Posted on 28 January 2011 by Jas
I live in my outrightly owned 'mortgage free' house in London. Probably worth £270000- £300000. I need to raise approx. £100000 - £130000 to pay for my son's university fees to study in Europe. I have never had a mortgage before. How can I do this? How much will it cost? Is this the best way to raise capital for my purpose?
This is almost certainly the cheapest way for you to raise the money required for your son's university fees. A mortgage uses your property as security for the loan and in the advent of non payment it is possible for the Lender to take possession of and then sell the property to recoup their money. For this reason the rates charged are generally a lot lower than any other form of borrowing.
A mortgage can be arranged through any high street bank or building society, though each will have their own criteria, fees and mortgage rates. This can be very daunting if you have no experience of mortgages and I recommend that instead of contacting each bank you speak to an independent mortgage broker who will be able to find the best mortgage for your circumstances.
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