Equity Release for SIPS House

russ_fae_fyvie

We are a couple of months away from completing our Eco SIPS House in Aberdeenshire. It has Solar Therma, Solar PV, ASHP, UFH and a Powewall 2 and the construction consists of a 150mm reinforced concrete raft foundation with 150mm thick SIPS panels clad externally with Treated Larch.
We are both well into our 60's and once we move in I want to take out an Equity Release Mortgage to clear the Mortgage and all the other loans I have had to take out to build the house.
Going on its value, we will be well within the ER Criteria for the funds, BUT how difficult will it be to get an ER Mortgage considering some Mortgage Companies seem oblivious to the benefits of a SIPS house even though its so well insulated and solid !
I'd be interest to hear of anyone having this sort of house and if they got an ER Mortgage in Scotland.
thanks

kingstreet

What do you mean by Equity Release?

Are you looking for interest roll-up with no payments, or a different proposition like a retirement interest-only product?

Either way you should seek professional advice from an authorised later life advisor like an IFA.

https://www.equityreleasecouncil.com/home/

russ_fae_fyvie

Yeah using a few advisors but now we do have an ICW Structural Warranty companies are still refusing as its a SIPS Panel House and unless its a 'typical' brick build house they arent interested. Very frustrating as the house is bespoke built to a very high standard, its just not 'typical' !

[Deleted User]

I would think if you are in the market for a pure Equity Release mortgage with roll up interest etc then you may struggle as the market is quite small. However, if you are looking at Retirement Interest Only then these are now offered by quite a few mainstream mortgage companies who tend to have a bit more flexibility with construction types.

eileenpatricia

Equity release restrospective warranty required. We moved into our home which we renovated Just over 5 years ago. We now want to obtain equity release and need a retrospective warranty, we have ticked all of the boxes apart from requiring the structural surveyors report,(He is less than helpful) we have all of his calculations(done in 2013) all guidelines were followed all building inspector reports up to date, recent report from our architect, states the building sound, and fit for purpose, recent surveyors have said the same, we are now at an impasse. If the property was over 10 years old this would not be a requirement, has anyone come across this, and if so can they offer any advice, Thankyou 

barbedhook

Don’t know much about your problem but I would give stepchange a call we used them recently to get a lifetime mortgage it only took about 5 weeks from start to finish and we only had to pay solicitors fees. Their advice is free and they do whole of market search 

dunstonh

eileenpatricia said:

Equity release restrospective warranty required. We moved into our home which we renovated Just over 5 years ago. We now want to obtain equity release and need a retrospective warranty, we have ticked all of the boxes apart from requiring the structural surveyors report,(He is less than helpful) we have all of his calculations(done in 2013) all guidelines were followed all building inspector reports up to date, recent report from our architect, states the building sound, and fit for purpose, recent surveyors have said the same, we are now at an impasse. If the property was over 10 years old this would not be a requirement, has anyone come across this, and if so can they offer any advice, Thankyou 

You would be better placed asking your question on your own thread and not bolting it onto an old thread on an unrelated subject.    It causes confusion and people will read the first post and ignore yours or people wont view this thread as the subject has nothing to do with your scenario.

MWT

eileenpatricia said:

Equity release restrospective warranty required.

This is just an insurance product though isn't it?

Are you having problems getting a policy to cover the balance of the 10 years?