Best place for £30K loan?

Mk1MR2

Where is best place for a £30000 bank loan other than re-mortgage?

Reason being that’s how much the mortgage owes me but the wife refuses to sell the house now we are getting separated so she needs to pay me my share so I can move out.

foxy-stoat

Tell the wife that she can remortgage without selling - unless her credit file is spotless, she earns in excess of £60K and no other debt she may well struggle to get £30K unsecured.

Mk1MR2

[FONT=&quot]Been down the re-mortgage route and apparently they won!!!8217;t lend her the money but since I wasn't at the meeting I have no idea if she is lying or not. [/FONT]
[FONT=&quot] [/FONT]
[FONT=&quot]Could she get a secured loan on the property? [/FONT]

foxy-stoat

Mk1MR2 wrote: »

[FONT=&quot]Been down the re-mortgage route and apparently they won!!!8217;t lend her the money but since I wasn't at the meeting I have no idea if she is lying or not. [/FONT]
[FONT=&quot] [/FONT]
[FONT=&quot]Could she get a secured loan on the property? [/FONT]

Yes it is possibly - would I do it?....no chance - as long as your name is off the mortgage deeds what you you care though eh?

I would rather get a few money transfer and balance transfer credit cards than take out a secured loan.

ciderboy2009

Presumably she's going to have to remortgage for the current mortgage amount anyway to get your name off of the deeds?

Does she earn enough to get a mortgage for that?

Are there any children involved? If not then she may not have any choice about whether or not to sell.

gycraig_2

You say thats how much it owes you, how has this been calculated and does it take into account the interest paid ?

Unless she!!!8217;s a high earner the house is gonna need to be sold

Mk1MR2

Not bothered about my name coming off mortgage at present I just want out. So how does a secured loan and mortgage differ surely they are similar in that your property is taken if you don't pay?

Rosemary7391

Mk1MR2 wrote: »

Not bothered about my name coming off mortgage at present I just want out. So how does a secured loan and mortgage differ surely they are similar in that your property is taken if you don't pay?

If you need £30k to move out I assume you're wanting to buy someplace else for yourself? In which case you absolutely do want your name off the mortgage!


How much is outstanding on the mortgage? How much does she earn? Would it make more sense for her to move out instead, could you afford to buy her out?

Mk1MR2

[FONT=&quot]Cant afford to buy her out since on final year of degree full time. [/FONT]
[FONT=&quot]She earns £22K and has been given various option over the last year but refuses to move out herself even though she can afford to. I'm only looking to rent for the next year since not sure where jobs will be when I qualify. [/FONT]

Rosemary7391

Well no way is she getting a £30k loan on £22k.



How much is left on the mortgage?

foxy-stoat

Mk1MR2 wrote: »

Not bothered about my name coming off mortgage at present I just want out. So how does a secured loan and mortgage differ surely they are similar in that your property is taken if you don't pay?

Sorry but you 100% need your name off the mortgage and deeds if she is thinking about a secured loan.

Secured loans should only be taken out at the absolute last resort as the interest rates are sometimes variable but more importantly are as high as unsecured loans but the terms as long as a mortgage.

If she is refusing to sell the property thats one thing but should probably cannot afford to pay you out £30K so she may not have a choice based on her earnings.