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Is there a way to take cash out of a mortgage without downsizing - under 55
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If the property is larger than she needs, might a lodger be possible? That would provide extra income for her to pay the mortgage and loan off.
But a banker, engaged at enormous expense,Had the whole of their cash in his care.
Lewis Carroll0 -
This sounds like it might be the answer to the question I was asking. I have managed to get a bit more information and she has about 50% equity, and I think she is on about 6% at the mo, so this might be a possibility.kingstreet said:If converting unsecured debt to secured makes any sense, a remortgage may be the answer if affordability is provable. Many lenders offer free legals, free valuation etc so it may be cost-neutral to change lenders and increase the mortgage by the amount required. Could be even more helpful if the rate for the total borrowings could be reduced.
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theoretica said:If the property is larger than she needs, might a lodger be possible? That would provide extra income for her to pay the mortgage and loan off.
That would make a lot of sense, but I don't think she would do it. I suspect she would downsize before giving up her privacy.
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