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A large lump sum for a very short time!!
carlnicholls
Posts: 5 Forumite
in Loans
Hi Folks, any body better at lateral thinking than I seem to be?? I need to raise £200k asap to pay off my ex wife. I was going to raise the money from the sale of our house, but the house still isn't sold. I have tried borrowing it through "conventional" means = expensive and would take 4 -6 weeks. As things stand I have to pay penalties of 7.5% which on £200k is a lot?? Any life saving ideas??? Many thanks Carl
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Hi Carl I don't know an awful lot about the legal ins and outs but surely (I am sure to be corrected) its hardly your fault if the house doesn't sell I don't get why you have to pay a penalty... when I was waiting for my divorce settlement I just had to wait for the house to be sold before I got my share... and even then the solicitors dragged it out for ages ............#6 of the SKI-ers Club :j
"All that is necessary for evil to triumph is for good men to do nothing" Edmund Burke0 -
Is there enough equity in the house to remortgage short-term (that's if she's in agreement with you doing so, of course), second option is to reduce the price of the house for a quick sale, it may turn out to be the cheaper option in the long run.
AMDDebt Free!!!0 -
Try a bridging loan https://www.bridgingloans.com (from Bristol & West), I believe natwest also offer then to existing customers. They will basically secure then loan on your house, then when its sold you pay them back.0
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I'd tell her to wait0
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