Hi, I part own a House in UK along with my sister. The house is worth around 150 K. There is approx 25% outstanding on the Mortgage. I have already paid off my 50%, my sister owes the other 25% (around 38K).
I've found myself needing approx 10 K (pretty quickly) to purchase a home to live in, in Dublin.
Does anyone know if there is any way I could release money from the house in the UK without selling it. e.g. is it possible to ask the Bank who we have our mortgage with, to give us 10K. Bringing the balance owed to 48 K, and somehow extend the Mortgage repayment period for an extra few years, or even keep the repayment period the same, but we pay off a bit more each month. Any idea what this would be called(i.e. if I wanted to search it on the Banks website)
Even if the above option were a runner, I'm afraid it could take a bit of time to arrange with the bank. Are there any other options available that could release the money quickly, in say 2 weeks?
I hope I posted this in the correct forum. And thanks in advance for any advice.
I've found myself needing approx 10 K (pretty quickly) to purchase a home to live in, in Dublin.
Does anyone know if there is any way I could release money from the house in the UK without selling it. e.g. is it possible to ask the Bank who we have our mortgage with, to give us 10K. Bringing the balance owed to 48 K, and somehow extend the Mortgage repayment period for an extra few years, or even keep the repayment period the same, but we pay off a bit more each month. Any idea what this would be called(i.e. if I wanted to search it on the Banks website)
Even if the above option were a runner, I'm afraid it could take a bit of time to arrange with the bank. Are there any other options available that could release the money quickly, in say 2 weeks?
I hope I posted this in the correct forum. And thanks in advance for any advice.