Equity Release - Not Loan

margaretclare

Ecky-thump wrote:

Hello margaretclare, I am new here, having registered just for information about equity release and found the information very useful - however...

We need the dosh. Pure and simple. Not to spend recklessly, but to have an extension built onto our semi-detached house. Hubby and I, both 61 yoa, have looked at something called Surrenda-link. Do you know of this company?

They will buy up your endowment policy and give you what they think its worth, which is normally more than the surrender value. They keep paying the premiums until it matures and then they cash it in. In our case that will be 2.5 years from now.

We would get instant cash value for our policy and they make their dosh when it matures. We stop paying the mortgage straight away, saving £350 a month. The amount we would sacrifice for surrendering would be a couple of thousand pounds, which we will recoup by not paying the mortgage for the next 2.5 years!

Is it that simple, in our case? How does this favour with the equity release you have all been talking about?

Hi

Sorry, I've only just spotted your post.

I've never heard of Surrenda-link. You'd need to ask the real experts who come on here! What we did was what's called a 'lifetime mortgage' in which the interest rolls-up during our lifetime.

This whole equity release game can be an absolute minefield and you need to look at different options and then think carefully. After all, your home is your biggest asset, you don't want anything to put it at risk.

We were able to borrow 25% of the valuation just because we were both 68. You're maybe too young to do this.

Sorry can't be more helpful.

Aunty Margaret