Equity Release

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Rung a broker.
Interest rate on £30,000 2.36% £950 fees need your own solicitor but £600 towards it. No valuation charge or provider fees.
Checked going direct via legal and general £600 fees. Deal is through Scottish Widows.
If you pay all of it back early 10% charge 1st year, 9% second year etc. No charge 11 year.
Options pay interest, pay 10% off a year (including interest) no charge.
There are clearly some benefits to these low interest rates?
In the process of going through with it.
Note they insist on you telling them what you are going spend it on?
Extension okay
A car okay
Giving to family members okay
Holidays okay
Investing to increase your income not okay.
Had to go to another broker and say Giving it away.
Pathetic
 
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