Equity Route

[Connemmara]

Hi All - with reference to earlier postings I was about to buy my own house this month (August) - however, things have moved on as in - the endowments never covered the house (I knew that) - so why should I borrow more money either in a repayment, keep on paying interest only, or the best thing to go down the equity route and not have to pay anything until I croak it.

As the guy is coming out to see me next Wednesday to talk about everything and I am more or less thinking what do i care about "owning" my house - I am on my own - neither chick nor child - - so know from Equity Route I won't be paying a thing until I die then the Bank/BS/Home takes what they are owed etc - you know as long as I have capital under my mattress why should I care about nieces and nephews (whom I love (when I see them) I feel the money should be mine to do whatever I like. Am I selfish.??? Is there anything I should be aware off. Thanks in advance.

[boxtops]

well conne - cancel the appointment, say something like you're not well, or you realise that you need more time to consider before seeing any company reps. These guys can be very pushy and if you already feel uncomfortable about this person, it's not going to help. Wait until you feel a bit better in yourself, and think long and hard before you make another appointment. You won't have lost anything by delaying for a while.

[Connemmara]

the thing is Boxy - my mortgage needs to be paid fully by 1 September

[boxtops]

I don't understand that, conne - you mean you have a balance outstanding which has to be paid in 3 weeks' time? So you need cash?

That's a different part of the story. So why release equity - how much are you short (just roughly, is it lots)?

[Connemmara]

Boxy at this time I can pay off the mortgage but with a shortfall of £10,000 which I can borrow as a loan but now friends are saying I am nuts for paying for a house which will go to my nieces and nephews when I could enjoy some of the capital NOW (ie through Equity Release scheme) - I hope that makes sense.

[anneasquith]

conn. contact age uk. or cab before you sign anything, they will give you advice.

[Connemmara]

thanks Anne - found ukage hopeless when I called into see them re my car insurance - so apathetic - not one bit interested. According to my mortgage lender I can still pay for another wee while to get things organised. I know I know - should have been further on this but had genuinely made up my mind re the buying off the house until doubts were planted in having money. Thanks for your interest. Conne

[Connemmara]

thanks Anne - found ukage hopeless when I called into see them re my car insurance - so apathetic - not one bit interested. According to my mortgage lender I can still pay for another wee while to get things organised. I know I know - should have been further on this but had genuinely made up my mind re the buying off the house until doubts were planted in having money. Thanks for your interest. Conne

[Connemmara]

thanks all - have talked to my friend who has reassured me as to what I would feel happier in doing and so I am going to do the thing that would me happier. Conne sorry for repeating myself

[boxtops]

Good conne - let us know what you decide in the end - you just need to be careful not to let yourself in for more debt, and see an end in sight for your mortgage.