.png "Interview With Expat Saanika Gandhi, Author of Children's Book 'The Yellow Kite'")
Equity release, good idea?
We are in the lucky position here of owning a property which is worth a lot more than the outstanding mortgage on it. The bank has offered a lower interest rate, but only if we 'top up' and borrow more. I am tempted to do this for a number of reasons, 1, I could really do with some extra cash at this time of my life with kids, school fees etc, 2, I will lower the interest rate. I am also planning to invest the lump sum in a high interest capital guaranteed fund. 3. The extra amount isn't a lot and we will still be in major positive equity.
It all sounds positive and a sensible thing to do, why have so much value tied up in bricks and mortar when I could do with liquidity, but am I missing something? What is the down side? Any thoughts from you financial wizz kids out there?
Thanks.
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