Equity Release with pylon nearby

We are a retired couple with no income other than state pension. We own our bungalow outright. We have recently decided to try to release some equity from our home, but two advisors that we have approached tell us that none of the lenders they deal with will agree to release equity, because there is a pylon next to the bungalow. Has anyone successfully released equity where there is a pylon/power lines? Any advice appreciated

Comments

  • MWT
    MWT Posts: 9,107
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    Unfortunately adjacencies are very important to the ER lenders so I'm not surprised with the reaction you have had so far.
    The best I can suggest is to try with advisors that access as much of the market as possible and see if they can help, as some advisors have a very limited pool of lenders that they work with.
    I would suggest trying StepChange Financial Solutions if you have not already done so (they make no charge for their advice so nothing to lose in asking).
    I wish you luck, and if you do find a willing lender do please come back and tell us about them as it could be helpful for many who have issues with infrastructure adjacencies. 
  • Further to this, I did find one lender willing to give a lifetime mortgage with a pylon on our property. However the amount they would lend was less and the interest rate considerably higher, so I am holding off for now. For anyone interested, the company is called Livemore. I accessed them through a financial adviser recommended by The Equity Release Council, rather than approaching them direct. 
  • MWT
    MWT Posts: 9,107
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    edited 23 November 2023 at 11:19PM
    Thanks for letting us know.
    Getting advice is a requirement when considering equity release, so going through an advisor rather than direct is unavoidable.
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