My opinion is that equity release schemes should be avoided if there are other options.

Different lenders have different restrictions but some will lend a standard mortgage to anyone under 75 or 80 (subject to income and value restrictions). A chat to an independent mortgage adviser or two will find out what is available.

My daughter is buying her first house. My wife (age 57) and I (aged 53) have offered her £20000 as a deposit. We now need to find the cheapest way of raising this cash! Ideally we would take out the money from the value of our property (£150000) but I believe we both need to be over 55. Maybe an interest only loan untilwe qualify for the equity release? Any suggestions please!

Andy