Colleague of mine has sadly separated after a shortish marriage. As part of the deal agreed, he needs to pay ex wife €200K.
He does not have this cash.
Hehas house worth €700K, recently valued by one of the sub prime gang with mortgage of €200K. His current bankers will NOT grant funds at home loan rate to 'buy off spouse'. In fact they told him, that they do not loan for this purpose at all (AIB). He has been put in touch with one of the sub prime lot, who will give him interest only at 7.5%, secured on the house, (aren't they the kindly souls!).
Does any one know of any of the main banks who would consider his position. He can easily afford the repayments on loan at 7.5, so there would be no problem at around 5% with the main banks.
I think that his problem may have been that he was too honest in telling holding bank the full story, but then again, I would always reccoment that course of action, lest there be problems in the future.
Is there any poster who has been in this unfortunate position who could point me in the right direction. PM's also accepted.