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Hi everyone, I was hoping someone could give me some pointers in regard to equity release. I don't have a deposit to get started on my quest for financial independence through property. My mum owns her home with no mortgage and is considering either transferring it to my brother and I as we will inherit it in the future anyway and this  means i could mortgage against it for a deposit; or would it be better for her to get a mortgage herself and loan me the money ( I pay the mortgage back for her). I know there will be Stamp Duty implications with option one but option 2 relies on my mum who is 68, being able to get a mortgage. Anyone got any advice or experience in this area please? 

 

 

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Hi Ali

 

I don't know the direct answer to your question about equity release.  However a few things spring to mind:

You want to get on the property ladder ASAP in some shape or form, before prices rise further.

Your mum is willing and able to move forward with a solution.

And before her home may possibly be considered to cover care home costs (if it comes to that).

If I were you, I would have an informal chat with your local building society and ask about your options.

 

Opportunities often have an expiry date.  Get on with it !

 

good luck, adrian

 

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