Options to equity release

AnotherJoe

If mum is that keen, she'll swallow her pride, borrow your £25k and borrow another £20k as a standard loan say over 5 years, both of which which she can pay back once her house is sold.


If she wont take your £25k loan, then its not gonna happen. Equity release wouldnt be suitable and I doubt she'd be able to borrow £45k.

Red-Squirrel_2

NewShadow wrote: »

:rotfl::rotfl:

As I said, she was born just down the road - nowt as common as us

I know plenty of lovely people who are from Blackpool, I just don't know any who voluntarily went back after they'd got out. :cool:

Sorry, I am just teasing, I'm not exactly an aristocrat myself!

tlc678910

I agree with AnotherJoe if they go ahead borrow your money and for the 15 k shortfall plus fees and moving costs try and get an unsecured loan each. They could try to borrow enough to see them through the first few months by paying the loan with itself. Could be high risk if they can't comfortably afford the loan repayments as well as their usual costs. They will need loans that allow the purpose of property purchase.

Edit : look for loans with no/ low early repayment fees so loans can be repaid when the house sells.

Another thought - if they buy before selling they will need to find 3% additional stamp duty on the new property. They can claim it back if they sell their old house before 3 years but they will need to find it initially.