Is there such a thing as equity release for under 55's?

Walt_Grace

My partner and I are getting married next year and hope to buy our first home as soon as we have the deposit.
That is the problem, trying to save a deposit whilst renting is near impossible.
If my partner already has a property in his name. Is he able to take some of the equity out of it to use as a deposit? Just to get us on to the ladder?

ViolaLass

Can't he just get a mortgage?

pmlindyloo

Walt_Grace wrote: »

My partner and I are getting married next year and hope to buy our first home as soon as we have the deposit.
That is the problem, trying to save a deposit whilst renting is near impossible.
If my partner already has a property in his name. Is he able to take some of the equity out of it to use as a deposit? Just to get us on to the ladder?

Can you move into his property?

Can you sell his property and use the equity for the deposit on a new one?

I am sure you have thought of this so we need more information about the property he owns so we can help!

Katgrit

Isn't the equivalent just remortgaging?

aliasojo

theartfullodger wrote: »

Don't know if you've heard of something people find quite useful "Google" (funny name eh!!).

Simply entering "equity release under 55" gives you people who do just that. Amazing what computers can do eh!!

See..
http://lmgtfy.com/?q=equity+release+under+55

This site is designed to help people.

If everyone simply went straight to Google, footfall here would drop.

Google is not the only source of information so I have no idea why people tout it as if that should be the first port of call for everyone.

Kynthia

I'm not sure why you wouldn't remortgage the property based on the current value and a higher LTV?

aliasojo

theartfullodger wrote: »

Sincere apologies aliasojo: Yes,, footfall: Quite right: We need to make sure the owners of MSE (they are moneysupermarket.com btw..) make as much £££ as possible -

(That should get me banned)

And yes of course you are right, there are other fine search engines
http://en.wikipedia.org/wiki/Search_engine
out there.. e.g.
http://!!!!!!!.com/mquff6m

ah.. the thought police at work again.. try.. (take the . out..)

Cheers!

Don't get me wrong, I'm not a 'caretaker' for MSE ensuring it's continuation and success......I just think a lot of people here can offer good advice.

Sometimes personal experience of a situation can be just as (if not more) helpful than a Google (or other search engine) entry.