Realising the capital on our house

hard55

Hello,
My wife and I are both in our early sixties, our one child is married, with his own family and both he and his wife have well paid jobs. We own our detached house in the UK with no loans or debt owing to anyone. We both have pensions and surplus money and are still both working but intend to retire within the next few years. Additionally we own a significant piece of land in a member country of the EC. I would like to build a house on this land but would prefer not to utilise our savings/investments. Is there any institution that would consider purchasing our UK house at the current market value, but not have any claim on the property until both my wife and I are deceased? In effect their investment would be increased house value on our death.

Hard55

jonesMUFCforever

Why would you want to do this?
You would be giving your inheritance to a bank rather than your kids.
Assuming you will have decent pensions you could re-mortgage your house with an interest only mortgage to release funds to build your new property.
As long as you can afford the repayments there should be no problems. Your estate then repays the mortgage upon death and your next of kin keeps any increase in valuation of the property.

You may have your reasons for not wanting to do this which I respect but even though I hate my kids sometimes I would still want them to benefit from my house rather than a bank.
If your pension provision means you would struggle with repayments would your kids help you out knowing that they will get it all back (and more) when you leave this world?

I believe that the standard mortgage variable rate at the moment is around 7.25% meaning an annual cost to you of £725 per £10000 borrowed.Had you considered this at all?