Advice on financing renovation re equity release

K

kyrstall

Guest
Hello All
Briefly my situation is this , Family home is in need of major renovation I and my sibling's are not in a position to fund this.
My Father live's in the house with one sibling who is not working and father is retired.
My search for a solution has brought up the possibility of equity release and though I realise the pitfall's it seem's to be the only real option we have.
I have no idea how to go about dealing with this and im hoping one of you financial whizz kid's can help me out.
Do we approach lender's first? or a soliciter? also will the fact that the house is currently not insured cause additional problems?
Any advice would be gratefully recieved.
Kyrstall
 
Ring the Irish Financial Regulatory Authority or visit [broken link removed] - they have just released a detailed brochure on Equity release and the pros and cons. personally would avoid it at all costs.
 
Oh God why ?? TBH im at my wit's end over this and if it's not tackled soon I fear the bloody thing will fall down around his ears .
Thanks for the link .
 
There was a discussion on Marian Finucane on Sat morning going through the pros and cons of Equity release
I dont think the episode is up yet for download.
http://www.rte.ie/radio1/podcast/podcast_marianfinucane.xml

There was varying views -the advise was just know the pitfalls before
eg can only borrow about 20% of the house value
The loan fixed at about 7% would double every 10 years etc
Some people were ringing in to say it was the best thing they ever did .
 
Thank's for replies :D
Hi Clubman first of all he see's that as begging:rolleyes: and second what they offer is too little for the extent of work that need's to be done which is in the region of about 100,000 , that's a guess it could work out at more.

Hi Bleary I will let him listen to that as soon as I can download. Ta.
 
Hi did anyone manage to listen to the feed? I cant seem to get it if you did could you post the link.
Thanks.
 
Did you try the link that I posted above? It's the 10th February show. Don't mind the caption.
 
I did Clubman it seem's to be only the Catherine Dunne conversation available.
 
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