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Tigerrod wrote: »
The advantages of a Drawdown Lifetime Mortgage are summarised in the MSE Guide. I would like to know if anyone has any experience of taking a 2nd+ Drawdown from their Reserve. If so, did the interest rate applied seem reasonable compared to the rate set for the initial Drawdown, for the amount being Drawn down, and in the prevailing interest rate climate? I am concerned that an attractive lower rate for the initial Drawdown may be the carrot that pulls the Borrower into an arrangement where the Lender could charge unreasonably higher / extortionate rates for subsequent Drawdowns. Thanks
bumblebeebee wrote: »
would equity release companies take on a property which , although we have lived in it since 1990 , have only just managed to register last year with the land registry under a possessory title as we have lost the original deeds.
Even though we have provided evidence of occupation , original plans for conversion drawn up by me and submitted and passed by local council in 1991:, original sales literature from vendor , solicitors receipts for sale of property , bank statements showing sale , etc ,etc , but not enough to satisfy the land registry.
After £1400 solicitors fee that's what we end up with, presumably no E R firm would entertain us ?
harv99 wrote: »
Suppose you die and your estate goes to your child who is living in your house and who wants to stay. I understand he would have to pay off the provider (the loan + interest) but if he is not able to what are the possibilities.
Savvy_Sue wrote: »
Exactly the same as if there was an outstanding mortgage with no ER, surely? Either take on the outstanding debt, or sell and move.
harv99 wrote: »
Thanks, that makes sense.
Is there in general a time limit on when to pay back the outstanding debt.
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