Equity Release?

JS2006

Hi,

I'm in the process of having a flat 'signed over' to me and have decided that I'd like to replace the kitchen, windows and have a general refurb done. I *think* I'm looking at just under £10k anmd would like to know what the best way of borrowing money on the house.

I've thought about asking for a small mortgage and someone has suggested equity release, but I have heard some dodgy things about that!

Any comments would be greatly appreciated!

dunstonh

but I have heard some dodgy things about that!

Back in the 80s there were some versions that were stacked in favour of the lender. However, there is nothing dodgy about equity release now and hasnt beeen for some time. What you tend to find is that children tend to get angry when they find out they are not inheriting anywhere near as much as they thought they were and try to blame others for that.

It remains what it always has been; an option of last resort for pensioners to raise capital who havent planned for retirement adequately. It is not something that should be done without careful consideration.

JS2006

So ER is a no-go for someone my age then, I assume? Could anyone recommend anything for me?

Pee

If you are under 50, it's a definate no go and if you are of working age, a small normal mortgage would make more sense.

Do you have an income to repay a £10,000 mortgage?

JS2006

Pee wrote: »

If you are under 50, it's a definate no go and if you are of working age, a small normal mortgage would make more sense.

Do you have an income to repay a £10,000 mortgage?

As I am currently renting out the property, I do. Which lender is best for small mortgages?