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Remortgage Equity Release

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  • Remortgage Equity Release

    Good evening.
    My query is if anyone knows off hand about remortgaging an existing equity release which provided an initial lump sum then a monthly payment. The sticking point is that it appears that the monthly payment cannot be stopped unless the whole existing amount is redeemed. The wish is to stop the current monthly payment, whilst keeping the total amount to date on charge as it is with as low as possible interest.
    I will investigate, but I was just wondering if its a common and easy thing to do. and whether there are any potential issues to look out for before making enquiries.

  • #2
    Re: Remortgage Equity Release

    no idea sorry, but I have been thinking of equity release, i am undecided though as I am only 60 and intend to live till 101 so may owe more than I released??
    I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

    If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

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    • #3
      Re: Remortgage Equity Release

      Originally posted by nightwatch View Post
      no idea sorry, but I have been thinking of equity release, i am undecided though as I am only 60 and intend to live till 101 so may owe more than I released??
      'Room 101'.
      It will build up quickly. The one taken was a relatively small initial lump sum amount, with a continued small monthly amount. With the compound interest it has grown quickly, and it looks like that the monthly can't be stopped without redeeming the whole lot. And, there may be a fee for doing so. They don't miss a trick.
      If someone owes more in the end, and there will be noone else liable, then why not risk the negative What does happen with a negative equity release in the end if there is no inheritance. I presume they just lose out on the difference?
      Last edited by alfie; 18th May 2017, 14:18.

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      • #4
        Re: Remortgage Equity Release

        be very wary of these equity releases, only one winner not you! research research cases! you never get something for nothing!
        I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

        If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

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        • #5
          Re: Remortgage Equity Release

          The person I am helping out has now realised its full implications. They now want to stop the monthly draw they are getting, but this would require full redemption of the mortgage it seems. Therefore the idea is to possibly remortgage, at a lower interest rate, the current equity release mortgage without a monthly draw. and without a monthly payment towards the new mortgage. Or maybe with a small monthly being paid towards it?
          It looks like that the best option will be for them to see a good mortgage broker/financial advisor, even if it incurs a fee.
          Last edited by alfie; 18th May 2017, 14:11.

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          • #6
            Re: Remortgage Equity Release

            Originally posted by alfie View Post
            It looks like that the best option will be for them to see a good mortgage broker/financial advisor, even if it incurs a fee.
            Before your friend pays for advice read the section on Equity Release and Home Reversion schemes on the Age UK website. Their advice is unbiased and there are some useful links on there too >
            http://www.ageuk.org.uk/money-matter...types-of-plan/

            They've also got a free helpline

            Di
            Legal Disclaimer

            I am a Litigation Executive at
            Joanna Connolly Solicitors a firm which specialises in consumer credit. If you need to contact me you can send a message by clicking on my username or by emailing me at di@joannaconnollysolicitors.co.uk or by telephoning 0330 053 9340. Our initial advice is always free.

            Any posts I make on the AAD Consumer Forum are for information and discussion purposes only and shouldn't be seen as legal advice. Any advice I provide on the forum is without liability. If you are unsure please seek formal legal guidance or contact your local citizens advice bureau at https://www.citizensadvice.org.uk

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            • #7
              I like to share my point of view about it here.

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              • #8
                Originally posted by saleemkhan9 View Post
                I like to share my point of view about it here.
                you may like to. but the aim of this site is to help people out of debt, not into it.
                I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

                If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

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