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Equity release
MarkStbarbe
Posts: 7 Forumite
Hi,
Would someone be able to advise me, we are thinking of taking equity out of our house to buy another property to rent out, any advise if this would be possible would be helpful.
Thanks
Would someone be able to advise me, we are thinking of taking equity out of our house to buy another property to rent out, any advise if this would be possible would be helpful.
Thanks
0
Comments
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WHY??? .....barking mad idea....total insanity...IMHO
.."It's everybody's fault but mine...."8 -
Are you of an eligible age? I started receiving junk mail about these schemes after my 55th birthday.£216 saved 24 October 20140
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Hi yes I am 63 and my wife is 590
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...do yourself a favour and forget the whole idea....
.."It's everybody's fault but mine...."5 -
Another vote for don't do it. If you had the cash, I'd prob still be advising against. Without it, there's not really any reason to consider it.2024 wins: *must start comping again!*2
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Will have to read into the pitfalls before deciding0
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What is the interest rate on the equity release loan you are considering?MarkStbarbe said:Will have to read into the pitfalls before deciding
How much will they lend?
is that enough to buy another property?
If you sell the rental property, can you repay the equity release loan?No reliance should be placed on the above! Absolutely none, do you hear?0 -
Was looking at around 6% would be able to borrow £200,000 and with savings buy another property for approximately £300,000. I know that I would probably owe them my original property. But I would still have the rental property to leave to my children .0
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Goodness me, do you have a FA, if not then please seek advise, this is an insane idea2
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Okay thanks will talk to a Financial Advisor0
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