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eelhan

I was considering equity release to give my son & partner a gift of £10000 as a part deposit to allow them to get on the property ladder.
I was wandering if this indeed is the most cost effective way , or what alteratives would be available to me, I own my own home jointly with my wife, and we are mortgage free.
Is it possible to take out another loan against the property, say to pay over approx 10 years, what are my options please.

immoral_angeluk

What interest rate is your mortgage? You need to compare this with the rates on personal and secured loans and see which would be better.

I have to say though, if they can't afford to save up for the deposit themselves, will they be able to maintain living in their own property?

[Deleted User]

If you are now mortgage free the min.you will be able to mortgage for will probably be £15,000
it maybe that a fixed rate unsecured loan over 5 years will work out cheaper if you have a good credit record

eelhan

Thanks for replys.
As i am mortgage free I think I will check out your suggestion "Woodbine", thanks again.