What Are The Alternatives For Releasing Some Of The Value Tied Up In Your Home

Generally when We Buy Homes it’s not with a view to the long term value of the property, it’s in the main because we need to find a place to live. There are some basic, fundamental human essentials that even our brisk paced modern society has not learned how to dispose of in total . Food , shelter , company and , oh yes, sex , are all on the list and are basic drivers that have made modern man what he is today . But even if your wife has run off with the dustbin man , your fridge is empty and no one is calling you back there’s always the roof floating over your head, isn’t there ?

Funny old thing is that basic shelter is not the name of the game these days. Financial gain is. A house , a flat , any sort of property has a price tag attached to it and in recent years that tag seems to have rocketed up . As long as We Buy Houses there will be a price tag attached to them as We Buy Homes these days with the hope and intention that they will make money on the quiet for us. In the main we don’t actually have to do anything to get this raise in our capital. Just live in a nice house in a decent area for long enough and you can discover that over the longer term you will be sitting on a nest egg that you haven’t really earned. Getting at that finance isn’t always so easy though.

I had a recent requirement to raise some capital. I was in something of a tricky situation and could foresee an environment before very long I may need to Sell My House if I had to move to a region with more employment for the likes of myself. I needed to look at my choices and getting equity out of the house and into my pocket . I tried my bank but was put off by their interest rate and costs which I felt were exorbitant . So I looked at the options for releasing some of the equity in my properties. And that was where things began to get get confusing.

Equity release schemes in general require that you fit within a certain age range. This tends to be between fifty two to eighty five years old. I was also advised that I should have no intention to Sell My House in the near future as there would be early repayment costs and that any mortgage company interest in my home would be paid off by the equity release. I was also advised that I should have little or no mortgage on my property and that the house should be of standard construction (whatever that means! ) and that it should be freehold or if it was leasehold then it should have a lease of a minimum of eighty years.

I was also advised that any equity release system would reduce the total amount of my estate. This seems straightforward enough but it seems to be part of the advice required by law. I was also told that some income or means tested benefits may be reduced or withdrawn altogether and that I should contact the DWP to request a consultation about how this would affect me.

After allWhen it came down to it I did not go for an equity release scheme despite the fact that I may have qualified for it. My current mortgage lender was quite happy to come up with the temporary finance that I wanted and, with the benefit of hindsight, this is possibly what I should have done in the first place. It sometimes comes as a bit of a surprise that when We Buy Houses we expect to have to look after them. We don’t always expect that they might have to look after us too!