Raise cash payable on sale of property

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28 Mar 2010 00:00 by meijoo Star rating in La Azohia, Cartagena.... 34 posts Send private message

I was informed that I could raise cash that can be repaid on the sale of my property.    If so, what are the pros and cons?



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28 Mar 2010 17:22 by EOS Team Star rating in In Spain of course!. 4018 posts Send private message

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I don't know if I am being a bit think here, but I'm not sure what you mean about "raising cash". 

Are you talking of some sort of remortgage or a loan of some sort?

Justin



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29 Mar 2010 12:31 by meijoo Star rating in La Azohia, Cartagena.... 34 posts Send private message

Hi Justin,

I believe that it is an equity release via a bank that will give you a loan. The difference being that the house is not transfered to the bank and the money is payable when the house is sold. I was just wondering if anyone has heard fo such a loan. Cheers.



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29 Mar 2010 15:12 by joanmalaga Star rating in Costa del Sol. 420 posts Send private message

There are a few finance companies and banks that do this, it is called a "hipoteca puente" but normally this is so that you can purchase another property while that one is for sale.

You also have the option of what they call "Capital Privado" which are personal loans over 6 months or a year at about a 20% interest rate. These normally are kind of like second mortgages and do not recomend them unless desperate.

Joan

 





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06 Apr 2010 14:59 by Smiley Star rating in San Pedro de Alcanta.... 2502 posts Send private message

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Joan is quite correct and the funds advanced will be secured on one or other property - and in some cases across both. It is possible to arrange a plain vanilla equity release but you would still incur costs of raising the finance and it would be considered a conventional "remortgage".



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