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i need to pay my friend 75k back - help!
Fudgeface2000
Posts: 1 Newbie
So bit of a strange one.. Basically a friend lent me 75k as a deposit as a long long term loan, my mortgage has 165k left, fixed rate for 5 years now, however, the friend and I have since fallen out (quite seriously) and they would like their money back at the end of the 5 years which gives me a bit of time to save some but my question is this - I don't want to sell as I adore where I live, is it a possibility to remortgage in 5 years to free up the money?
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Yes - potentially, as long as you have enough equity to do so.0
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Another reason why friends and money don't mix. While you may pay back the money other's will just run"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
was it declared as a gift?Don't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.0
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Fudgeface2000 wrote: »So bit of a strange one.. Basically a friend lent me 75k as a deposit as a long long term loan, my mortgage has 165k left, fixed rate for 5 years now, however, the friend and I have since fallen out (quite seriously) and they would like their money back at the end of the 5 years which gives me a bit of time to save some but my question is this - I don't want to sell as I adore where I live, is it a possibility to remortgage in 5 years to free up the money?
It's "possible" yes, however whether you can depends on interest rates, your income and your age at that point.0 -
AnotherJoe wrote: »It's "possible" yes, however whether you can depends on interest rates, your income and your age at that point.
...and the value of the property at the time.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
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just dont pay them back at all
simples!0 -
Start with what were the terms of the loan.
Hopefully in writing if not then it might be a good time to document your version of what you thought the terms were.
many casual loans don't have enforceable/any payment terms.
That gives you options like just paying them back monthly.0
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