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Equity Release - A good idea?

  • 13-12-2005 2:45pm
    #1
    mathie
    Registered Users, Registered Users 2 Posts: 5,103 ✭✭✭


    Hi
    I'm looking to get some cash fast :)
    I own a property with my sister and was thinking about doing an equity release. Is this advisable?
    Thanks
    M


Comments

  • #2
    Brendan552004
    Registered Users, Registered Users 2 Posts: 168 ✭✭Brendan552004


    Who have you got your mortgage with?

    Are you employed or self employed?

    What percentage of the property is mortgaged?

    Is your sister a co-borrower?


  • #3
    mathie
    Registered Users, Registered Users 2 Posts: 5,103 ✭✭✭mathie


    Brendan552004 wrote:
    Who have you got your mortgage with?

    Are you employed or self employed?

    What percentage of the property is mortgaged?

    Is your sister a co-borrower?

    1. First Active

    2. Employed

    3. Less than 50%

    4. Yes

    Thanks
    M


  • #4
    Culchie
    Registered Users, Registered Users 2 Posts: 5,047 ✭✭✭Culchie


    Is the money for capital expenditure/investment? ... If so, then you won't get cheaper money anyway, that's for sure, so then it's OK.

    If it's for a 'splurge' or 'holiday' or some other personal expense, then I don't think it's a good idea.


  • #5
    RainyDay
    Closed Accounts Posts: 6,925 ✭✭✭RainyDay


    Don't forget the usual warning that 'your home is at risk if you don't keep up repayments' etc etc. It's probably the cheapest money you'll find on the market, though there is a bit of paperwork to be gone through to top up. If the property is your home, you'll need to up your mortgage protection insurance to cover the costs.


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