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I have a mortgage and need to borrow more temporaraily.

I have a mortgage with 2 other people and since one is not paying we will try to get him off the mortgage. Could we quickly extend the mortgage (with Nationwide) as I am in need of at least some of the funds quickly. The house was going to be sold but the sale fell through. I would keep the house for rental, is this your advice?

Asked on Nov 19 2016, Home Finance in Grimsby | Report content

Answers (1)

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  • I would contact Nationwide and a reputable solicitor to discuss your options. Make sure you are not breaching the terms and conditions of your mortgage contract - for example, if you do keep the house for rental, you will need to get a "Consent to Let" and possibly have to alter your mortgage arrangements (which is likely to be difficult if one of the mortgagors is not paying). You should also speak with a qualified property accountant as any future income from the property is likely to be subject to tax of some sort.

    Answered on Nov 21 2016, Report content

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