That’s where your argument falls, banks value the UK property before lending and will only give up to 70% of its value as equity release, plus they will also want to see that you have the means to pay.
House prices in the UK have dropped by a few percentage points and banks are either going bust or having to raise money through rights issues. If property prices drop by 30%, and that happened in the early 90s, I would expect a few more will be nationalised.
So someone would have to lose their job and the property value in the UK would have to fall by more than 70% of the original valuation. Now that would be bad luck!
Well, that’s my prediction. What do you think will happen?