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equity release under 55
carole4941
Posts: 2 Newbie
is it possible to release some of the equity we have in our house while we are under 55 to clear other debts ?
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Comments
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You can probably mortgage it, which might be cheaper than the debts you have outstanding elsewhere.0
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Yes. It's a remortgage, or a secured loan you need.carole4941 wrote: »is it possible to release some of the equity we have in our house while we are under 55 to clear other debts ?
You will need to make payments to repay the loan and the interest, though. There are no "roll-up schemes" at your age.I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Yes - as stated, it would be via a traditional residential remortgage with all its status and repayement requirements (not a lifetime equity release roll up scheme, for which the minimum age is indeed 55 yrs with current providers).
Hope this helps
Holly0
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