looking to take equity out of house to buty holiday home

phil1970s

Where looking to take out equity out of our home to buy holiday home in Spain.
We have no mortgage and wandering which is the best way of doing this. Re-mortgage etc.
Any help and information would be appreciated.

ACG

You can probably do a remortgage or equity release (depending on your age).
If you have kids and can afford a mortgage, a remortgage is probably your preference, but no harm looking at both options.

ledonster

It really depends whether you are still working and how old you are. You could remortgage if there is sufficient income coming in to satisfy the lender's affordability rules. If you do not have sufficient income and are over 55, you could consider a lifetime mortgage (equity release). Some of these allow you to pay some or all of the interest on the loan to stop it rolling up too quickly. Your best bet would be to speak to a good independent financial adviser who deals with both options so you can explore the pros and cons properly. Good luck! A holiday home in Spain sounds lovely.