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Equity release.
thewad
Posts: 348 Forumite
Am considering equity release as we have no children to leave it to.
Have ben in contact with 3 firms so far..all reputable.
Two of them however want to know exactly what I plan to spend the money on.......they won't let me put some of the money away for any plans I have for next year or the following years unless I give them a detailed outline of what I am going to be spending and when.
I mentioned a one off holiday with a difference but they wouldn't accept that without a plan and costings.
Is this normal?
Have ben in contact with 3 firms so far..all reputable.
Two of them however want to know exactly what I plan to spend the money on.......they won't let me put some of the money away for any plans I have for next year or the following years unless I give them a detailed outline of what I am going to be spending and when.
I mentioned a one off holiday with a difference but they wouldn't accept that without a plan and costings.
Is this normal?
If God didn't want us to eat animals, why did he make them out of meat. :beer::beer:
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It seems a bit overkill......it's almost as if they want you to spend it as soon as you get it.If God didn't want us to eat animals, why did he make them out of meat. :beer::beer:1
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Set up a facility with a drawdown.
Take the money you need now and use the drawdown for your other needs later. You can select "emergency funds" or whatever for the drawdown then take it when you like.
Interest will only start to accrue after the drawdown as well.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.1 -
Totally the reverse.thewad said:It seems a bit overkill......it's almost as if they want you to spend it as soon as you get it.0 -
thewad said:Am considering equity release as we have no children to leave it to.
Have ben in contact with 3 firms so far..all reputable.
Two of them however want to know exactly what I plan to spend the money on.......they won't let me put some of the money away for any plans I have for next year or the following years unless I give them a detailed outline of what I am going to be spending and when.
I mentioned a one off holiday with a difference but they wouldn't accept that without a plan and costings.
Is this normal?The regulated advice you receive compels them to ensure you are not incurring interest charges unnecessarily, hence plans need to be specific rather than just vague thoughts or the answer will be to just draw-down when you know for sure.This protects you and them.
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