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money release
mickandy
Posts: 12 Forumite
Is there anyway we could release money from our house so that we can give our son a downpayment for a mortgage? The house is paid for and is currently worth around one hundred and forty thousand pounds.It is all willed to him if we should die but we want to help him and his family now as they are renting and really need a bigger home.
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Is there anyway we could release money from our house so that we can give our son a downpayment for a mortgage?
Yes. You take out a mortgage.
If you are in your 60s, you could equity release (some go into late 50s but the choice is restricted then).I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
It seems to be a minefield when it comes to equity release. Are there any good companies that are best to approach? We are both over 60 now and just want to get our son on the property ladder as he will be 41 this year.
Thanks for replying it is appreciated.0 -
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There is also some detailed info on the HELP THE AGED WEBSITE and a FACTSHEET from Age Concern that are both worth reading to understand the pros and cons of Equity Release and the various different schemes on offer.0
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There are also plenty of IFAs around the country giving advice in this area. https://www.unbiased.co.uk and filter with equity release/lifetime mortgages as the thing you are wanting to discuss.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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Interested in this discussion.. We took Equity Release five years ago. Cumulative interest had now doubled amount owing and trying to find some way out apart from selling house, although this may well prove to be only option open to us. Any suggestions?0
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confusedcharlie wrote: »Interested in this discussion.. We took Equity Release five years ago. Cumulative interest had now doubled amount owing
What interest rate are you payingand who is the provider?Trying to keep it simple...
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Thanks for your interest. The rate is 8.2% and lender Norhtern RockEdInvestor wrote: »What interest rate are you payingand who is the provider?0 -
EQUITY RELEASE
We took out an Equity Release plan some 7 years ago, and it has been splendid! It solved many of my problems (following a disastrous investment).
However, I believe the advantages and (particularly) the disadvantages MUST be clearly understood before signing anything.
If anyone wants to ask me anything about this, I would gladly and honestly respond.
Mike Phillips, Leeds0
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