equity from your house

has anyone taken out equity from your house eg as saga suggest etc?

Re: equity from your house

I wouldn't touch Equity Release with a barge pole.

In my opinion it's just all about greedy agents trying to get a share of your investment.

Re: equity from your house

There must be a good way to do it,
but I wouldn't trust any advice on how to?

Re: equity from your house

The advice I've always seen about equity release is that it's not a good idea. I have no personal experience of this. If this cannot be avoided then best advice is to check it out with a solicitor or another professional just to be sure. Something to do with how these work regarding the interest is what to be wary of, apparently.

Plenty of information and advice on the links below:

https://www.moneysavingexpert.com/mo...quity-release/

https://www.ageuk.org.uk/information...quity-release/

Always better safe than sorry, so worth checking out with a professional, be that a solicitor or Financial Advisor if you need more advice.

Citizens' Advice may even be able to help you in this:

https://www.citizensadvice.org.uk/de...secured-loans/

Re: equity from your house

I agree.

Re: equity from your house

Unless you really need the money to live don't touch it. All these tempting adverts to improve your home or help children to get a house is BS. What they don't tell you is that if you give money to your children they have to pay capital gains on the "windfall". They conveniently forget to mention that

Re: equity from your house

I thought about doing that but decided against it with all the negatives I heard people saying about it

Re: equity from your house

I guess it could work for some people, not that I've really thought about it ...

Say, you have a £M tied up in your home, it could be a pretty modest place, you don't get much for that in London nowadays. You couldn't bear the thought of moving, you need some cash, you are struggling to survive on a measly pension, you don't have family to leave money to (or you'd rather they made their own way in life) ....

Re: equity from your house

LQ

If you think about it and use the money to improve your home to make it worth more, that means they can claim more on death on money you borrowed from them in the first place

Re: equity from your house

Dood

If that was the case surely moving would be the answer to release cash from the sale of the house and no company would have a claim against your estate

That is what Sue and I basically did when we sold the kennels. That release enough money to buy this place and also have some financial stability to live on.

Investing in another house that can only increase in value if you pick the right area, this has to be the right decision. Since we moved 5 years ago, I can only quote on our experience, the property has gone up by £150,000 approx. So we win which ever way you look at it