Torro funding- Liverpool.

Retireby40

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.

MEM62

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?    

Retireby40

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?    

Not really. A small loan would be fine. Basically I own a property outright worth 135k. I'm looking at buying another property either at home or abroad and was looking a loan of 30-40k. 

Ebe_Scrooge

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?    

Not really. A small loan would be fine. Basically I own a property outright worth 135k. I'm looking at buying another property either at home or abroad and was looking a loan of 30-40k. 

You won't get an unsecured personal loan for that amount, but would an ordinary mortgage not be suitable?  Far cheaper in the long run than equity release.

Retireby40

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?    

Not really. A small loan would be fine. Basically I own a property outright worth 135k. I'm looking at buying another property either at home or abroad and was looking a loan of 30-40k. 

You won't get an unsecured personal loan for that amount, but would an ordinary mortgage not be suitable?  Far cheaper in the long run than equity release.

Can't get a mortgage in the UK as I am a non UK resident now. Hard to get a mortgage in my current country as I don't have the house here as leverage. 

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 then 

MEM62

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.  

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?    

Not really. A small loan would be fine. Basically I own a property outright worth 135k. I'm looking at buying another property either at home or abroad and was looking a loan of 30-40k. 

You won't get an unsecured personal loan for that amount, but would an ordinary mortgage not be suitable?  Far cheaper in the long run than equity release.

Plus I'd prefer to buy in the UK where houses are cheaper yet rents are more expensive.

I would interested to know where you live if houses are more expensive than the UK yet rents are cheaper.  

Retireby40

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.  

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?    

Not really. A small loan would be fine. Basically I own a property outright worth 135k. I'm looking at buying another property either at home or abroad and was looking a loan of 30-40k. 

You won't get an unsecured personal loan for that amount, but would an ordinary mortgage not be suitable?  Far cheaper in the long run than equity release.

Plus I'd prefer to buy in the UK where houses are cheaper yet rents are more expensive.

I would interested to know where you live if houses are more expensive than the UK yet rents are cheaper.  

I live in a part of Spain were a £120k apartment (2 bedroom) rents for £475 a month.

The same value of house in my home town in the UK rents for around £625-650.

Catsacor

That 625-650 figure won't be pure profit though surely, what is the profit margin on this ?

Retireby40

Catsacor said:

That 625-650 figure won't be pure profit though surely, what is the profit margin on this ?

Neither would the £475 in Spain.

It's financially better for me owning in the part of the UK I know than my area in Spain.