Is equity release still offered in the market ?

[Marine1]

Without going into the details I may need to put my hands on 100-150k to assist a parent some time over the next 24 months.

We have a 290k remaining mortgage on a house worth 1.5m and all of my spare cash in the last few years has gone into pension and paying this down so I’m not particularly liquid for a large lump sum like that.

Mortgage is with PTSB fixed at 2.2 percent for another 3 years if that’s useful info.

 

[Brendan Burgess]

I don't think you will get equity release.

If it's any use to you, ptsb treats all overpayments as credits. You can't have them back. But they will allow you to take a payment break until you use up the credits.

So check with ptsb that this applies to you and, if it does, stop our repayments.

You and your parents should open accounts with different credit unions and you may be able to borrow the balance you need from them.

Brendan

 

[LDFerguson]

If your parents own their own home, could they do an equity release themselves? See https://www.spryfinance.ie/ Without knowing details, I've no idea if this would be an advisable course for them; just throwing it in as an option.

 

[Brendan Burgess]

Good one Liam.

I had thought of that but forgot to mention it.

Spry is very expensive, so you should try to borrow as little as possible from them by stopping paying your ptsb mortgage.

Brendan

 

[Marine1]

I don't think you will get equity release.

If it's any use to you, ptsb treats all overpayments as credits. You can't have them back. But they will allow you to take a payment break until you use up the credits.

So check with ptsb that this applies to you and, if it does, stop our repayments.

You and your parents should open accounts with different credit unions and you may be able to borrow the balance you need from them.

Brendan

Thanks unfortunately most of the large overpayments were made while it was an Ulster bank mortgage that was then transferred to PTSB.