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-   -   advise re: equity please? (http://forums.sv650.org/showthread.php?t=137575)

dawn07 14-08-09 02:12 PM
advise re: equity please?
 
Hello my wee pets.
Got an, em private, operation planned costing around £7,000. Don't have any savings, and not keen to use the credit card.
Have a smallish mortgage on the house and believe it's worth around three times more than the purchase price ten years ago.
So was wondering if anyone knows anything about releasing equity on your house? Is it advisable?
Thanking you in advance
Dx:p

pookie 14-08-09 02:21 PM
Re: advise re: equity please?
 
best go to your mortgage provider first...if you have been over paying you may be able to get some of it out. Rates on a mortgage are miles better than credit card and any other loans. I would be weary on getting an additional loan secured against your property as then your house will be at risk. Have a look at http://forums.moneysavingexpert.com/index.html and maybe post there as they can be very helpful.. Sorry these are my own ramblings hopefully someone will come along with more advice.

Luckypants 14-08-09 02:24 PM
Re: advise re: equity please?
 
Well depends, if the op is elective and perhaps cosmetic, that is not totally necessary then I would not be borrowing money to fund it.

However, if the op is necessary then borrowing against your house will be cheapest in terms of interest rates but you will be paying it a lot longer since your mortgage may have many years to run. Equity release in houses is a slippery slope that has put many people in a very poor position financially due to the house price falls of past couple of years.

My advice would be to save up for the operation.

the_lone_wolf 14-08-09 02:47 PM
Re: advise re: equity please?
 
Bear in mind that once you're a bloke your insurance will probably go up too...

:smt023

SoulKiss 14-08-09 02:50 PM
Re: advise re: equity please?
 
Quote:
Originally Posted by the_lone_wolf (Post 2004360)
Bear in mind that once you're a bloke your insurance will probably go up too...

:smt023
No more Shiela's Wheels, eh?

dawn07 14-08-09 02:53 PM
Re: advise re: equity please?
 
Cheeky boys!:smt043

the_lone_wolf 14-08-09 02:55 PM
Re: advise re: equity please?
 
Quote:
Originally Posted by dawn07 (Post 2004367)
Cheeky boys!:smt043
:smt047

dawn07 14-08-09 02:56 PM
Re: advise re: equity please?
 
If you must know, it's an operation to make me more 'womanly'! Haha!:rolleyes:

SoulKiss 14-08-09 02:56 PM
Re: advise re: equity please?
 
Quote:
Originally Posted by Luckypants (Post 2004335)
Well depends, if the op is elective and perhaps cosmetic, that is not totally necessary then I would not be borrowing money to fund it.

However, if the op is necessary then borrowing against your house will be cheapest in terms of interest rates but you will be paying it a lot longer since your mortgage may have many years to run. Equity release in houses is a slippery slope that has put many people in a very poor position financially due to the house price falls of past couple of years.

My advice would be to save up for the operation.

Have to +1 this I am afraid

the white rabbit 14-08-09 02:58 PM
Re: advise re: equity please?
 
Quote:
Originally Posted by SoulKiss (Post 2004375)
Have to +1 this I am afraid
I'm in for a fiver. First dibs :lol:


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