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Morgage- Loan or equity release 🤔
Tees3
Posts: 6 Forumite
We are morgage free but need work done our house - we don't want to move but are unsure how to fund it ? Loan, morgage or equity release HELP ! (we are approaching our 60s)
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Comments
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Can you not save up for the works to be done?
What works need doing?Mortgage free wannabe
Actual mortgage stating amount £75,150
Overpayment paused to pay off cc
Starting balance £66,565.45
Current balance £55,819
Cc debt free.1 -
We have some savings however this is locked away - the cost of improvements should be about £20,000 - £25,0000
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If you are not yet in your 60s, the equity release options are going to be more limiting. Plus, if you don't have much in savings at this point, you would be potentially blowing your option of last resort before retiring.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.2
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Tees3 said:We are morgage free but need work done our house - we don't want to move but are unsure how to fund it ? Loan, morgage or equity release HELP ! (we are approaching our 60s)I would take equity release off the list, and see if you can fund this in one of the other ways.At your age I would hope you both have some years of earning potential still ahead of you so more traditional loans should be suitable for raising £20-25k...2
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Thankyou - managed to sort now definitely clearer of what yo steer away from.0
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