Ok, I own a house worth about £140K, the mortgage is finished, so i do own all the house.
However i need about £60k.
Can i sell £60k of the house off, and open up a new mortgage???
However i have calculated what i can afford to pay back before i retire and i will only be able to pay about £40k. Would the mortgage company agree with a decent percentage they own of the house when i pass away or sell it in the future.
Thanks, help needed
no - you can't sell off "part of the house"
if you can't afford to pay it off by the time you "retire", then you should postpone retirement until after it is paid off or not borrow as much
if, at any time you die and there is a mortgage balance on the house, your estate will sell the house and pay off the mortgage and the balance will go to your heirs