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SHIPS scheme?

  • 04-03-2018 2:29pm
    #1
    newboard
    Registered Users, Registered Users 2 Posts: 225 ✭✭


    Hi all,
    I remember hearing before about something called the SHIPS scheme (at least I think that's what it was called), where a homeowner could sell a proportion of the property to a financial institution, to be used for renovations etc.

    I had a look online but couldn't find anything - is there something like this out there?

    Someone I know is a homeowner but is struggling financially and the house could really do with renovations including insulation etc.

    It's in a desirable area with similar properties listed for around 375k.


Comments

  • #2
    Askthe EA
    Registered Users, Registered Users 2 Posts: 724 ✭✭✭Askthe EA


    Thats UK i believe.

    You are describing whats called equity release. Does your friend own their house with no mortgage?


  • #3
    newboard
    Registered Users, Registered Users 2 Posts: 225 ✭✭newboard


    Askthe EA wrote: »
    Thats UK i believe.

    You are describing whats called equity release. Does your friend own their house with no mortgage?

    Thanks, yes they do own their house outright with no mortgage.


  • #4
    Askthe EA
    Registered Users, Registered Users 2 Posts: 724 ✭✭✭Askthe EA


    Im not a finance guy but I know there are very few providers of this out there (BOI is the only bank I know that does it).

    You can start here:

    https://www.ccpc.ie/consumers/money/mortgages/equity-release/


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