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By (user no longer on site) OP
over a year ago
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"Remortgage yea, equity release company steer well clear…"
No it would be via the mortgage route.
I owe £57k
Will do £25 work
House will be valued @ £130k ( hopefully)
I want it all within the mortgage |
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By *hesblokeMan
over a year ago
Derbyshire village |
Speak to your lender, they should be able to do you an equity release loan although I've no idea at what rate (haven't thought about these since working for a lender in the early 00s), shouldn't be to dissimilar to your mortgage rates though as your LTV shouldn't be particularly high. |
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By (user no longer on site) OP
over a year ago
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"Speak to your lender, they should be able to do you an equity release loan although I've no idea at what rate (haven't thought about these since working for a lender in the early 00s), shouldn't be to dissimilar to your mortgage rates though as your LTV shouldn't be particularly high."
High as in what would you assume? |
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By *hesblokeMan
over a year ago
Derbyshire village |
"Speak to your lender, they should be able to do you an equity release loan although I've no idea at what rate (haven't thought about these since working for a lender in the early 00s), shouldn't be to dissimilar to your mortgage rates though as your LTV shouldn't be particularly high.
High as in what would you assume? "
You'd be borrowing around 82 percent, have a look at you lenders website and see what rates they're offering, better yet give em a call  |
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By (user no longer on site) OP
over a year ago
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"Speak to your lender, they should be able to do you an equity release loan although I've no idea at what rate (haven't thought about these since working for a lender in the early 00s), shouldn't be to dissimilar to your mortgage rates though as your LTV shouldn't be particularly high.
High as in what would you assume?
You'd be borrowing around 82 percent, have a look at you lenders website and see what rates they're offering, better yet give em a call "
Im with Santander they saying 80%.
But I’ll ring them at times it’s best to stick where I am! |
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" Avoid Equity release like the plague !!!
My friend seems to think they just give you the money without paying it back monthly? "
That's true in a way. The interest is added to the loan amount and is normally payable on death or if you have to sell the property for care fees.
Equity release or lifetime mortgage used to have a really bad name as the interest charged was huge. It's better now however still more expensive has a traditional mortgage.
There are definite circumstances where they are a logical tool for estate planning purposes but not for everyone |
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By *rHotNottsMan
over a year ago
Dubai & Nottingham |
"Hey Folks,
Has anyone recently remortgaged their property after home improvements to release equity?
"
They are two very different products. First is borrowing against an asset,, 2nd is realising an asset capital value whilst benefiting from using the asset still
It’s works if you don’t want to leave to future generations but the products are not great , downsizing may be a better or even selling up and renting in some cases
What is it your trying to achieve ?
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By *rHotNottsMan
over a year ago
Dubai & Nottingham |
" Avoid Equity release like the plague !!! "
Silly advice, for many older people it makes perfect sense to use equity release if they want enjoy a certain lifestyle, keep a good house at the trade off of not leaving property assets in their will , it’s their decision |
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By (user no longer on site) OP
over a year ago
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"Hey Folks,
Has anyone recently remortgaged their property after home improvements to release equity?
They are two very different products. First is borrowing against an asset,, 2nd is realising an asset capital value whilst benefiting from using the asset still
It’s works if you don’t want to leave to future generations but the products are not great , downsizing may be a better or even selling up and renting in some cases
What is it your trying to achieve ?
"
I am seeking to release funds from the value of the property whilst still retaining ownership.
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By *trideMan
over a year ago
Plymouth |
An equity release agreement transfers ownership of the property to the lender. The property is sold on the death of the occupying borrower, and the proceeds are used to settle the outstanding debt to the lender, which may include accumulated interest, if this is part of the agreement. Any surplus sales proceeds will be distributed to the borrower’s heirs in accordance with the instructions in the deceased’s will. In effect, the borrowers occupy the properties rent-free for the rest of their lives, and can spend a significant portion the money that they invested in their homes in the past.
The OP wants to retain ownership, so he needs to re-mortgage for more funds.
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