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Equity release vs mortgage increase

I need to pay my ex husband his share of what was once the marital home. Moving is not a good option as the amount I would be left with would not buy a suitable home in the area my sons wish to remain. His share is smaller than mine - just over £200k. The house is worth about £650k. The mortgage about £50k.  Should I release equity from the house to pay him or increase my mortgage? I would have been mortgage free by 2025. I'm not sure which is the safest or less expensive option.

Comments

  • MovingForwards
    MovingForwards Posts: 17,161 Forumite
    10,000 Posts Seventh Anniversary Name Dropper Photogenic
    How old are you?
    How's your income?
    How old are the kids?

    You've put hardly any information up for people to say pros and cons for each option.
    Mortgage started 2020, aiming to clear 31/12/2029.
  • MWT
    MWT Posts: 10,352 Forumite
    10,000 Posts Fifth Anniversary Name Dropper
    You don't mention your age,but would have to clear the mortgage as part of the release so you'd be looking to get around £250k which would mean you would need to be over 65 for most lenders to get close to that percentage.
    If equity release isn't suitable, would your earnings support a mortgage of that size?
  • ClaireE
    ClaireE Posts: 20 Forumite
    Seventh Anniversary 10 Posts Name Dropper
    I'm 57 and teach full time. Sons are age 16, 17 & 18. My mortgage is in 3 parts and actually amounts to £90,000 as it includes a £30,000 loan I took out last year to give to my ex as part of his share.
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