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Equity Release/Mortgage

Bren13 · 2010-11-14 19:00:33

Hi, My mother is looking at the possibility of getting an equity release on her house (no mortgage). She wants to rent out the house and down size and purchase a smaller property. She may use the rent to paying off some of the interest and capital of the equity release. I believe some of the equity release products require…

14-11-2010 7:00pm

#1

Bren13

Registered Users, Registered Users 2 Posts: 3 ✭

Join Date: November 2010

Posts: 2

Hi,

My mother is looking at the possibility of getting an equity release on her house (no mortgage). She wants to rent out the house and down size and purchase a smaller property. She may use the rent to paying off some of the interest and capital of the equity release.
I believe some of the equity release products require the person to stay in their home & if you leave the loan is repaid or of you sell the house.

Please advise

Thanks

Bren

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Comments

#2 14-11-2010 11:33pm

3DataModem

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Posts: 3860

She wants to get a mortgage, buy a second property, and rent the first property?

Its a mortgage that's required, not an Equity Release product. No lender will give Eq release on an investment property.

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