Hi I would like any advice on releasing equity without going down the major company equity release schemes which seem to cost an arm and a leg, eg borrow £75k give back £75k + another £75k in interest = £150k.
The house is worth £300k with an outstanding amount of mortgage overdraft and mortgage of about £35k.
I am 62 and my wife is 68, we are looking for an amount of about £75k to pay off the owing amount and to make some improvements to the house eg gutters fascias sofits. new boiler. turf the back garden etc etc.
In an ideal world some entrepreneur would stump up the £75k and at a later date would receive the £75k back + 40% interest
(30k) = £105k and the 25% of the property value would be linked to the value of the house if the value rose over a period of 10,20 or 30 years. But there is no facility for that is there?? What other options do i have without having to pay a monthly fee to some major company? Any advice is appreciated. Thankyou.
The house is worth £300k with an outstanding amount of mortgage overdraft and mortgage of about £35k.
I am 62 and my wife is 68, we are looking for an amount of about £75k to pay off the owing amount and to make some improvements to the house eg gutters fascias sofits. new boiler. turf the back garden etc etc.
In an ideal world some entrepreneur would stump up the £75k and at a later date would receive the £75k back + 40% interest
(30k) = £105k and the 25% of the property value would be linked to the value of the house if the value rose over a period of 10,20 or 30 years. But there is no facility for that is there?? What other options do i have without having to pay a monthly fee to some major company? Any advice is appreciated. Thankyou.
Comment