Capital Raising to purchase wife's share of property

Posted on 5 July 2010 by Ray McClatchie


I have a property worth £250,000 with an outstanding mortgage of £93,000 with 14 years left to run, I need to raise £65,000 to pay off my wife from who I am seperated,any advice would be appreciated.

Ray

Depending on your own circumstances, it should be possible to raise this sum by using your property as security for a mortgage.

There are two main options, either contacting your existing Lender and requesting a Further Advance for £65,000 or by going to a totally new Lender and remortgaging for the total of £158,000.

As you said you did not mind being interviewed and there was insufficient information to give you more than a general reply, I have asked one of consultants to contact you. This will give you the opportunity to ask questions and to provide us with the information required so that we can advise you the best way to proceed.

Peter

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