Posted on 21 September 2011 by
My mum has a first floor freehold flat in a block of 12 freehold flats. Is it possible to get an equity release mortgage on a freehold flat? The flat is worth about £250k and she would want to borrow £50k. She is 77 years old.
Whilst your Mother would normally be able to release £50,000 on a property worth £250,000 the problem would be the freehold flat. Unless the property is in Scotland equity release providers do not like freehold flats and I can not guarantee any application would be successful.
I would like you to call one of our independent mortgage brokers on 0344 346 3672 with the address and whether your mother owns the buildings freehold or just has a single freehold flat, within a block of freehold flats? On receipt of this information we can e mail the providers to get their views.
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