Equity release wannabe

Meridien

It's long, bear with me.

I'm a 69 year old recent divorcee living in rented, waiting for matrimonial home sale, 50 per cent of proceeds. No kids, siblings or other dependants, zilch. I've decided in principle that equity release is right for me. I have in mind a lifetime mortgage product that lets me pay interest on a regular schedule.

I want to buy again. Yes I know I'll need to speak to an IFA and will do that later, when I have a clearer view of my financial means. I'm suing a public body for assault and personal injury, they've admitted liability but haven't started talking about compensation yet. What I really want to know at this stage, if possible, is whether I might be able to get an equity release arrangement to help me buy again. It all depends on the numbers adding up, this has to be the right property, the last time I buy, but is such an arrangement possible?

TIA.

Meridien

AnotherJoe

There is another type of deal available, where you effectively joint purchase with the company and they own the property upon your death. So it's similar equity release but done upfront as part of the purchase. The difference is there is no interest or payments needed to be made.

Here an example of such a company http://www.homewise.co.uk/home-for-life-plan/ Note this was found through a search so it's not recommendation just an example.

Classically it's used to enable someone to buy a better house than they otherwise would, but you could also use it to spend less of your cash thus leaving money free to spend as you wish.

Meridien

Hi Joe

Thank you very much, that looks interesting. I appreciate you finding the link.

Cheers.

M.