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Equity release on Finnish 'log cabin'
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maddydog
Posts: 2 Newbie
Hello all,
Does anyone out there have any experience of equity release on an all wood house?
Mine is a kit log construction house from Finland, there is no masonry skin so every company I've approached has turned me down! Plus I don't have a builders or architects warranty as I built it myself with help from sons-in-law (we are all qualified carpenters). I can't understand why no one would consider lending on the house when it is valued at £850,000 and even the land on it's own was £250,000! Any ideas out there?
Does anyone out there have any experience of equity release on an all wood house?
Mine is a kit log construction house from Finland, there is no masonry skin so every company I've approached has turned me down! Plus I don't have a builders or architects warranty as I built it myself with help from sons-in-law (we are all qualified carpenters). I can't understand why no one would consider lending on the house when it is valued at £850,000 and even the land on it's own was £250,000! Any ideas out there?
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Any chance of a loan on the land rather than the house?I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe, Old Style Money Saving and Pensions boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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maddydog said:I can't understand why no one would consider lending on the house when it is valued at £850,000 and even the land on it's own was £250,000! Any ideas out there?The lenders for equity release products are all extremely risk averse as they know they will be depending on a sale to get their money repaid at the end of the day.That means they need to lend on homes that are going to be easy for a purchaser to mortgage and from what you've described that isn't going to be the case for your 'log cabin' that was self-built and lacks any kind of warranty.
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Thanks MWT that is a very good point! I hadn't really looked at it from that point of view - none of the lenders made that explanation!0
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