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mark64uk

Joined: 03/12/2008 Posts: 67
Message Posted: 17/01/2010 15:12 | Join or Login to Reply | 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 | Join or Login to Reply | 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 | Join or Login to Reply | 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 | Join or Login to Reply | 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 | Join or Login to Reply | 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 | Join or Login to Reply | 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 | Join or Login to Reply | 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 | Join or Login to Reply | 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 | Join or Login to Reply | 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 | Join or Login to Reply | 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 | Join or Login to Reply | Message 11 of 11 in Discussion |
| thanks very much everybody for your input |
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