possible equity release or selling

Proxy

margaretclare wrote: »

Ours is, at present, 2.80% and it has stayed that way as long as the Bank Rate has been so low.

I'm not disputing this, but new ER products have evolved a lot over the last ten years and variable interest rate products are not available anymore.

moneybags_3

I am 62 now I suppose my objective would be to get something like a ground floor flat if I managed to sell my house. I'd hardly make enough to buy a bungalow. Renting privately scares me as I like to be in control and I know that renting is not secure. I wanted to know about equity release and what it involved. Then I could weigh up all pros and cons

jamesd

Equity release tends to have higher interest rates than other mortgages. Two broad types, those that roll up all interest and those that want regular interest payments. A variation where you don't have to have all of the money at the start. The amount you get is lower at younger ages.