Equity release

broonie

Does anyone know if we can have 2 equity release applications at the same time?

Onlooker2

Equity Release v Downsizing.Due to the abolition of Stamp Duty until next year the initial costings of doing either or will amount to about the same.The difference will be by  Downsizing to raise tax free monies any costs will be fully paid on completion.Taking equity by way of a Lifetime Mortgage to raise monies against your paid for property will also be tax free but not without future costing as per compounding interest been applied for the borrowers lifetime year on year.Full examples should be obtained from the providers to guide towards any indication of the effect it will have on the financial deprement on your home.Consider

Whispers2Myself

broonie said:

Does anyone know if we can have 2 equity release applications at the same time?

Hi broonie.  Your question it a little ambiguous, but I think you are asking whether you can arrange two different equity release plans against the same property.  Is that correct?  If so, why would you be looking for a second equity release plan?  My answer will be determined by your reply.  I am a fully qualified equity release adviser.

Whispers2Myself

Onlooker2 said:

Equity Release v Downsizing.Due to the abolition of Stamp Duty until next year the initial costings of doing either or will amount to about the same.The difference will be by  Downsizing to raise tax free monies any costs will be fully paid on completion.Taking equity by way of a Lifetime Mortgage to raise monies against your paid for property will also be tax free but not without future costing as per compounding interest been applied for the borrowers lifetime year on year.Full examples should be obtained from the providers to guide towards any indication of the effect it will have on the financial deprement on your home.Consider

This is largely incomprehensible.  That's not a personal criticism, but if you read it back it's unclear what you are saying and has no relevance to the OPs question.

Onlooker2

The immediate effect of  releasing monies from any householders property by way of a mortgage for your lifetime is  as stated immediate as there is no cooling off period .The early repayment charge,ERC,is applied  even in year one .Should any borrower  have a different option to take they will charged 25%  on top of their say £60,000 loan i.e.£75,000 plus other charges that will be made.Consider