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Equity Release?
yodaandpip
Posts: 1 Newbie
Hi,
I am looking to move property but need some help from my parents. It has been suggested that an equity release from their property might be a good way of getting the deposit I need - I have little/no equity in my own flat and thus need approx £35k-£40k for a 20% deposit. Their property is worth £140k-£150k and they have a little bit left to pay on it. They are 65+.
Will this be the best course of action to get this money? I dont want to inconvenience them any more than I have to. Some people have suggested they remortgage for the value I need? but wont this increase their payments or is there a way to avoid this??
Can you help??
Pip
I am looking to move property but need some help from my parents. It has been suggested that an equity release from their property might be a good way of getting the deposit I need - I have little/no equity in my own flat and thus need approx £35k-£40k for a 20% deposit. Their property is worth £140k-£150k and they have a little bit left to pay on it. They are 65+.
Will this be the best course of action to get this money? I dont want to inconvenience them any more than I have to. Some people have suggested they remortgage for the value I need? but wont this increase their payments or is there a way to avoid this??
Can you help??
Pip
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