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Equity release SOS
eldestofthree
Posts: 27 Forumite
Hi
SOS out to all you clever MSE people out there
my mums mortgage is due to end next year.
She has £220k equity on the house and she needs £180k.
I know she can not get the whole amount through the release , but the most she has been offered is 100K ?
Can anyone please point me in the right direction for more information on where to get the best offers for this type of transaction? The thought of losing her home of 25 years is causing her a lot of stress and making her ill so I would like to help if I can
Any information gratefully received Many thanks
SOS out to all you clever MSE people out there
my mums mortgage is due to end next year.
She has £220k equity on the house and she needs £180k.
I know she can not get the whole amount through the release , but the most she has been offered is 100K ?
Can anyone please point me in the right direction for more information on where to get the best offers for this type of transaction? The thought of losing her home of 25 years is causing her a lot of stress and making her ill so I would like to help if I can
Any information gratefully received Many thanks
LBM , 2005 at home with DS , listening to working lunch everyday talking about consumer credit runing out. :coffee:
CC 01/07/11 £4625.69 / 4114.86
savings target 2011 £8,000.00 /
Never underestimate the power of the PaD:cool:
CC 01/07/11 £4625.69 / 4114.86
savings target 2011 £8,000.00 /
Never underestimate the power of the PaD:cool:
0
Comments
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What's the £180k for?0
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To replace the £180,000 mortgage I imagineI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
If the property is worth £400,000 there may be a way to do it with £100,000 on equity release and £80,000 on another specialist deal.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
How old is she ? What is her income (now and later if it is going to change i.e retirement) ?Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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Hi Team
Thank you for your replies , yes we are looking to 'complete' the mortgage which has been interest only , which she was not aware off (long family story ) She is in her mid-fifties and self employed. So proving and income faces all the usual problems. Is there anywhere I could to go get advice/ or deal to get more that the 100K? even 120-130 would close the gap enough for the family to secure her in the house, many thanks again I am a complete novice in this area and have no idea where to start and I need to support her with clam information.LBM , 2005 at home with DS , listening to working lunch everyday talking about consumer credit runing out. :coffee:
CC 01/07/11 £4625.69 / 4114.86
savings target 2011 £8,000.00 /
Never underestimate the power of the PaD:cool:0 -
She is too young to realise much money from equity release. Could she downsize? What financial resources do the family have available?0
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Hi
If she downsizes she will not really have enough to get anything nice in the area we live in and there is a lot of attachment to the house for various reasons and I want to try and help her stay in her home , I know this is emotional stuff but it would break her heart , she is 59 , just worked it outLBM , 2005 at home with DS , listening to working lunch everyday talking about consumer credit runing out. :coffee:
CC 01/07/11 £4625.69 / 4114.86
savings target 2011 £8,000.00 /
Never underestimate the power of the PaD:cool:0 -
Would it be a good idea to investigate a broker for looking at this , has anyone else had this kind of problem ?LBM , 2005 at home with DS , listening to working lunch everyday talking about consumer credit runing out. :coffee:
CC 01/07/11 £4625.69 / 4114.86
savings target 2011 £8,000.00 /
Never underestimate the power of the PaD:cool:0 -
I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
If there are lots in this situ , then i guess there are some companies who specialise in this sort of thing can anyone recommend a good co any or advisory service for assistance ? Has anyone used a company they were impressed with ? Or would a local broker be the way to go ? I keep trying to search on the web but just get more confused! Any info gratefully receivedLBM , 2005 at home with DS , listening to working lunch everyday talking about consumer credit runing out. :coffee:
CC 01/07/11 £4625.69 / 4114.86
savings target 2011 £8,000.00 /
Never underestimate the power of the PaD:cool:0
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