We're aware that some users are experiencing technical issues which the team are working to resolve. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Equity Release/Mortgage

Options
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. 

Comments

  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Depending on the sums and the state of the house, a mortgage or loan.
  • House is probably worth about £100k-£110k at the minute. Possibly looking for around £15-£20k 
  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    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.
  • 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]
    [Deleted User] Posts: 35,242 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    If you have a terrible history, then savings is the way to go. 
  • 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
    MEM62 Posts: 5,293 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    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
    Edi81 Posts: 1,499 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Speak to a whole of market broker. 
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.7K Banking & Borrowing
  • 253K Reduce Debt & Boost Income
  • 453.4K Spending & Discounts
  • 243.7K Work, Benefits & Business
  • 598.4K Mortgages, Homes & Bills
  • 176.8K Life & Family
  • 256.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.