Releasing money from equity on house

Fraise

Quick question for my sister who is not a member :money::money

However,

PeacefulWaters

Time to downsize.

bengalknights

You would have to look towards a new mortgage company or brokers for this

Keep_pedalling

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.

bris

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.

GazNicki

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.