What type of mortgage do my parents need?

djbmj

Thank-you all for your advice it is all very much appreciated. I think you are all right in what you say, I hadnt thought it through far enough. I obviously will support them in their decision whatever they do and I wont push the mortgage idea in order to rent it out.

Thrugelmir

Mature_Finance wrote: »

Hi djbmj,

I noticed in your original post that you was unsure what Equity Release entailed. There are many options and only 1 is where you have the option to sell a % of your property to the lender. The most common type of Equity Release is simply a loan against the property based on its value and the youngest applicants age.

There is nothing to say they cannot take this loan and repay it when they are ready.

If you require any further information google our site Mature Finance. Hope I can help.

Thanks,

Spam noted.

Wutang_2

Thrugelmir wrote: »

Spam noted.

To be fair - its a cr** site and nothing is working on it.

I have just signed their info@maturefinance email address up for some extra info from Yes Loans, Wonga and we'regonnakeepcallingyouaboutreducingyourmonthlyoutgoings.com

Raggs_2

If they are only getting 400-450 a month on the house, it's not really a great investment. It's the equivalent of 4.5-5% interest (on 100,000). But then you need landlords insurance, no problems with the tenants, repairs, maintenance etc etc.

They could put the money into higher earning investments (shares with good dividends, ISA's, NSI savings etc etc), with none of the hassle, and much less risk.