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Mortgage exit advice please
byglenn
Posts: 1 Newbie
I have a buy to let mortgage that due to divorce I am forced to sell. I have been racking my brains on the best way to deal with this as there is a £6K redemption penalty that expires in 3 years. There is not enough equity to release the 24K I require on the property and the mortgage is not portable.
A friend of mine is very interested in the property and I had wondered if I could avoid the costs involved with buying and selling and the redemption penalty on top of this by putting his name on the deeds but I realise that the mortgage lender would not allow me to do this. Any help and advice would be appreciated.
Glenn
A friend of mine is very interested in the property and I had wondered if I could avoid the costs involved with buying and selling and the redemption penalty on top of this by putting his name on the deeds but I realise that the mortgage lender would not allow me to do this. Any help and advice would be appreciated.
Glenn
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