remortgaging and divorce

allyb23

I am having to buy my ex out of our home and need to remorgage to give him his entitlement. Has anyone any advice? I want to know if it is compulsary to take payment protection on my mortgage. Also as I only need to borrow £40K for 10 years, would I be any better off taking a personal loan?

Gorgeous_George

allyb23 wrote: »

I am having to buy my ex out of our home and need to remorgage to give him his entitlement. Has anyone any advice? I want to know if it is compulsary to take payment protection on my mortgage. Also as I only need to borrow £40K for 10 years, would I be any better off taking a personal loan?

I recommend that you seek legal advice. Are there children involved?

GG

CLAPTON

No its not necessary to take out PPI and is usually very expensive if you use the creditors scheme.

If you have dependants then I would say the life insurance is essential .. other types e.g. income protection (umemployment) , critical illness etc, largely depend upon your job and whether it is secure or easy to get a new job or gives you protection already. But see whats available in the market place and avoid the creditors schmes.

The cheapest way of raising the money is likely to be a remortgage... assuming of course you are earning and can afford to make the repayments

dwsjarcmcd

I agree with Clapton on both the PPI issue (it's not compulsory) and that the best way is to re-mortgage. Actually Personal (unsecured) loans only go up to £25k.
With a mortgage of £40k, fee free deals may be the most effective way of arranging the finance

David

allyb23

Thanks everyone, things are alot clearer now especially on the personal loan frong.