Best way to raise cash on mortgage free home
in Mortgages & Endowments
8 replies 484 views
I'm in the process of selling my home of 17 years, which after paying off my mortgage & debts leaves me just enough to outright buy a much smaller old property in Scotland & cover the essential repairs (damp & roof) raised in the survey. The new house is tiny & needs work but has a maze of brick built garage/outhouses, some of which are attached to the house. I want to make sure my kids don't lose out on me swapping a £150000 house (before debts paid off) for an £80000 one, and have space for family to visit and also not feel too cramped so I was thinking once I have got a job in the new area of looking to either try and get a very small new mortgage or equity release on the new house to convert an outbuilding to usable space & increase the value. What would be the best way to do that? I'm 55 & have already cashed my tiny pension in to do repairs and pay off some debts prior to selling. I gave my shop up ready to move so could not apply for anything prior to establishing myself in Scotland, and just can;t afford anything bigger or in better condition. Any advice on whether a secured loan, equity release or remortgage would be best would be greatly appreciated,
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