Equity Release to buy a boat

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Bit of a curved ball here: But as we do not have kids (bit late in the marriage stakes) It does not matter who we leave our plot in France to, the state will grab 60 odd %. So, equity release does have some benefits ? There are regulated ways of doing it. Not sure if better than the dubious lot mentioned above? But I know that it is quite normal in Germany. A bloke I knew in Bremen, had the job of sorting out the problems between shippers and the port. He bought a three story property in the town off an elderly lady. Price was worked out on her life expectancy. He paid her a sum each year, which gave her her a nice income over her state pension. If she lived longer than expected, she won. If not, he did. She had one story, he had the other two. One as an an office and the other as a flat. On passing, they shared jokes about bannana skins etc.
 
DownWest said:
Bit of a curved ball here: But as we do not have kids (bit late in the marriage stakes) It does not matter who we leave our plot in France to, the state will grab 60 odd %. So, equity release does have some benefits ? There are regulated ways of doing it. Not sure if better than the dubious lot mentioned above? But I know that it is quite normal in Germany. A bloke I knew in Bremen, had the job of sorting out the problems between shippers and the port. He bought a three story property in the town off an elderly lady. Price was worked out on her life expectancy. He paid her a sum each year, which gave her her a nice income over her state pension. If she lived longer than expected, she won. If not, he did. She had one story, he had the other two. One as an an office and the other as a flat. On passing, they shared jokes about bannana skins etc.
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Also common in France, but not in an organised way through a bank, but individual arrangements. The advantage for the householder is that they get capital to live on and the investor gets title to the property on death. The small number of examples I have come across have been women, either single or widowed who had nobody close to leave the property to and limited ongoing income. Risks for both sides relate to how long the householder lives.
 
alant said:
Really? :rolleyes:
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Yes, absolutely. it is always your choice - even if the choice is influenced by others.

There is no compulsion to buy any of the products that are the subject of this thread, nor to buy a boat. They are individual decisions and an intelligent person considers all options open to determine the best that meets the chosen objectives.

Sounds like this process is alien to you.
 
Tranona said:
Yes, absolutely. it is always your choice - even if the choice is influenced by others.

There is no compulsion to buy any of the products that are the subject of this thread, nor to buy a boat. They are individual decisions and an intelligent person considers all options open to determine the best that meets the chosen objectives.

Sounds like this process is alien to you.
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If "the choice is influenced by others", how is it your choice?
What, has "intelligence" got to do with it, other than to confirm your supercilious attitude?
 
Robert Wilson said:
Absolutely!
When I bought Khamsin my son was horrified. He almost screamed "Can you afford it?"
I replied that I'd cashed in some life insurances, explaining that he was now old enough to not need "Daddy's financial help when Daddy's dead".

To which he responded, "I meant the maintenance costs, not the purchase."

I wish I'd listened to him............................

So Equity Release may well fund the boat, but you'll need a fair income to maintain it (or a tidy lump sum not needed for anything else)

I hope I'm not preaching to the converted?
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I had some money left to me about 10 years ago and I couldnt resist the boat of my dreams.
Great until all my daughters starting having children all over the world plus the little part time seasonal business has become very busy.
Result my boat has now spent two seasons ashore and is up for sale.
Not forgetting the loss in value from just over £26,000 down to at best £20,000- and probably a lot less.
Then there has been the work maintaining a 34 foot ketch-not just anti foul but dealing with wear and tear including at the moment diesel bug.
If I am being honest I got more fun out of the small boats,dinghy's and windsurfers I have had in my 65 years!
 
alant said:
If "the choice is influenced by others", how is it your choice?
What, has "intelligence" got to do with it, other than to confirm your supercilious attitude?
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Because you can ignore the influence and make a different choice. There is no compulsion. Of course you listen to others, including advertising. They are both sources of information that assist you in making your choices.

Not sure why you seem to have so much difficulty understanding basic human behaviour.
 
Tranona said:
Because you can ignore the influence and make a different choice. There is no compulsion. Of course you listen to others, including advertising. They are both sources of information that assist you in making your choices.

Not sure why you seem to have so much difficulty understanding basic human behaviour.
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While you seem to ignore it.
 
alant said:
While you seem to ignore it.
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In what way am I ignoring it?

You seem to be denying that individuals have the ability to make choices and only do what they are told to do by others.

Does not sound like the rational human behaviour we observe all around us every day.

How do you make decisions - or do you not bother and just do as you are told?

Your understanding of human behaviour seems at about the same level as your understanding of how markets work. Not surprising as the two are inextricably linked.
 
Tranona said:
In what way am I ignoring it?

You seem to be denying that individuals have the ability to make choices and only do what they are told to do by others.

Does not sound like the rational human behaviour we observe all around us every day.

How do you make decisions - or do you not bother and just do as you are told?

Your understanding of human behaviour seems at about the same level as your understanding of how markets work. Not surprising as the two are inextricably linked.
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I said "influenced", which is not the same thing as "only do what they are told to do by others".
You are obviously ignorant about subliminal marketing.
 
It's very brave of anyone to say they understood "basic human behaviour", even if they could comprehend what it was.
As for free will, I am pleased Tranona has cracked it, it will be a great relief to Philosophy.

As often happens the OP seems to have disappeared, of his own free will? I know not.
 
doug748 said:
It's very brave of anyone to say they understood "basic human behaviour", even if they could comprehend what it was.
As for free will, I am pleased Tranona has cracked it, it will be a great relief to Philosophy.

As often happens the OP seems to have disappeared, of his own free will? I know not.
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As far as markets are concerned there is an understanding that consumers seek to maximise their utility from a purchase. This seems to hold up pretty well, although utility varies from person to person, so different people make different choices.

BTW don't think I ever mentioned "free will" so not sure why you have made that observation. It is not the same thing as making choices which we all do all the time. Choices are not totally free but constrained by what is available, and with the choice of doing nothing.
 
>That's your choice, but many people see equity release as a way of releasing funds from their home whilst continuing to be able to live in it. There are lots of people who haven't saved enough for their retirement.

Jane's mother agreed an equity release to improve her property the interest rate increased by 10% every 10 years. I cant see why anybody would do an equity release it would be cheaper to borrow from a bank.
 
KellysEye said:
>That's your choice, but many people see equity release as a way of releasing funds from their home whilst continuing to be able to live in it. There are lots of people who haven't saved enough for their retirement.

Jane's mother agreed an equity release to improve her property the interest rate increased by 10% every 10 years. I cant see why anybody would do an equity release it would be cheaper to borrow from a bank.
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You are totally out of touch with the equity release schemes now available. Of course it may be cheaper to borrow on secured terms from a bank, but you have to repay loans in a fixed time frame. The latest lifetime mortgages offer much greater flexibility and lower interest than the reversion schemes of the past.

As ever with financial products you need to consider your own individual circumstances and what might be best for one person may not be suitable for another.
 
If the previous 98 posts havent said that its a bluddy daft idea to sell part of your house equity and buy a toy with it, then I will.
 
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