From: "tim \(in sweden\)" 
Newsgroups: uk.finance
Subject: Re: Q on inheritance tax
Date: Fri, 31 Mar 2006 18:37:14 +0200


"john boyle"  wrote in message 
news:SorJ5KAVhOLEFwzX@johnboyle1.demon.co.uk...
> In message <49464tFmqjd8U1@individual.net>, Tumbleweed 
>  writes
>
>>Do you get a different interest rate depending upon the value of your 
>>house,
>
> No.
>>or is the borrowing limited (more likely) to a percentage of the house
>>value?
>>
> Its age related. So the older you are the more you can borrow at the 
> outset and one lender allows you to draw down monthly as well and this too 
> is a function of the borrowers age. For joint borrowers it is the youngest 
> age that is used.

ISTM that it's the lack of a draw-down that made the previous
schemes unsuitable (to the point where if there were such a test
at the time, they would have been mis-sold).

Someone with a 300K asset looking to supplement their income
does not need 100K as a lump-sum and IMHO selling them this
is financially dishonest.

tim