Equity release with a difference

svenoftog

I have read Martins advice on equity release - basically last resort. I want to add to some money I have that is getting little interest to my maximum equity release to but a holiday apartment. This would be able to be used by my children and they like the idea. I am 63. Any advice?

TrickyDicky101

How much is your property currently worth (also is there any outstanding mortgage),what's the cost of the apartment and how much savings do you want to contribute?

You are relatively young, so this will limit what you can release.

Your children do understand that equity release is a great way of ensuring there will be a lot less for them to inherit when the inevitable happens?

holly_hobby

Are you talking lifetime equity release ?

What is the property worth ? What do you wannt to borrow ? How old are you ?

Or a residential mortgage (either a remortgage or a futher advance with your current lender ?)

Are you earning ? What income will you have both now (at time of app) and post retirement ? What is your anticipated retirement age ?

Bit more meat on the bones will enable some relevant guidance.

Hope this helps

Holly x

dimbo61

Please be very careful about doing this !
Many holiday apartments available at the moment as people cannot sell up and return to the UK.
Many have lost a lot in value over the last 4/5 years.
Do you think you can make money renting out the apartment ?

Let_Us_See

Who said anything about wanting to make a profit? If people can't sell then it should be the ideal time to purchase a holiday home for the future use all the family.

As others have mentioned we need a little more informative - age, gender, value of property, balance of any existing lending secured against your home, freehold or leasehold. These days lifetime mortgage rates are much more competitive and start around 5.6%.