Question on how to release capital from my home

joerugby

fenderboy wrote: »

perhaps i should have explained further that after 10 years or so we would be intending selling up in the uk and going to live there permanently.

As for risk, our uk home's value is about 3 times that of the foreign property which is in a region of about 5% capital growth p.a. and where there is a high demand for summer rentals....i could go on but given these facts do you still regard it as a risk?
Maybe I'm missing something obvious

The best way to release equity is to sell up. Use one third of the proceeds to buy your dream retirement home and the other two thirds either to buy another smaller home in the UK for use until you retire or put the remaining money away somewhere reasonably safe and rent until you retire.

I'd go for either of the above options ahead of remortgaging or an equity release loan.

fenderboy

RobertoMoir wrote: »

I'm going to make this real simple.

When companies tell you "Your equity is not working for you", they really mean "you're not giving us as much money as you possibly could". Your "equity" is currently hard at work helping you fully own your house as opposed to being in hock to someone else for part of it.

No company told me that..that's my assessment and if you'd read my initial post you'd have seen i own my house 'outright' meaning i have no mortgage on it. Is that simple enough for you...?

fenderboy

joerugby wrote: »

The best way to release equity is to sell up. Use one third of the proceeds to buy your dream retirement home and the other two thirds either to buy another smaller home in the UK for use until you retire or put the remaining money away somewhere reasonably safe and rent until you retire.

I'd go for either of the above options ahead of remortgaging or an equity release loan.

Thanks joerugby, at last a simple, unpatronising suggestion:T

neverdespairgirl

"releasing equity" is another way of "borrowing money". You can do this with a normal mortgage.

fenderboy

neverdespairgirl wrote: »

"releasing equity" is another way of "borrowing money". You can do this with a normal mortgage.

Our situation is such that we don't have savings adequate to put up a deposit for any mortgages I've looked into. That is the only reason I'm looking into other alternatives...so how might we manage the v small deposit issue ?

RobertoMoir

fenderboy wrote: »

No company told me that..that's my assessment and if you'd read my initial post you'd have seen i own my house 'outright' meaning i have no mortgage on it. Is that simple enough for you...?

It's always been perfectly clear to me, thanks. It isn't me who's considering throwing money away on a pipedream.

fenderboy

That is your opinion, possibly based on some bad experience of your own, I was however looking for something a bit more objective from people on this board.

RobertoMoir

fenderboy wrote: »

That is your opinion, possibly based on some bad experience of your own, I was however looking for something a bit more objective from people on this board.

Actually, I apologise for the way I framed my reply. The tone of my replies was totally inappropriate but I was trying to make a point behind it all.

I still stand by the meaning behind it too... "Equity Release" is a crock. You only have to look at people who over-stretched themselves during the last (well, current) economic upheaval. And that's not prejudice from a bad personal experience, just an observation from seeing what happened to others.

pararct

The posters Sig line speaks volumes...........

When_is_the_reset?

The bubble is still sucking 'em in. Only when they run out will it eventually end.