Raising Money on a Propertyy I own Outright

Calchas

How might one go about doing this?

I'm in full employment, but have a cash flow problem that won't be solved until I take my pension, along with a substantial lump sum.

I'm considering raising money against the propert I live in as an option. Is this sane?

I'm 57 years old.

I'd be grateful for some views.

Calchas

Owain_Moneysaver

The obvious danger is if you fail to keep up payments on a loan secured on your property you can lose the house.

Calchas

Thanks for that Owain, although I am aware.

Calchas

Cornucopia

There should be no problems with this, subject to the usual requirements for affordability, income multiples, loan-to-value, etc.

If you are just taking a small bite out of the equity, bear in mind that many lenders have a minimum loan of £30,000. If you're forced to borrow more than you need, it might be more cost effective to borrow elsewhere.

How much is the amount you're looking for, out of how much equity, and how long do you expect to need it before you'll be able to pay it back?

A 0% on purchases credit card could possibly just take the edge of your household budget for 18-24 months, and it will cost you nothing if you pay it back on time.