Selling Part Of House

tonybraines

12

I wish to raise money from my house any advice on Companies/Banks/Bulding Society would be appreciated. How much of my house can I sell.

attie_2000

dont know answer would like to know myself will keep you informed

regularsaver1

do you have a mortgage on the property at the mo tonybraines?
how much do you want to raise?

attie_2000

regularsaver1 wrote:

do you have a mortgage on the property at the mo tonybraines?
how much do you want to raise?

Enquiring for a friend aged 70, she has no mortgage on the property it is 3 bedroomed semi worth approx £150,000 no relatives at all, husband dead.

Regards

mummytofour

Why 12?????

Ian_W

Hi tony & attie,
Couple of threads below about equity release:

http://forums.moneysavingexpert.com/showthread.html?t=70304&highlight=releasing+equity+home

http://forums.moneysavingexpert.com/showthread.html?t=13551&highlight=releasing+equity+home

Also there is a fact sheet from Age Concern [PDF format so you'll need acrobat reader to open it]
HERE.

Basically the schemes fall into 2 catagories -

* lifetime mortgages - which are regulated and work similar to a normal mortgage but instead of repaying the interest rolls up.
* reversionary schemes - where the lender buys a % of the property at less than market value and receives the same % of the value when it's sold.
Each should contain safeguards about continued occupancy and no negative equity

HTH.

EDIT: Yes, why the big 12??????

attie_2000

mummytofour wrote:

Why 12?????

Dont know I am new to this it just appeared

attie_2000

Thanks for info dont know what hapeded to get big 12 we are new to this