Equity release

[Zagorka]

Hello,

I have a finance query which I hope some of you may be able to help with.

I have been awarded my house in my recent divorce settlement and I'm just waiting for the paperwork to go through. My solicitor and barrister are hounding me for their fees and I was hoping to borrow the money from a bank using the equity in my house as collateral. (I intend downsizing to a smaller house this year and use the left-over cash to pay off the bank)

My own bank (AIB) said they're 'not doing that sort of loan' at the moment'.
Does anyone know of any bank/financial institution that would lend me the money using my house as collateral with a view to selling the house and repaying the bank from the proceeds.

I'd be grateful if someone could point me in the right direction.

Thanks,
Zag

 

[Marietta]

I would imagine that it will be very difficult to get equity release in your house especially in this current climate. I think the best thing for you to do is to try and take a personal loan out to pay off the solicitor and barrister. In the meantime, by all accounts put your house on the market but be realistic, it may take time to get a buyer.