Is this feasible??

titchyone78

I jointly own a house but we are separating.

The house is on the market for 350k, with mortgage of 170k.

My ex is willing to be bought out by me and wants 80k, I earn 45k a year, now by all my calculations the banks wouldn't go for it.

However someone I know who is a broker has said he thinks I could extend the term of my current mortgage and increase the mortgage to around 200k mark then borrow the rest on a second charge on the property.

Before I get all excited at the prospect, is there a slight possibility this could be true??

Thrugelmir

£250k mortgage on £45k income no chance with mainstream lenders.

Suggest you lower your sights.

GMS

Check the rate on the secured loan. Likely to be huge. Payments may be crippling and lead to losing the property.

Get all figures in front of you and make a rational decision.

titchyone78

Thought so, may be able to get him down to 70k, I'd love to stay in the house, even if it meant a lodger!