2nd home

[1969angel]

Hi all
How does using equity from your property work. I own a house worth 250 to 280 k and would like to help my daughter purchase a house?
Anyone done this?

Equity release is a not a good idea. I'd recommend heading over to Money Saving Expert forums to get the best information. You can ask the same question there and get the best advice.

Honestly, I cannot imagine you could release enough equity from a £250k property to make much difference. Your dd would be better off working her tail off for a few years and saving. We were 40 before we could save enough to buy a house, but a decade of saving and we had a very good deposit with no additional debt created for anyone.

If you do want to give her money, you will need to keep a clear paper trail of where it’s come from for anti-money laundering reasons and right a letter as part of the conveyancing.