equity release or mortgage

ozzy_d_magician

This is my first post on here so firstly i would like to say hi to everybody

I own a property and have no mortgage, we are looking at having extensive work done on the house, my question is as im very new at this is it better to get a mortgage or Equity release, or is there no difference. And the best place to go for advice on this matter

many thanks for reading and look forward to the responce

CloudCuckooLand

Depends on your age and whether you have (and will continue to have) sufficient income to repay a mortgage.

Equity release is often a "last resort", as it takes a chunk, if not all, of the house permanently, but has the benefit of not having to be repaid, often until death.