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Releasing equity in house

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mark64uk


Joined: 03/12/2008
Posts: 67

Message Posted:
17/01/2010 15:12

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Message 1 of 11 in Discussion

whats the best way to release some of the equity in our house in uk with out selling the property



yorgozlu



Joined: 16/06/2009
Posts: 4437

Message Posted:
17/01/2010 15:36

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Message 2 of 11 in Discussion

Remortgage it and take the money out.Put the money on interest here.Job done,bob's your uncle.



mark64uk


Joined: 03/12/2008
Posts: 67

Message Posted:
17/01/2010 19:53

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Message 3 of 11 in Discussion

thanks for that anybody got any other suggestions



Hector


Joined: 26/08/2008
Posts: 2352

Message Posted:
17/01/2010 20:05

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Message 4 of 11 in Discussion

Whatever you do, don't be tempted by equity release schemes. Too many horror stories.



rowlo



Joined: 12/10/2008
Posts: 4796

Message Posted:
17/01/2010 20:10

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Message 5 of 11 in Discussion

best bet is your bank/ mortgage providor .



Tootie


Joined: 28/08/2008
Posts: 2037

Message Posted:
17/01/2010 20:20

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Message 6 of 11 in Discussion

Yorg msg 2. Good advice as always, What would we all do without you?



Mark, Take a look at this website, http://www.ship-ltd.org/default.aspx



Hope it helps what your looking for.



AlsancakJack



Joined: 14/08/2008
Posts: 5762

Message Posted:
17/01/2010 20:31

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Message 7 of 11 in Discussion

With house prices as they are in the UK, equity release is probably not a good idea but a re-mortgage with the low interest rates at the moment is the best option, of course providing you can cover the increased payments and you can cope when interest rates start to rise again.

AJ



the butler


Joined: 22/06/2007
Posts: 1958

Message Posted:
17/01/2010 20:44

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Message 8 of 11 in Discussion

Hi mark64uk,



I notice on your profile you say you live in the uk but not for long, if your are considering moving to the TRNC permanantly and are thinking of renting your property in the uk out to cover your mortgage, you will need to take out a buy to let mortgage. The interest rates on this type of mortgage are slightly higher, so you must take this in to consideration when doing your finances.



The butlers wife



eager


Joined: 23/02/2007
Posts: 1272

Message Posted:
17/01/2010 21:18

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Message 9 of 11 in Discussion

What if there is no mortgage on the property ?



lovingcyprus


Joined: 02/03/2007
Posts: 1272

Message Posted:
17/01/2010 22:14

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Message 10 of 11 in Discussion

mark64uk



You are to young to take out an equity release mortgage. A remortgage is probably the only answer.



Eager, if there is no mortgage on a property you can still do a remortgage



mark64uk


Joined: 03/12/2008
Posts: 67

Message Posted:
17/01/2010 23:21

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Message 11 of 11 in Discussion

thanks very much everybody for your input



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