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Financial help for DD

(5 Posts)
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Nannyto3 Sun 22-Apr-18 09:19:06

DD is currently going through a stressful divorce after SIL’s departure to pastures new with a girl half his age. Solicitor has advised her that if she can raise £30k to buy him out she could stay in the house (taking out a new mortgage) and be rid of him.
We’d like to help. What’s the best way for us, in our late 60s to raise £30k. We own our house and have reasonable pensions, but not enough in savings to cover the full amount.

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spyder08 Sun 22-Apr-18 09:36:47

Good morning Nanny. The obvious way to raise that amount of cash would be equity release on your property. Is your daughter an only child? If so she would simply be getting the benefit from your house earlier than anticipated since presumably it would pass to her eventually?
Other GNers will come along with other suggestions I am sure.
Good luck hope you find a solution flowers

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annsixty Sun 22-Apr-18 10:13:55

When we wanted to do this for a S we took out a mortgage on our house which we paid back in a short time, not equity release, a normal mortgage.

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M0nica Sun 22-Apr-18 10:58:14

If you can afford the interest, an equity release interest only mortgage but pay the interest rather than let it accumulate. Then at a later date, when your DD is more settled and can afford it, she can get a mortgage herself for the £30,000 and repay you.

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annsixty Sun 22-Apr-18 12:38:15

I should have said we bought them a house for cash ,so the only mortgage payment was the one on our home .

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