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Deferred Payment Scheme is this a cheap way to borrow?

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Idpullthecurtain Posts: 170 Forumite

29 July at 3:35PM edited 29 July at 4:11PM in Marriage, relationships & families

Parent is going into Nursing home soon.
The property will be used to fund this. We are exploring options. Seems like the Gov Deferred Payment Scheme is our preferred option. Anyone have experience of this, I guess there isnt a more cost effective way to borrow the funds? We wouldnt get it cheaper with a bank it seems (gov scheme is 4.25% )?

Just wondering if anyone has experience of any unforseen issues with it? TIA.

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Deferred Payment Scheme is this a cheap way to borrow?

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