Releasing equity for second property.?

jonouk

I currently have a mortgaged property with, I believe, a large chunk of equity in it. I have had the property for approx 16 years. 10 years ago, I fell ill with a paticularlry damaging arthritis, which has left me disabled. Currently the mortgage is paid by a portion from the Benefits agency, and I make up the rest. There are however approx 300 pounds arrears.

Now, my question is this, would I be able to raise finance, given my situation, using the equity in my home to buy a small retreat in a mediterranean climate? As you can guess, this would be hugely beneficial in the arthritis arena.

Any advice, or points of view would be gratefully received, thanks.

JonO:)

GMS

Without an income to support the mortgage you would struggle. Benefits assisting the mortgage would mean 99% certain not going to happen.