EquityReleaseForum.org
open discussion on equity release
I have no mortgage but I have a charge on my property from West Brom BS after a previous property was repossessed
in the last credit squeeze.
I owe approx £35000 and they accept from me £100 a month.
Does a charge like this have to be paid by equity release.
If it is then I assume I can haggle with the BS for a settlement figure.
Equity Release may involve a lifetime mortgage or home reversion plan. To understand the features and risks ask for a personalised illustration.
No one responded to this, thought it was for advice.
The impossible I can do today, miracles take a little longer!
It was for advice.I clicked the right button
Where is the advice?
Keith
Dear Josek,
Sorry for the delay in this response reaching you.
Because an equity release plan involves making a charge against your property, any previous charges would need to be discharged. Equity release can be used to pay off the previous amount(s), subject to your being able to raise sufficient funds. The fact that you have been repossessed in the past may restrict the number of lenders available to you, but this doesn’t necessarily mean that equity release is not an appropriate solution for you.
The amount that you can raise is based on the age of the youngest homeowner and the value of your property.
In your case, I would recommend that you speak to an independent advisor to discuss this further. Most good advisors will happily talk you through your options at no initial cost and without obligation, so this is perhaps something you should look into.
I hope this helps.
Best wishes & have a happy Christmas.
Janice Walsh
Janice Walsh is a fully-qualified equity release specialist advisor for Age Partnership. Tel: 08080 555 222 Web: www.agepartnership.com