Morgage- Loan or equity release 🤔 6 March at 1:39PM in Mortgages & endowments 5 replies 184 views

Tees3

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) 

Sncjw

Can you not save up for the works to be done? 

What works need doing? 

Tees3

We have some savings however this is locked away - the cost of improvements should be about £20,000 - £25,000

dunstonh

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.    

MWT

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...

Tees3

Thankyou - managed to sort now definitely clearer of what yo steer away from.