Best way to release equity from a House I own without Mortgage

CHRISBY

Hi , I looking for alittle help please.

I own my house (Thehouse I live in) outright and have never had a mortgage on this or any otherproperty. I bought the house "Cash" 5 years ago.

I want to raise £220Kagainst my property to aid my parents by paying off their mortgage andconverting their house to allow them to stay in it into their old age as theyboth have a few heath issue's and to aid in my grandfather’s care who liveswith them to.

I would estimate myproperty to be worth around £300k conservatively, Can anyone suggest a goodroute to go to achieve the capital I am looking for?

My salary is around£65K so I will have no issue with paying the mortgage and have no other debts .I'm happy to have a 25 year term if needed or less. I wish to retire at 60 sothe mortgage or loan can not to be longer than the 25 years. Obviously I want the cheapest monthly payment as possible etc ..
Many Thanks to anyone who can help.

kingstreet

It's a remortgage of an unencumbered property. You can go direct to a lender, or use an independent or whole market broker. Your choice.

You won't get "free legals" because the property is unencumbered, but as you are looking for under 75% loan to value, you should be able to find plenty of offers to suit you.

I would suggest you consider carefully what you're doing. By repaying their mortgage, you are removing a debt which will potentially reduce their estate both for inheritance tax purposes and increasing their share in an asset which may count for care fee funding.