Noticed some changes? You can read all about the improvements we've made on the Forum in our latest announcement. We also have a new set of Forum rules so please take the time to give them a read and familiarise yourself.

remortgage advice

edited 30 November -1 at 1:00AM in Mortgage-Free Wannabe
1 reply 462 views
FlakeyFlakey Forumite
27 Posts
edited 30 November -1 at 1:00AM in Mortgage-Free Wannabe
Have got myself in a bit of a pickle!
Have applied to remortgage our house to raise 25% of equity. No mortgage on property.
Need the money to pay inheritance tax and buy out my brother froym an apartment in spain which was left to us by our late mother.
We will lose the apartment if i don't buy him out.
Applied to first direct but told them i needed the money for an extension on our property as i was worried that borrowing to buy abroad would complicate things.
First direct have agreed the mortgage in principle but on the condition that i forward copy of planning permission for extension.
Should i come clean and explain what mortgage is for?
Will they still lend?
Worried that if i apply to someone else it will affect my credit rating.
The property i am remortgaging is worth 3x what i have applied to borrow so their money is safe.
Any advice appreciated.

Replies

  • Sepa74Sepa74 Forumite
    962 Posts
    Hi Flakey,

    i think you need to start again, and go to someone who knows about borrowing to purchase an overseas property. Most banks will be reluctant to support this as they just don't know overseas markets in the way they know UK ones.

    However there will definitely be companies who loan to buy properties overseas, you just need to find them.
    Borrowed £150,000 in an offset tracker mortgage in May 2007 - MFD May 2041 (67)

    Jan 2012 - £125,620.02 / 2,913.87 / Nov 2032 (58) :beer:
    Apr 2012 - £122,901.88 / 3,170.91 / Jul 2032 (58)
    Jul 2012 - £122, 589.02 / 3,507.99 / Sept 2032 (58)
    Oct 2012 - £120,476.31 / 3,889.42 / July 2032 (58)
This discussion has been closed.