Attempting to Get Equity Release but a problem.

[Philx]

Try and keep this short.

I had a bad stroke couple of years ago. When discharged was told I would never walk again. Prior to stroke I was financially very sound . Paid off mortgage house only in my name.

Had two choices be in a wheelchair have the house revamped

or  a second option.

Lot of my family are in military who put me in contact with a genius of a Nuero physio. He had initially worked for NATO. Massive reputation. Had an assessment in which he told me he could get me back to not far of normal.  it would take a lot of work off from me and would take a couple of years By then he had gone private he was very expensive but worth every penny the therapy worked . He was the real deal.  slowly though my financial assets were used up . He’s still seeing me on a massive reduced rate. 

as I mentioned own the house with a large amount of equity. I had tough couple of years but will soon be in a position to be able to get out and about.

currently my income is state pension and PIP not bad but I want to get back the missing years, be able to afford taxis, football season ticket nothing flash. 
couple of times I have applied for Equity Release and easily passed all the financial criteria only to hit a block. The final bit is Surveyors come round and check suitability of the house. All good.

Then they checked how the house was built.

I live on a decent ex council estate but it turns out when estate was originally built they were built by Reema , they main part of the house is made out of large concrete blocks then the house is built round it.

Turns out there is a rare chance that the blocks which are reinforced by large iron bars would in many decades time delay I’ve been declined for equity release.

Has anyone encountered this and even better know of any ER companies the would take my house on ? 

I have no plans to be frivolous just want to regain the last couple of years.

No World Cruises or any of that just have some wiggle room with my finances.

Thanks

 

[theberengersniper]

From what I understand, you will find it next to impossible to secure what you're looking for unless your home has been subject to inspection, repair and issued with a PRC certificate that guarantees that your home has been surveyed, repaired and declared structurally sound by a qualified structural engineer. Unfortunately, the process of getting to that point is very expensive, and extremely disruptive as I'm sure you're aware.

I think my suggestion to you would be to approach some specialist mortgage/ER brokers, rather than going via mainstream lenders if that's what you have been doing.

[Philx]

Thanks I suspected as much. Frustrating I have a lot of equity tied up in the house and that would help towards my stroke recovery. My credit rating is down the pan as well. Appreciate your reply.

[dx100uk]

well paying off debts wont improve your score. so dont use that as an extra excuse to strip your self of your valuable assets going forward.

[Philx]

Thanks it is just frustrating I have got the assets but am unable to use a portion of them which will enable me to continue my stroke recovery.

[honeybee13]

I agree with Berenger, it sounds as if you need a broker in this instance. You need someone with an understanding of the market and what different companies will accept. Give it a try without parting with any money and let us know how you get on please.

HB