Call us on 0344 346 3672
or arrange a callback

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

Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.

We recommend you seek professional advice with regard to any of these topics where appropriate.


Legal

YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY DEBT SECURED ON IT.

John Charcol is a trading name of John Charcol Limited and its Appointed Representatives. John Charcol Limited is authorised and regulated by the Financial Conduct Authority. The Financial Services Register number is 665649. Registered in England No. 9157892. Registered office address for John Charcol Limited is 5th Floor, Cutlers Exchange, 123 Houndsditch, London, EC3A 7BU. The FCA does not regulate some investment mortgage contracts. Calls may be recorded for training and monitoring.