Has anyone used Equity Release to buy their Motorhome?

Discussion in 'Motorhome Chat' started by Roryboys Dad, Sep 27, 2012.

  1. Roryboys Dad

    Roryboys Dad Read Only Funster

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    If you have used Equity Release was it a good idea or do you regret it?
     
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  2. Welsh girl

    Welsh girl Funster Life Member

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    No, we used the whole of the equity, sold the house and got a MH.
    Now our house IS on wheels.
    Take it anywhere, no worry of house being burgled or frozen up when away plus other benefits:BigGrin:
     
  3. tofo

    tofo Funster

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    equity release in my opinion is up there

    with wonga. com and the other instant cash high interest

    type firms

    anyo ne that does will regret it

    did i say iam not a fan of equity release

    well im not:Angry:
     
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  4. Pikey Pete

    Pikey Pete Read Only Funster

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    Equity release is for the benefit of the company not the customer and that's true of all financial schemes, from Bank Accounts to Hedge Funds and everything in between.

    If Financial Institutions can shaft you, they will and they are always looking for new and more complicated ways to do it.

    Before anyone says I don't know what I'm talking about, I spent a number of years working for Banks, Building Societies and Insurance Companies.

    You're not paranoid, these people really are out to get you.

    I only keep money in the Bank because it's marginally safer than keeping it under the bed.

    Pete:Cool:

    PS The Occupational Pension Schemes I've got from them have been pretty good though:Blush:
     
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  5. Snowbird

    Snowbird Funster Life Member

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    Totally agree.....If you have any money in the bank whatsoever...Spend it on something. It doesn't matter if its a bag of sugar or a motorhome as it will have gone up in price by next week more than the bank will give you interest on it.
     
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  6. Chris

    Chris Funster Life Member

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    The only time I think it can work out is if you are likely to need residential care in the not too distant future. After all the Government will charge £600-£700 per week and expect your sale proceeds to cover it. So cashing in on your property, blowing the money and then staying in your own home for as long as you can might be a decent option. At least you and your family wouldnt then get mugged by the Government.

    Apart from that I wouldnt go near it.
     
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  7. Roryboys Dad

    Roryboys Dad Read Only Funster

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    Has anyone used Equity Release to buy their Motorhome?

    I tried to make the question specific - If you have used Equity Release was it a good idea or do you regret it?

    I'm not asking for personal opinions about Equity Release but merely if anyone had actually used that method of buying their MH.

    If you want to debate the pros and cons of ER then please start another thread.
     
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  8. eddievanbitz

    eddievanbitz Trader - Funster

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    There is a firm called 4most http://www.4mostltd.com/index.htm

    They have started going to shows to discuss this with people

    The Senior partner is one of the highest qualified IFA's in the Country and has had a motorhome for about thirty years. I do know him and a more genuine man you couldn't wish to meet.

    Like all kinds of financing some have good experience some bad.

    Eddie
     
  9. Geo

    Geo Trader - Funster

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    The question in its specific form is too personal in my opinion to get a full and honest answer,
    How someone pays for their motorhome is no ones business but theirs is it really, and if he/she released equity and now regrets it will have no bearing on how anyone else would feel financing the same way.
    The question as it was being answered is more likely to lead you, making an informed decision, or re phrase the question and ask opinions on how best to finance a Motorhome ie Bank. Finance Company, HP, or Equity Release,etc make a poll of it and see
    Geo
    PS in the real world its all about maths, either the total cost will make the choice or the easier re payments, it has to be one or the other, very rarely Both
     
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  10. keith

    keith Funster

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    Yes I did, twice, but it has to be YOUR choice and you MUST take advice. It also may not be the cheapest option if you want to move house later.

    I was a fully qualified IFA for years before I retired so my knowledge is based on training not hearsay or scaremongering.

    Historically Equity Release has had bad press (previously it was called a Home Income Plan) but the FSA no longer allows them to be marketed with out certain guarantees built into the plan. I suppose the past headlines are what most people remember, not how many people have successfully released the capital locked into their homes.

    Some large companies (Scottish Widows is one) provide these guarantees under the SHIP (Safe Home Income Plans) scheme and there are others in the market.

    So take advice if you go down this route and read all the small print.

    To answer your question, I certainly don't regret doing it, it worked for meeeeee.
     
    Last edited: Sep 27, 2012
  11. TheDogMan

    TheDogMan Funster

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    First question to ask is do you have family you want to leave any capital / property to ? if not the fact is if you don't spend your assets the goverment will take it later in care home fees :swear:
     
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  12. Kay

    Kay Read Only Funster

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    I'd say there were good and bad companies, either way it won't be a cheap way of raising money but then do you care when you are dead? Some will as wish for family to benefit.

    It's a really subjective matter, live for today is good, but none (well most) of us do not know when our time is up and it is all a fine balance so you don't hit old age when you may no longer be fit to M/H with nowt left to pay for the basic comforts.

    I'm not one for burning bridges so personally if I needed to raise money on the house to M/H I'd probably sell up and buy something cheaper, an ex council flat for example, very cheap ground rent, little or no garden to worry about but always a crash pad or rental income if required if you decide to full time for a while. Depreciation on a M/H is such I couldn't lose a fixed bolt hole just in case!

    To answer your original question with precision, no I haven't!:BigGrin:
     
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  13. buttons

    buttons Funster

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    You put a very logical argument. I agree totally. Burning your bridges at any age is a very risky business. Tunnel vision can be a problem to some.:thumb:
     
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