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Equity release

kay_cunningham
kay_cunningham Posts: 4 Newbie
in Mortgages & endowments
Hi new to the forum, i am in a brought property & want to find out if i can release around 10.000 from the property to pay off debts

can anyone point me in the right direction please

Comments

  • ankspon
    ankspon Posts: 2,371 Forumite
    It depends on your age,i think most will only do it if your over 55
  • kay_cunningham
    kay_cunningham Posts: 4 Newbie
    davidhwdn wrote: »
    It depends on your age,i think most will only do it if your over 55

    Thats a pity .... thanks for the reply i will keep searching
  • GMS
    GMS Posts: 5,388 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    kay_cunningham wrote: »
    Hi new to the forum, i am in a brought property & want to find out if i can release around 10.000 from the property to pay off debts

    can anyone point me in the right direction please

    Do you have an income?

    May be better with a remortgage rather than Equity Release.

    All depends on circumstances.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Senior_Paper_Monitor
    Senior_Paper_Monitor Posts: 2,918 Forumite
    Part of the Furniture Combo Breaker
    The OP might not mean 'equity release' in terms of lifetime mortgage/home reversion but simply wants to raise some cash.

    Following info needed (from OP) ....

    Property value:
    Any mortgage, if so how much (does 'brought' mean unencumbered) :
    OP age:
    OP employment (if any):
    OP income (amount and souce)
    OP other debts (is it just the 10K):
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
  • dunstonh
    dunstonh Posts: 118,152 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    I doubt the OP means equity release but means a further advance or secured loan.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • ankspon
    ankspon Posts: 2,371 Forumite
    She wants to release £10,000 from the equity of the property,hence equity release
  • dunstonh
    dunstonh Posts: 118,152 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    edited 26 October 2010 at 12:37PM
    davidhwdn wrote: »
    She wants to release £10,000 from the equity of the property,hence equity release

    So that would make it a further advance then.

    Equity release is the term used for a class of product used by those in or close to retirement (typically over 55s) to release equity on their property to fund a lifestyle that they cannot afford, either by bad financial planning or bad luck (ironically, not too dissimilar to what has happened here but just many years earlier)
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • kay_cunningham
    kay_cunningham Posts: 4 Newbie
    Sorry i will clarify my situation.. the mortgage was paid off a few months ago , after my husband left the property & as there was only 2 years left to pay on it anyway my father paid the remaining left on the mortgage thinking it would be the right thing to do at the time.

    It seemingly looks very much like i could be forced to sell the property to clear debts due to the equity in the property as its never been re mortgaged

    so rather than be forced to sell & have to rent i need to know if i can release some of the equity to completely clear debts... basically to see if it is an option & how this kind of thing works

    Sorry for any confusion
  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    If you can't fund the debts how will you fund the mortgage?

    You need to fix the reasons for debt.

    have a look at debtfreewanabee and sort out your finances first.

    Securing the debts(you are not paying them off) is usualy the last resort.
This discussion has been closed.
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