Equity release schemes for under 55's?

ferry

Just curious but anyone know of any companies that would entertain an Equity release Scheme for 50 year old homeowners?
A quick search suggests 55 is the minimum qualifying age?



Thanks

[Deleted User]

55 is minimum age for Equity Release. What are you trying to do and there might a different option for you

ferry

Deleted_User wrote: »

55 is minimum age for Equity Release. What are you trying to do and there might a different option for you

Thanks I thought that would be the case be honest

Looking to combine a package of a secured debt and a small unsecured loan while carrying out some home improvements -all in the cheapest way possible.
We only have a 33% ish LTV so want to unlock some of our hard work!
Not keen or even think it's possible to extend the secured loan.
Thank you

[Deleted User]

Have you explored normal mortgage options?
Why do you feel equity release is the best option for you?

ferry

Basically we have poor credit - been down the adverse broker route to no avail but have just received a customer retention offer from current provider of 1.69 fixed 2 years which I dont think will be beaten

[Deleted User]

The customer retention route may not be beaten but it would probably still be cheaper taking a bad mortgage over a good equity release if you are really wanting to release equity
What about 2nd charge lending? Would this be an option until your credit improves and you can remortgage the whole amount on to a 1st charge mortgage? taking a new one to repay the old ones and the unsecured

Not all brokers are made equally. Everyone on here has probably placed a case that someone else said wasnt possible. Dont know how much you want to outline your circumstances but there are some good adverse brokers on here. I do quite a lot with CCJ's and defaults but I know ACG's whole business is adverse based.

ferry

Deleted_User wrote: »

The customer retention route may not be beaten but it would probably still be cheaper taking a bad mortgage over a good equity release if you are really wanting to release equity
What about 2nd charge lending? Would this be an option until your credit improves and you can remortgage the whole amount on to a 1st charge mortgage? taking a new one to repay the old ones and the unsecured

Not all brokers are made equally. Everyone on here has probably placed a case that someone else said wasnt possible. Dont know how much you want to outline your circumstances but there are some good adverse brokers on here. I do quite a lot with CCJ's and defaults but I know ACG's whole business is adverse based.

Thanks you so much for your insight.
I know it's not possible but be great to get hold of the company name ACG works for even if I dont do business through him!



Thanks again