Our house is worth around £440k. We have seen one we would like to buy at £310k which we would eventually move into. We would need to borrow around £250k to buy it. We would need to stay where we are until my elderly Mum has left (either popped her clogs or into a home) and then sell up. It has been suggested we take out short-term equity release on our existing home to release funds to buy the other property (we'd obviously pay it off from the sale of our existing place once sold). Then to rent out the other property until such time as we are in a position to move into it. It was suggested that the second property would, by then, possibly have increased in value. The reason for this thinking is that the cheaper property is in exactly the place we want to live and houses there don't come up very often. Is anyone clued up on this type of thing? I've heard that equity-release can be dodgy.
To think that London, or anywhere else for that matter, does not belong to any one demographic