How can I release money from my home?

fubar925

Hi Guys/Gals,

Hopefully this is in the right location but please remove or move if it is. I would be so grateful if any one could give us some advice. I have always wanted to live by the sea all my life but my wife not so much, we both love our house it is just missing a couple of things.

Ok so my better half and myself have 18.5k left on our Mortgage we are both 45yrs old and have two kids girl 13 and a boy 8  I have lost my job last year like so many people and we lost my mum near the end of the year and like so many many people the last year or so has been a bit rough on us as a family. We have sat down over the last few months and talked over and over about what to do next we have talked about down sizing (we have a 4 bed detached valued last year at £320k ) we have looked at moving towards the sea but with our kids still at school and all their friends etc we always keep putting it off. So we have looked at getting a campervan for going away at weekends etc, Our garage has also been converted to a utility which I would like to convert into an office/cinema room for us, we all love movies. 

What I wanted to know is there any way of releasing equity in my home? I don't want to remortgage or don't think it possible as i'm out of work, we are managing to pay the small mortgage at the moment. if we could release some cash flow then this would mean that we would easily stay here while the kids finish school and pay off what we owe on the mortgage.

Any advice would be great thank you.

Browntoa

Too young for equity release ( although that is an incredibly expensive way in the long term for lending ) 

K_S

@fubar925 With no income, it's very unlikely that you'll be able to meet the affordability requirements for any borrowing secured on your house. 

MWT

fubar925 said:

What I wanted to know is there any way of releasing equity in my home? I don't want to remortgage or don't think it possible as i'm out of work, we are managing to pay the small mortgage at the moment. if we could release some cash flow then this would mean that we would easily stay here while the kids finish school and pay off what we owe on the mortgage.

I really don't think so sadly...

I know 'release' has more positive connotations, but the reality is that if you want to stay in the property then 'release' is just another word for 'borrow', so you are effectively asking if you can borrow more money secured on the house which is simply a remortgage.

Only way for you to release capital and not borrow is to down-size and move to somewhere priced to let you be mortgage-free.

fubar925

Hey,
Thank so much for the replies I thought as much but its good to have someone else say the same. It is a shame as we do love the house but we do need to do something. Again thank you so much for the speedy replies.

Thrugelmir

Go onto your lenders website and look for home owner loans.