Remortgage? Releasing capital

Notebook

Hi
A question for a retired friend. House worth 200K and paid for. However they need some cash for repairs and a few bits n bobs. Therefore, could they get say 25K by remortgaging, should they be able to show that their private pensions would cover it? Interest only secured on the house repayable on their death etc.

How would this be set up 25k over 20years int only etc.

If this can't be done, any suggestions?
Thanks

Let_Us_See

Notebook wrote: »

Therefore, could they get say 25K by remortgaging, should they be able to show that their private pensions would cover it? Interest only secured on the house repayable on their death etc. How would this be set up 25k over 20years int only etc.
If this can't be done, any suggestions?
Thanks

Depends purely on guaranteed income in retirement, although a 20 year term may be pushing it on a residential mortgage basis. Interest paid lifetime mortgage should also be considered with rates from 4.75%.

Notebook

ok - just found out its 45k
any other options?
Thanks

getmore4less

£45k is a lot for repairs and a few bits and bobs.

Age and income would be a help.
any other debts

how much can they afford a month

why can't they do the repairs a bit at a time and save for the bits and bobs


They could review their accomodation and get somewhere that does not need so much maintenance