Releasing Equity in your home

[HRH]

does anybody remember the old days, parent's and grandparent's generations when the idea was to pay off the mortgage

funny old world

we're heading into a potential slump and people want to increase their credit liabilities

what do I knows eh

Milan.

Its actually to invest in something which I hope will allow me to pay off my mortgage sooner. But heh your Grandparents know best!

[milanbenes]

ahh trying to get rich quick eh


and they all fall down, like toy soldiers


interesting thing is, life has taught me that many of the things the older generations preach are indeed correct


funny old world

good luck,

Milan.

[PAH]

Its actually to invest in something which I hope will allow me to pay off my mortgage sooner. But heh your Grandparents know best!

I got thoroughly bored of a then friend who everytime we went out boozing he'd bang on about how even the rich have mortgages and invest the cash in other schemes that pay more interest than they're charged for the mortgage.

Maybe I should dig out his number to see if he was right, or if his wife got as bored of his schemes as I did.

[tim123]

Its actually to invest in something which I hope will allow me to pay off my mortgage sooner. But heh your Grandparents know best!

The problem is that you will have to pay for a new valuation before the lender will give you any more dosh.

TBH, I can't see that effort being worthwhile for 5K.

tim

[tim123]

You're quite right there, Milan... they'd seen some really interesting times... times that such as we have managed to avoid.

Though it does come as a shock to realise that they needed a mortgage to buy a new house for £600...

When I was 18 my dad had just paid off the mortgage on our house. This was for 2K (taken out circa 1951). By 1976 this sum represented less than once his annual salary, but he still struggled (financially) to get there.

tim

[milanbenes]

tim you plonker,

it's for bizniz innit

this time next year

he who dares tim he who dares

you see tim, that's why you isn't a millyonair, cos you haven't released and _invested_ enough of the equity in your house

Milan in 'some people' mode.

[sasguru]

Hi all I have between 15-25k in my home, how do I go about releasing 5k from this? Is it a long drawn out process? does the money HAVE to be used for home improvements? Do they check?

Thanks

[tim123]

tim you plonker,

it's for bizniz innit

this time next year

he who dares tim he who dares

you see tim, that's why you isn't a millyonair, cos you haven't released and _invested_ enough of the equity in your house

Milan in 'some people' mode.

Sorry milan I fink it is you that doesn't understand.

What is the point of shelling out an up front fee of, what 400 quid, to borrow 5K at an interest rate which is only a few percentage points lower than you could get with a straight bank loan.

I'm not saying that he shouldn't borrow the money, only that the total cost of doing so by increasing his mortgage is likely to be more than the alternative route.

tim

[milanbenes]

tim,

my apologies,

I was joking :-)

HUMOUR !

:-)

Milan.

[HRH]

Jesus wept, all Im doing is adding a very small extension to my kitchen and fitting a new kitchen (my family are in the building game before you bang on about costs) in the intention of adding some value to my home and making my life more comfortable. Im 25 and do not have 5k at my disposal unfortunately so I asked a simple question. Instead I get the following.

Doom merchants

An old man banging on about the good old days and 'get rich quick schemes' FFS.

Smarmy middle managers giving it large/