Equity Release??

nobblyned

You have a 23k salary, a 140k mortgage and a second charge on the property????????

Aren't you in deep enough poo poo already?

mystic_trev

pickles110564 wrote: »

Above advice is good, now you know what type of property to look for do it three or four more times ,become mortgage free on main then start to look for BTL's so that if anything went wrong you can just throw in the keys and keep your own home

Unfortunatly many BTL'ers think that's what'll happen. If it goes wrong they'll lose their 'investment' then their homes, which have been used as security on the loans.

joAnn

Thank you to those of you who took time to reply. Some useful advice. For those who basically told me I'm mad - it was only a general question about what equity release was and a request for a simple explanation of what the estate agent meant! Didn't say I was rushing out to do it!!!
Thanks for comments anyway

lyndsay23

Hi, just a quick question, my nan is thinking of releasing equity from her property, she has a bungalow that is worth about £135,000. She has payed off her mortgage. She seems to have it in her head that you have to be over 65 to release equity, she is 69 but her husband is only 58. Will they be able to release any? If so does anyone know of any decent companies out there that can be trusted?
Any help would be much appreciated xx

Moorepart

joAnn wrote: »

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Increasing your mortgage to mew is borrowing money and putting your home at risk to do so..

Therefor if i were to use this argument, that the ability to get into more debt Is wealth.. then my ten grand limit on my credit card is actually disposable income..

damn i am rich...:rolleyes:
I hadn't realised:money:

wecanhelpu

Beware of debt masquerading as wealth

[Deleted User]

I imagine the banks would probably let me take out 2 or 3 BTL mortgages with my savings. Would I want to? No cos its f***in stupid

lydnsday im a reputable company ill give your nan 30K and take half her house and take rent payments. No body gives you anything without taking their fair share theres the shareholders and my MDs golden balls bonus' to factor in.

small print - rent may increase with inflation at RPI linked levels, your home is at risk if you do not keep up repayments, late rent penalty charge £the other half of your house muhuhuhaha

lyndsay23

Hi all,

thanks for your comments, i just wanted to know for my nan, and i suppose for future reference. I have persuaded her not to do it now, but thanks anyway