advise re: equity please? - SV650.org

14-08-09, 02:12 PM

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

pookie · 14-08-09, 02:21 PM

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

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

Bear in mind that once you're a bloke your insurance will probably go up too...

SoulKiss · 14-08-09, 02:50 PM

Quote:

Originally Posted by the_lone_wolf

Bear in mind that once you're a bloke your insurance will probably go up too...

No more Shiela's Wheels, eh?

14-08-09, 02:53 PM

Cheeky boys!

the_lone_wolf · 14-08-09, 02:55 PM

Quote:

Originally Posted by dawn07

Cheeky boys!

14-08-09, 02:56 PM

If you must know, it's an operation to make me more 'womanly'! Haha!

SoulKiss · 14-08-09, 02:56 PM

Quote:

Originally Posted by Luckypants

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

14-08-09, 02:58 PM

Quote:

Originally Posted by SoulKiss

Have to +1 this I am afraid

I'm in for a fiver. First dibs

14-08-09, 02:12 PM	#1
dawn07 Guest Posts: n/a	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

14-08-09, 02:21 PM	#2
pookie Member Join Date: Jul 2004 Location: Essex Posts: 938	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. __________________ "an unedifying exercise in postmodern, operatic grunge" Was - 2000 Candy blue sv650s -2003 Sonic silver sv1000s Gone - 2007 Wildfire Orange Ninja zx6r Now - 2010 Triton blue sv650s -Back to the future

14-08-09, 02:24 PM	#3
Luckypants Moderator Mega Poster Join Date: Jul 2003 Location: Nr Ruthin Posts: 7,079	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. __________________ "Your Viffer sounds like it is raising hell! Spot on." - Witchery 17/4/08 Snow Plough Appreciation Society - Member #3

14-08-09, 02:47 PM	#4
the_lone_wolf Captain Awesome Mega Poster Join Date: Jan 2007 Location: Hamble Posts: 4,266	Re: advise re: equity please? Bear in mind that once you're a bloke your insurance will probably go up too... __________________ Official "Dumbass of the Year" 2011 (•_•) ( •_•)>⌐■-■ (⌐■_■) Deal with it...

14-08-09, 02:53 PM	#6
dawn07 Guest Posts: n/a	Re: advise re: equity please? Cheeky boys!

14-08-09, 02:56 PM	#8
dawn07 Guest Posts: n/a	Re: advise re: equity please? If you must know, it's an operation to make me more 'womanly'! Haha!

Similar Threads
Thread	Thread Starter	Forum	Replies	Last Post
Equity Red Star - not interested in promoting rider safety	Kalessin	Idle Banter	19	07-04-09 03:04 PM
Equity Red Star insurance...anyone had problems?	LouLou	Idle Banter	10	19-09-07 09:03 AM
Avoid Equity Red Star like the plague.	DanAbnormal	Bikes - Talk & Issues	39	14-04-06 10:00 PM
Insurance - Equity Red Star scumbags	SVeeedy Gonzales	Bikes - Talk & Issues	26	20-07-05 09:50 PM