Equity Release

pleaseme

I’m thinking of taking out equity release does anybody have any advice or bad experiences they can share please 

dunstonh

There are a number of different types of equity release.    And versions and methods have changed over the last 40 years.  options on products exist as well.

So, its not really practical to give bad experiences as they may not apply to the area or era you are looking at.

Advice on equity release is a regulated area.  Anything you read here is not advice. It is discussion or opinion.

Rather than asking for generic comments.  Maybe you should give a little bit of info and then the responses can be tailored more to your situation and not those of people that have nothing in common with what you are needing.

Linton

How old are you - the younger you (or your spouse) are the smaller amount you will be able to release.

Why do you want it?

What form of Equity Release are you thinking of?  The two main types are roll-up where all interest charges are added to the amount borrowed thus giving compound growth of the debt which could reach the full value of the house.  The alternative is a Lifetime Mortgage which is very similar to a normal one except that its duration is to death rather than a fixed term.  There were other types in the past often with a bad reputation for cost and inflexibility but these no longer seem to be mainstream.

I have an Interest Only Lifetime mortgage.  It is achieving my purpose for taking it.  However my objectives and circumstances may well be different to yours.

pleaseme

Yes thank you l see the sense in that answer.  I’m thinking about equity release to buy a property abroad. My house is worth £250,000 with no mortgage im thinking of borrowing £80,000 has anybody done anything similar 

pleaseme

My partner and l are tenants in common l am 69 he is 66. We were thinking of equity release which would be paid back after our death. I have looked into this and we do qualify but just wondered whether anybody had used a similar scheme 

Linton

My circumstances are different so any help I can provide is general or related to the process of applying for a lifetime mortage.

The term Equity Release usually applies to retired people who want long term access to the equity in their home but for whom normal mortgages are inappropriate.  Are you in that category?  If you are some way off retirement and are still earning, a normal repayment or I/O (re)mortgage would be simpler and cheaper.

csgohan4

You will pay more in the long run with interest  and fees.

[Deleted User]

Have a look at Nationwide later life mortgages. My husbands parents took out £60k against a house worth £550k at around 3% 
They had an initial discussion on the phone to see if eligible and then proceeded to full app.
They elected for the interest only, so the debt doesnt get any bigger and they overpay a bit off the capital when they can. 

I thought it was an excellent product with a known high street lender 

pleaseme

Thank you Densol l just read the Nationwide details and unfortunately it won’t be suitable as my property a Grade ll listed 

[Deleted User]

pleaseme said:

Thank you Densol l just read the Nationwide details and unfortunately it won’t be suitable as my property a Grade ll listed 

Oh thats a shame  

dimbo61

Advert running on TV with a nice man ( actor ) who charges 1.5% or minimum of £1695 for Advice ! On equity release.
Why do you want to buy abroad why not just take 3/4 week deals with Saga in Feb/March and travel to different countries