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money for divorce
thomas54_2
Posts: 1 Newbie
need to raise money to pay off debt to ex, property is mrtgage free. is this classed as remortgage ?
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Comments
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If you own the property then yes it would be a remortgage.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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As long as the reason for the extra funds is legal, then yes it can normally be done.
Different reasons have different LTV limits with different lenders, so make sure you fit criteria on that front.I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Careful. With some lenders it is classed as a new mortgage so although it maybe on a "remortgage" deal you may not be entitled to any incentives such as free legals and free valuation.
Halifax are different again in that you have to pay legals and valuation on an unencumbered property and chose a mortgage from their "homemover" range.
Other lenders will treat it as a simple remortgage and pay the legal and valuation fees.
Therefore, if borrowing a relatively small amount then a fees free deal would probably be better but if borrowing a larger amount it may be worth paying fees and getting a better rate.
Confused ? I know I am !!
Regards0 -
Careful. With some lenders it is classed as a new mortgage so
Other lenders will treat it as a simple remortgage and pay the legal and valuation fees.
However, the client normally has to still foot the bill for the transfer of equity part of the legalitiesI am a Mortgage adviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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