I would like to raise £50,000 to be repaid on my death, but dont want to sell my home to a companyQ I have turned 60 and own a property outright, which is worth approximately £350,000. I am self-employed but only earn about £10,000 a year. I have few savings but no debts.I would like to raise about £50,000 of capital, possibly by remortgaging, to be repaid on my death. I do not want to sell the property to a company which then provides a fixed amount and owns the house on my demise. I have no close family, but I would like to leave some money to friends, relatives and charity. Could you advise me on the options? MWA The cheapest way to raise £50,000 from your home would be to sell it and move somewhere costing £50,000 less than the price you receive for it. However, if you dont want to move, taking out a £50,000 mortgage on your current home could be an option as, according to Moneyfacts, there are a (limited) number of lenders which offer mortgages on an interest-only basis
Posted on: Wed, 22 Jan 2014 07:34:11 +0000
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