Equity Release/Mortgage 12 April 2022 at 8:29AM in Loans 8 replies 182 views

TryingToBeFree

Hi, not sure where the best place to ask this is, but I’ll give it a whirl. I’m under 40. I have no mortgage. I need a LOT of work doing on my house. Is there any way to do an equity release type thing? From what I can see, you can only do that when over 55. Any idea of the best way to release money so I can get things sorted and live in an actual house rather than a shell of a house?  Thanks in advance. 

[Deleted User]

Depending on the sums and the state of the house, a mortgage or loan.

TryingToBeFree

House is probably worth about £100k-£110k at the minute. Possibly looking for around £15-£20k 

[Deleted User]

For that small a sum, you'll be looking at loans or even credit cards if you can get good offers and have a clear repayment strategy.

TryingToBeFree

My credit isn’t great to be honest although it’s built up a lot over the last few years, I can’t get loans from reputable companies. It’s all high interest places. An actual bank isn’t going to touch me I don’t think 

[Deleted User]

If you have a terrible history, then savings is the way to go. 

TryingToBeFree

Sounds like a long haul plan but if that’s my only choice then that’s what I’ll have to do. Start saving those pennies!

MEM62

TryingToBeFree said:

My credit isn’t great to be honest although it’s built up a lot over the last few years,

If you have a good history for the past few years then a loan from a mainstream lender should not be out of the question.  

Edi81

Speak to a whole of market broker.