Equity release

johnbeei

I have currently 50000 equity release on my home. I am selling my home for 153000 and buying one at 124000. My equity release is portable so that is not a problem, can you roughly tell me how much profit I will obtain before solicitors , real estate fees etc., thank you

ballyblack

Depends on what kind of deal you do with the agent & the solicitor first before you employ them, they will tell you after you haggle on their fees

loughlin1

DON'T DO IT I WAS CAUGHT WE TOOK £20000 OUT OF OUR HOUSE BY THE TIME 10 YEARS HAS PAST YOU WILL OWE £40000 BY THE TIME YOU DIE THEY WILL PROBABLY TAKE YOUR HOUSE 

CEON44

loughlin1 said:

DON'T DO IT I WAS CAUGHT WE TOOK £20000 OUT OF OUR HOUSE BY THE TIME 10 YEARS HAS PAST YOU WILL OWE £40000 BY THE TIME YOU DIE THEY WILL PROBABLY TAKE YOUR HOUSE 

I think that horse has bolted, by the way the post is worded

qwert_yuiop

Is equity release still possible? The last time I asked my bank about this, at the start of this year, I was told they’d stopped all that after the last property crash. Things may have changed a little for the worse since then.

qwert_yuiop

loughlin1 said:

DON'T DO IT I WAS CAUGHT WE TOOK £20000 OUT OF OUR HOUSE BY THE TIME 10 YEARS HAS PAST YOU WILL OWE £40000 BY THE TIME YOU DIE THEY WILL PROBABLY TAKE YOUR HOUSE 

6 or 7% interest? Yes, it’s money for nothing for the lender, but not the worst rate I’ve heard.