Jump to content

 

BankFodder BankFodder


martburg

equity release - lifetime mortgage

Recommended Posts

Hi

Does anyone have experience to share of taking out a lifetime mortgage to buy a house?

 

We have sold our house and are taking out an equity release lifetime mortgage to help buy our next home.

 

Our concerns are how much we will be restricted in what we can do with the house ( subject to planning permission) .

 

We understand that with a mortgage there are restrictions such as applying for permission from the lender to alter the property

– but there is no advice I can find as to whether these equity release lenders are inclined to agree to alterations or not.

And will they be inspecting the property on a regular basis?

 

In short, how hands-on are the lenders when it comes to altering/maintaining the property?


We would like to:  

convert the garage into a living room

Add folding doors from the back room into the garden

Add a conservatory onto the back of the house

Create another room in the attic

 

Thanks

Share this post


Link to post
Share on other sites

You normally need to seek permission from your lender for any work which will impact on the value of its security.

Though should be a mere formality.

 

they wont really give a monkeys' nor care nor for them too 'inspect' anything..

as long as you get planning and have the relevant inspections done etc etc

it will benefit their investment

 

but also don't forget to inform your insurers they can be the bigger pain:lol:


..

Share this post


Link to post
Share on other sites

how old are you and why are you going after an equity release mortgage as a first resort, are you retired?

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

  • Recently Browsing   0 Caggers

    No registered users viewing this page.


  • Have we helped you ...?


×
×
  • Create New...