29
Jan
2016
A question about : Raising Money on a Propertyy I own Outright
How might one go about doing this?
I'm in full employment, but have a cash flow problem that won't be solved until I take my pension, along with a substantial lump sum.
I'm considering raising money against the propert I live in as an option. Is this sane?
I'm 57 years old.
I'd be grateful for some views.
Calchas
Best answers:
- The obvious danger is if you fail to keep up payments on a loan secured on your property you can lose the house.
- Thanks for that Owain, although I am aware.
Calchas - There should be no problems with this, subject to the usual requirements for affordability, income multiples, loan-to-value, etc.
If you are just taking a small bite out of the equity, bear in mind that many lenders have a minimum loan of Ј30,000. If you're forced to borrow more than you need, it might be more cost effective to borrow elsewhere.
How much is the amount you're looking for, out of how much equity, and how long do you expect to need it before you'll be able to pay it back?
A 0% on purchases credit card could possibly just take the edge of your household budget for 18-24 months, and it will cost you nothing if you pay it back on time.
Category:
- 406 reads
Popular
- Getting post for someone never lived at address Views: 78,878
- Letter from po box 8743 bellshill Views: 50,433
- Transaction on my current account from "who internet internet" Who are they??? Views: 40,129
- What is EESA? Views: 37,304
- Lloyds TSB Trustcard loyalty points Views: 26,106