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16th May 2017 17:41:02
Thanks for voting!
Jessica, we looked at this three or four years ago, at a time of massive financial crisis for my step daughter. We did the sums, and concluded we might as well bequeath the house to the ER company and be done with it.

Then in my early sixties, we calculated the capital released and very high interest would wipe out the value of our home on fifteen years. And that's on a house valued at a quarter of a million.

I wouldn't wish to tell you what to do, but we won't ever look at this possibility again.
Response from Jessica10 made on 23rd May 2017 14:59:24
And thank you Lionel. It looks like a minefield when you go into it.
Response from Lionel made on 23rd May 2017 15:48:15
Jessica, yes it is. The entire ER thing is a licence to rob us blind. There's enough sharks and scammers out there but this lot are, seemingly, legal.
22nd May 2017 19:39:45
Thanks for voting!
Jessica, my parents went ahead with ER some 15 years ago as it was the hot topic at the time. I can't remember the exact sums however after the death of my mother 2 years ago I looked at the repayments - it was something in the region of having to pay £700 per month in interest, it had spiralled completely out of control and all due to poor advice from an individual they thought they could trust. My father has since sold the house and had to pay a huge sum to the ER company and is now left renting a property with relatively little finance to fall back on. He bitterly regrets ever having taken out ER. My personal view is that ER will soon become the new mis-selling scandal to take over from PPI. Think very carefully before going ahead.
Response from Jessica10 made on 23rd May 2017 14:57:55
Thank you too Whittler
21st May 2017 12:57:01
Thanks for voting!
This recent article is worth a read (it was written regarding the Tory Manifesto but might be relevant to the discussion)
Response from Jessica10 made on 23rd May 2017 14:55:34
Thank you Primate, I'll have a look at it.

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