Parents equity release or Proportunity equity loan?

Gurubashi

Found a house that I love and really want to buy, but falling short on the deposit... With my current income I can't take out a mortgage as big as I'd need, judging from basic online calculators. Help to Buy only works on new developments, so it's useless.

Parents don't have deep pockets either, but were considering doing an equity release to give me a hand with my 1st home. Then I came across Proportunity in one of those free tube newspapers -- which works for old homes!!!

So I guess these are my two options to boost my deposit: equity loan versus an equity release. Anyone that's got a good grasp of mortgages, would appreciate if you can advise or run me through the benefits and risks of both?

Whats_your_forte

Numbers would help. If parents looking at say £20k ER and you can service the payments, then either a full ER or RIO might work. But no idea:-

• How much you need
• How much their property is worth
• How old they are
• Are you the only child

As for the Proportunity.......err I'm ooouutt! No real T&Cs of this which should ring an alarm bell. 

Gurubashi

RIO... lol, had to google it. What's the downside of that?
For equity release I'm aware it's the debt which with time can eat up a big chunk of your home's value... Many warnings online on that. I'd rather inherit the full value of their property at some point. Which is why I was looking for equity loan options and wanted a second opinion.

• How much you need: I'd need at ~50k more deposit, based on the affordability calculator from the government's Money Advice Service
• How much their property is worth: no idea, frankly. Got to ask estate agents from their area. But it's a very small 1 bed, they downscaled a decade ago
• How old they are: almost 70 both
• Are you the only child: yes

Proportunity -- that's odd, I found their customer review encouraging. Full T&Cs guess you get once you talk to them, but I get your point. Will definitely share them if I decide to go ahead and get access!