Home equity line of credit in the UK?

PBMoneysaver

Good Morning,

Can anyone recommend any companies for a retiree who is a home owner with no mortgage and wishes to open a line of Credit which would act as a safety net if other investments do not come though in the next year or so. Looking for a product where interest is only paid on money withdrawn from the line of credit? Retiree has a small pension as only income but assets in the home. Many thanks

paus

My pensioner sister, also with no mortgage and 100% equity, wanted UK-Home-Equity-Line-of-Credit (HELOC) but I couldn't find this product anywhere. Only offer was equity release type loans where her home would be forfeited as part of the deal.

I have several other ways to help her build a pot of cash outside her home equity but a HELOC product would have been the simplest.

PhilPriest

If you have anyone who is retired and they have 100% equity then there is a way to abstract funds. As we know there are 1000's of people chained to their home with no/little income for basics like heating in the winter yet they sit on £100k' tied up in their property.

I would suggest speaking to Sandy Ameer-Beg from Acclaimed in regards to Equity release. The new options (not like they were) have been radically changed. She is also likely to point people in the direction of additional benefits to ensure they are claiming what they are entitled for.