 'I'll be dead by then', but if a lender were to use this as a reason to lend they will fall foul of regulation, for sure.

You need to have a written plan as to how the capital will be repaid at term end if you are still alive and where you will ove to if you trade down.

Bargain_Rzl

Have you considered renting a room out? That would be "making money from your property" without putting your home at risk or depleting its value as an asset. Also, under the goverment's Rent a Room Scheme, the first £4250 of income you generate from this per annum would be tax-free.