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Releasing money from equity on house
Comments
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Time to downsize.0
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You would have to look towards a new mortgage company or brokers for this0
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The sensible thing to do would be downsize to a smaller property that needs no expensive improvements, and clear the mortgage early, especially if that mortgage is interest only.0
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At 60 with those circumstances anyone looking to take it on will be expensive. The sharks will want a bite but if anything goes wrong it will be a big bite.0
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With no job bringing in an income, a loan is out the question for that value, even a secured one - or difficult at the very least.
Remortgaging will also be a similar scenario as income will be taken into consideration, regardless of a good history of repayment.
The advice to downsize really is solid advice. With a house of that value it could be sold and a new smaller abide bought for half the price. This would clear the mortgage and leave a good chunk of change to live on.GETTING BACK ON TRACK (SLOWLY)
Aqua Card: [STRIKE]-£1122.43[/STRIKE] £0 (DFD 12/04/17) | Barclaycard (0%): -£1898.85 (DFD 15/11/2020) | Blackhorse HP: [STRIKE]-£6997.00[/STRIKE] £0 (DFD 12/04/17) | Very.co.uk: [STRIKE]-£789.69[/STRIKE] £0 (DFD 12/04/17) | Zopa Loan (16.9%): £3135.00 (DFD 19/10/18) | Natwest Loan: £5584.00 (DFD 01/09/2020)
Debt: -£17628.12 @ 01/03/17 --> -£10617.85 @ 12/04/170
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