Equity Release to buy a boat

Snowgoose-1 said:
It was mentioned that perhaps expectant family members might be a but .miffed if you blow their inheritance on things like boats cars and holidays.
I recently gave my two children a copy of my will and mentioned the above.

They both said that they are more than pleased for me to do what I like . It's difficult to tell if they really mean it but they seemed sincere. They are both well established but I would like to help some of the grand children to get on the housing ladder and I am making provision for that.
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I always feel concern when I hear of elder generations thinking they mustn’t “blow” their children’s inheritance. To my mind, first and foremost, the elder generation should use their wealth as they wish. If there’s some wealth remaining when it is no longer needed then that’s fine.
 
In the present depressed property market the ability to sell off properties to fund maintenance of main residence or assist grandchildren on property ladder etc is reduced so it might be that ER facilities see a resurgence even with lower release amounts.
 
I agree with the wellbeing and mental / physicsl activity aspects of boat ownership.
The boat kept me motivated to keep working and now I have recently retired it keeps on giving.
If we didn't have a boat I think we would have to take up some alternative interest to keep mind and body motivated.

Purely from a finance perspective I have bought cars on finance so a boat is no different really. If you buy a boat for cash you are still financing it as the cash is no longer earning interest.

Some of the equity release arrangements described don't seem too bad eg where you are taking out a loan and pay the interest seem a reasonable idea. But releasing equity and paying nothing back in is an idea I don't like.
 
ashtead said:
In the present depressed property market the ability to sell off properties to fund maintenance of main residence or assist grandchildren on property ladder etc is reduced so it might be that ER facilities see a resurgence even with lower release amounts.
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Depressed? I thought there was a housing shortage?
 
Plenty of planning permissions beng granted ,developers sitting on sites and new builds standing empty down here -there is no shortage of property but many are too scared to buy with hardening job market based on what recruitment firms say re CV writing etc. . Might be different up north of course but plenty of empty units in south . With landlords exiting market floods of cheap 2 bedroom stuff out there but no buyers. So there no shortage at least in areas I know like the South Island, Southsea,Surrey etc
 
GEM43 said:
I always feel concern when I hear of elder generations thinking they mustn’t “blow” their children’s inheritance. To my mind, first and foremost, the elder generation should use their wealth as they wish. If there’s some wealth remaining when it is no longer needed then that’s fine.
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My parents went on a series of SKIing holidays in their 70s to Spend the Kids' Inheritance. My siblings and I will get a share of the downsized house when my mum finally shuffles off. But she's 90 and I'm 60, so not a point in my life for that to be life-changing. I couldn't be happier with their life choices. I don't have children, but my siblings' children will get whatever is left after my sailing requirements have been catered too. I've warned them not to make any decisions based on that expectation.
 
Stemar said:
I probably won't test our kid's patience, but Madame's Mum (a lovely lady) went at 93, and her Dad (an equally lovely bloke) at 102.
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Grandparents, bar one taken by cancer before it was as treatable as today, went between 86 and 98. Parents 89 and still going at 90. I've spent a lifetime ensuring the same fate doesn't befall me but I fear the pension may have to stretch out longer than I had planned for.
 
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