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Best way to borrow £50K?
Comments
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A secured loan is risky. What about selling the property and split the proceeds ?0
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Recently divorced and want to buy the wife out of the house which would cost £50K at current valuation. Is it better to try and get 2nd Mortgage or a secured loan on the property to buy her out?
The best way would be to remortgage. If the current mortgage is in joint names you'd be wanting to remortgage anyway to remove her from the mortgage and the deeds.0 -
Will you have enough income to get a mortgage to cover existing mortgage plus £50k?
You will need to remortgage in your sole name and remove your ex name from deeds at the same time.I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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This is what I did years ago - 1989
I remortgaged from 39,000 to 60,000, gave my ex 20,000 and remove his name from the property.
Once he agreed how much he wanted, I was not going to haggle with him to increase my legal fees.0 -
Speak to your lender about remortgaging in your name only, to see if you can or not.0
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