Equity Release, not that much writen about it

hrpuffnstuff

Hello
So go into Barclays today to get a finalised sum of outstanding amount left on the mortgage.
Lady says "So why are you asking" she says it nice so I answer "I want to equity release with 'Blah blah' and need to know whats left on the mortage so we can release the amount we need, we came into see Jo

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(Barclays mortgage advisor) and he cant help us, so we have gone to 'blah blah'"
The lady says "You cant get equity release, we still have a charge on your house and theres an outstanding mortgage on this and we wont release the charge"
!!!!!!!!!
"Its MY house, you only owe approx 10% of this"
(I had approx idea of the balance of the mortgage from my last statement)
"Sorry she says, we just will not let you go equity release, we will not release the mortgage with us"
That ladies and gentleman was the end of the conversation with Barclays Bank.:silenced::wall::whistle:
This lady @ Barclays is a long term employee and is quite knowledgeable on matters with mortage etc

Anyone have the telephone/email/contact of the CEO of Barclays...please

kingstreet

If they can't flog it, it's no good, or it doesn't exist.

Plainly, it didn't occur to her that you could borrow money from a different lender on different terms to repay them and get their charge removed in favour of the new lender.

I'm not surprised.

http://www.equityreleasecouncil.com/home/

For more information on equity release, but not Barclays...

Annisele

If you're still wanting to let the property out and move abroad, then a standard equity release mortgage isn't going to be right for you. (I got the letting out idea from this thread).

I'd be surprised if you could get a mortgage that ticks all the boxes in your other post - but if you can find one, Barclays can't stop you from taking it! You'd have to pay off your Barclays mortgage first, but it sounds like you're fully aware of that and perfectly happy to do it.