Loan/remortgage/equity release??

jeffmaddin

Hi, I'm looking at options to raise money to convert my current property in two property's, then sell one and live in the other, using the sale of the property to pay off outstanding mortgage and 'loans'. I'm looking at needing around £150k but won't need all of that money up front. I can't really afford the repayments on a standard repayment/remortgage as I'm 60 years old and that amount over 10 years is too much. Thinking of an interest only mortgage as the payments would be less, but rates are higher. Also thought of equity release but again thats expensive (interest rates). So I'm after any advice on what might be the best options, and of course are there any I'm not aware of.

Jeff.  

[Deleted User]

Suggest speaking to a "whole of market" mortgage broker

acardus10

Hi Jeff,
How much is your current property worth?
Equity release isn't really tailored towards short term borrowing as there would likely be an early repayment charge for paying the money back early. 

[Deleted User]

jeffmaddin said:

Hi, I'm looking at options to raise money to convert my current property in two property's, then sell one and live in the other, using the sale of the property to pay off outstanding mortgage and 'loans'. I'm looking at needing around £150k but won't need all of that money up front. I can't really afford the repayments on a standard repayment/remortgage as I'm 60 years old and that amount over 10 years is too much. Thinking of an interest only mortgage as the payments would be less, but rates are higher. Also thought of equity release but again thats expensive (interest rates). So I'm after any advice on what might be the best options, and of course are there any I'm not aware of.

Jeff.  

You wouldn't be able to use a standard mortgage to do what you want to do anyway, same with equity release.  Those types of loans are secured on the property so you wouldn't be able to split the title deeds whilst those types of loans are secured against the existing title deed.  It sounds as if property development finance is more along the lines of what you need so you need to find a broker who specialises in this type of finance unless you feel confident to research the lenders yourself.