Alternative Equity Release?

[patindublin]

Hi,

I am currently looking for a property in Dublin but I can't seem to find what I want, where I want and in my price range (400K) unless it's a one bed which is not an option as I would need to rent a room to afford the 400K. It would seem that I need closer to 550-600K.

I have another property outside of Dublin which is valued at 750K with a 170K mortgage on it, therfore giving me a fair bit of equity but I can't sell this house because my parents live there free of charge.

The 750K house is a great investment but it's a bit of a ball and chain at the moment, stopping me from living where I want to now.

Can anyone see any glaring equity release/other possibilities for me here without selling my soul to the Devil/Banks?

Regards.

 

[Brendan Burgess]

Reading between the lines, you bought your family home from your parents as an investment probably at a discount price? That seems like a good idea, but the problem with these arrangements is that they use up your borrowing capacity thus preventing you from buying a home elsewhere.

You might be able to get a loan from Seniors Money where they roll up the interest for say ten years. I suggest Seniors Money because they are small and might be flexible enough to consider such a deal.

Brendan

 

[Stifster]

Hi,

I am currently looking for a property in Dublin but I can't seem to find what I want, where I want and in my price range (400K) unless it's a one bed which is not an option as I would need to rent a room to afford the 400K. It would seem that I need closer to 550-600K.

I have another property outside of Dublin which is valued at 750K with a 170K mortgage on it, therfore giving me a fair bit of equity but I can't sell this house because my parents live there free of charge.

The 750K house is a great investment but it's a bit of a ball and chain at the moment, stopping me from living where I want to now.

Can anyone see any glaring equity release/other possibilities for me here without selling my soul to the Devil/Banks?

Regards.

Simple answer is no, and don't even think of going to Seniors Money. You'll have nothing left after the ten years!