News0 min ago
Charge on property
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My mother has a property which has quite a lot of equity but she is reluctant to remortgage because she is 60 and only has 5 years to go on her mortgage. She wants to release equity now, but without increasing her outgoings. Can she ask for a charge on her property? As she is working on the basis that her property is being left to her son and daughter, this amount can be deducated from the eventual sale and the difference split amongst them. Does the charge include accumualted interested and how long can a charge last?
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She could see about an equity release mortgage.. My mum has one on her home and they gave her �35K and she does not have to pay back a single penny until the house is sold so as she is getting on a bit, it just means that it will come out of the money that she is leaving to me and I would rather she enjoyed her life now than save up for my benefit.
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