Raise cash from house

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I don't really like equity release for a number of reasons.

It is difficult (if not impossible?) for golden oldies to get a standard mortgage. Has anyone ever considered / investigated whether it would be possible to arrange a BTL mortgage as an alternative?
"A nation's greatness is measured by how it treats its weakest members." ~ Mahatma Gandhi
Ride hard or stay home :iloveyou:

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  • [Deleted User]
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    As in a BTL mortgage on a house you own and live in? If so then no.
    One alternative to equity release would be to down size
  • missile
    missile Posts: 11,691 Forumite
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    Downsizing is one option. Many do this when they no longer need a home near work, children are gone and house is too large for their needs. This may release some equity after paying selling / buying and removal fees stamp duty et al.

    I was really speculating what if ... and trying to think of less obvious options for those who find themselves property rich cash poor.

    One might decide to rent your home. Use a BTL mortgage to fund your bucket list? Freedom to go on extended vacation(s) or rent in a more desirable location or several locations in UK or overseas.
    "A nation's greatness is measured by how it treats its weakest members." ~ Mahatma Gandhi
    Ride hard or stay home :iloveyou:
  • Linton
    Linton Posts: 17,247 Forumite
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    missile wrote: »
    I don't really like equity release for a number of reasons.

    It is difficult (if not impossible?) for golden oldies to get a standard mortgage. Has anyone ever considered / investigated whether it would be possible to arrange a BTL mortgage as an alternative?

    You can get an interest only mortgage that permits complete pay-off after a few years or at the other extreme will delay pay-off until the death of the mortgagee. One must always have some sort of completion date or event and there is no point in having a mortgage longer than your life expectancy.

    What ever mortgage you go for must have some completion date/event. And there is little point in getting a 25 year mot
  • agrinnall
    agrinnall Posts: 23,344 Forumite
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    missile wrote: »

    One might decide to rent your home. Use a BTL mortgage to fund your bucket list?

    You're unlikely to get a BTL mortgage unless you own another property. I think you should give up on the whole BTL idea as it's simply not feasible in most circumstances.
  • missile
    missile Posts: 11,691 Forumite
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    As it happens, I do own another property. However, if one intended to let their only property and go travelling, I don't see why a BTL mortgage would be refused?

    Thanks for all your comments. I was really just speculating on what might be possible.
    "A nation's greatness is measured by how it treats its weakest members." ~ Mahatma Gandhi
    Ride hard or stay home :iloveyou:
  • Durban
    Durban Posts: 481 Forumite
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    Consent to let?
  • agrinnall
    agrinnall Posts: 23,344 Forumite
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    Durban wrote: »
    Consent to let?


    But that only applies if there is already a residential mortgage on the property and the owner decides they want to let it - not the case here.
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