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Equity release
tightasagnats
Posts: 391 Forumite
I'm interested in equity release - no kids - house worth 550-600k mortgage outstanding 150k. Aged 51 currently - most schemes seem to have a minimum of 55yrs.
I want to pack in work and go back to art school. I'd still have a little part-time teaching, so possibly £400 a month and I rent out two bedrooms which is enough to pay the mortgage and all bills after tax and have spending money.
I'd be looking at 100K ER max to pay off some bits and bobs and have a pot of dough to live on and pay college tuition etc.
Just wondering, are there companies that would do ER at age 52 and how would current or future lender feel about the property having a tie on it to the ER lender?
Thanks for any thoughts. I'm just weighing up options.Current salary is 30K before tax, current mortgage is fixed for 3.5 more years.
I want to pack in work and go back to art school. I'd still have a little part-time teaching, so possibly £400 a month and I rent out two bedrooms which is enough to pay the mortgage and all bills after tax and have spending money.
I'd be looking at 100K ER max to pay off some bits and bobs and have a pot of dough to live on and pay college tuition etc.
Just wondering, are there companies that would do ER at age 52 and how would current or future lender feel about the property having a tie on it to the ER lender?
Thanks for any thoughts. I'm just weighing up options.Current salary is 30K before tax, current mortgage is fixed for 3.5 more years.
0
Comments
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Is downsizing out of the question ? Buy a smaller 2 bed flat for say £350k and one lodger to help pay bills ?0
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