Equity Release guide discussion
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Our neighbour looked at the possibility of moving from a 3 bed house to a 2 bed bungalow and they would literally have had no equity once essential work had been done on the bungalow to bring it up to modern standards.
Equity release that leaves value in my house less than £125,000 and gives me cash to spend as I please rather than handing it over in tax to a government that despises self reliance seems more likely than I ever thought it would be.
I totally agree.. I bought a house 3 years ago .. big downsize for me to a house that needed substantial repairs.. it was an executor sale. It was a mess and took all my budget and more! Hence I am now in the situation of taking equity release to continue to bring it up to standard and have some money to live on as it has drained me completely. My only other option would have been to downsize again......groan!! Finding a cheaper home, stamp duty and other moving costs and probably needing work again would pose the same situation for me in a couple of years time.
The regulations of ER mean that you do have to keep the house in good repair but intrinsically that is the same with any mortgage.
Ride hard or stay home :iloveyou:
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 ?
Ride hard or stay home :iloveyou:
There are cheaper alternatives and maybe,we hope, better times in the future to get involved in any kind of debt.Consider