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Torro funding- Liverpool.
Retireby40
Posts: 772 Forumite
in Loans
Anybody heard or used this lending company. Looking into releasing equity and this company was suggested to me by a "sourcer".
Any ideas if it's legit or any reveiws/experiences.
Any ideas if it's legit or any reveiws/experiences.
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Comments
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In my opinion, equity release if often the last resort of the desperate. In many cases it is not a suitable product. As you sure that this is a route you want to go down?1
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MEM62 said:In my opinion, equity release if often the last resort of the desperate. In many cases it is not a suitable product. As you sure that this is a route you want to go down?0
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Retireby40 said:MEM62 said:In my opinion, equity release if often the last resort of the desperate. In many cases it is not a suitable product. As you sure that this is a route you want to go down?
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Ebe_Scrooge said:Retireby40 said:MEM62 said:In my opinion, equity release if often the last resort of the desperate. In many cases it is not a suitable product. As you sure that this is a route you want to go down?
Plus I'd prefer to buy in the UK where houses are cheaper yet rents are more expensive.
My idea was release or get a loan against the house for say 40k. Added to my savings I could buy a house outright for around 80k. No mortgage just have to repay the 40k loan.
Might just sit on my hands and save for another 12 months and assess then0 -
Equity release is a form of mortgage. Therefore if you are unable to get a normal repayment mortgage, you may not qualify for equity release. The issue with equity release is that payments are suspended and interest compounds. Therefore, over time, they are incredibly expensive.
I would interested to know where you live if houses are more expensive than the UK yet rents are cheaper.Retireby40 said:Ebe_Scrooge said:Retireby40 said:MEM62 said:In my opinion, equity release if often the last resort of the desperate. In many cases it is not a suitable product. As you sure that this is a route you want to go down?0 -
MEM62 said:Equity release is a form of mortgage. Therefore if you are unable to get a normal repayment mortgage, you may not qualify for equity release. The issue with equity release is that payments are suspended and interest compounds. Therefore, over time, they are incredibly expensive.
I would interested to know where you live if houses are more expensive than the UK yet rents are cheaper.Retireby40 said:Ebe_Scrooge said:Retireby40 said:MEM62 said:In my opinion, equity release if often the last resort of the desperate. In many cases it is not a suitable product. As you sure that this is a route you want to go down?
The same value of house in my home town in the UK rents for around £625-650.0 -
That 625-650 figure won't be pure profit though surely, what is the profit margin on this ?0
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Catsacor said:That 625-650 figure won't be pure profit though surely, what is the profit margin on this ?
It's financially better for me owning in the part of the UK I know than my area in Spain.
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