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Equity Release question
noodledoodle_3
Posts: 2 Newbie
Hi All,
Im wondering if anyone can help me. My mother has had a mortgage for some time now. Her credit rating is unfortunatley quite poor however her mortgage payments have always been on time as for several years I have been paying them. The house needs quite a lot of work on it, and I have thought about releasing some of the equity to fund this work
My mother is 59 and in FT employment. She has approx 22k left to pay on the mortgage. The house was bought for 28k but is now worth in the region of 140-150k. Repayments are sub £200. She has been considering selling the house and obviously this intended work would more than maximise its value. However even if she stays there, she really does need the work done as her standard of living is in my opinion quite poor. (I do the best I can but I am no diy-god!)
Do you think her lender (Abbey) would consider this considering her age / credit etc? How does the process work? Are there any pitfalls I should be aware of? Im completely clueless when it comes to this, but obviously I want to do the best for her.
Thanks for your time,
Im wondering if anyone can help me. My mother has had a mortgage for some time now. Her credit rating is unfortunatley quite poor however her mortgage payments have always been on time as for several years I have been paying them. The house needs quite a lot of work on it, and I have thought about releasing some of the equity to fund this work
My mother is 59 and in FT employment. She has approx 22k left to pay on the mortgage. The house was bought for 28k but is now worth in the region of 140-150k. Repayments are sub £200. She has been considering selling the house and obviously this intended work would more than maximise its value. However even if she stays there, she really does need the work done as her standard of living is in my opinion quite poor. (I do the best I can but I am no diy-god!)
Do you think her lender (Abbey) would consider this considering her age / credit etc? How does the process work? Are there any pitfalls I should be aware of? Im completely clueless when it comes to this, but obviously I want to do the best for her.
Thanks for your time,
0
Comments
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Go here for more info on equity release
https://www.ship-ltd.org.uk
It is always better to downsize and especially for someone of her age.Trying to keep it simple...
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