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is there anyway that any bank / organisation will either buy or lend against the % of equity I hold in my matrmonial house (30% as set out in a court order) even though I would be unable to get to this until my youngest sone leaves full time education (ten years)?.
My debts have been mounting and I have a large % (currently worth around £60k but increases in line with house price etc) but obviosuly cannot get to it.
Any help greatly appreciated
Johnhol,
I have moved this over to the finance board so that CCCS can give you some advice on this.
Gooner
Hi,
I don't think you will be able to do this as the institution would need to take a charge over the property (which your ex would have to consent to anyway) and if you were to default on the loan (assuming you borrowed on it), then they would need to be able to repossess the property, which with your ex and son living there, would be an impossible situation for the finance company.
If you were to sell your equity, any company buying it (if you can find one) would need guarantees from your ex which she may not be prepared to give (I wouldn't if it was me, to be honest), and I can't see them taking the risk or giving you a good price- especially with the housing market being in the state it's in.
An option may be to see if you can get your ex to buy you out, and you may have to give her a bargain to tempt her to do this as she will have to raise/increase her mortgage to do this.
You would probably be best advised to seek debt councelling advice (and hopefully the CCCS will give you some advice on this) now, to see if you can resolve the problem without resorting to touching your equity.
is there anyway that any bank / organisation will either buy or lend against the % of equity I hold in my matrmonial house (30% as set out in a court order) even though I would be unable to get to this until my youngest sone leaves full time education (ten years)?.
My debts have been mounting and I have a large % (currently worth around £60k but increases in line with house price etc) but obviosuly cannot get to it.
Any help greatly appreciated
Hi johnhol
I am not able to say whether any bank or organisation would give you a loan against the equity you own in the property especially as you are not able to get to the money until your son leaves full time education.
You may need to seek legal advice regarding this.
Also, it is not always a good idea to secure debt on property, as this puts the property at risk if you are unable to maintain the payments.
It may be better to seek alternative ways of dealing with your debt situation without having to resort to using this money.
If you would like to explore all the options to deal with your debt situation, you can call for an appointment to speak to one of our debt counsellors, as it is difficult to give you detailed advice via the forum without knowing your full financial situation.
To book an appointment with one of our trained counsellors you would need to contact our helpline free on 0800 138 1111. Lines are open Monday to Friday 08:00-20:00. Alternatively you can visit our online debt advice facility called Debt Remedy. Debt Remedy would assist you in completing a financial statement and you would be provided with tailored advice on the best way to deal with your situation. This link will take you directly to Debt Remedy www.cccs.co.uk/ref/drcu
Regards
Sue
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