Im married but currently live on my own through choice I've just arrived from spending a month in Jamaica yesterday. I bought land at a bargin price as the owner needed a quick sale and I want to build a house on it which is less than fifteen minutes drive from a beach. The problem is that I dont want to live with my wife who has the cash to a build house on it. She will need to return to Jamaica for couple of years to sort some things out and she doesn't wish to stay with her family out there , also there may be a problem down the line as she has put all the money In for the build if we were to split. The bottom line is I dont want to use her money or to have anyone having a hold over me. I could raise money from my property but my repayments are now fixed for the next three years also it would be double the repayment cost If I raised the cash that way which could cause me a problem if the interest rate raises In three years.
What can I do ??
2007-04-01 21:29:47 · 4 answers · asked by Anthony B 2 in Business & Finance ➔ Personal Finance
Why are you trying to do everything at once?
It sounds like your land is a good investment. Why not just build when your financial situation is more settled.
2007-04-01 21:34:45 · answer #1 · answered by margaret w 6 · 1⤊ 0⤋
Get divorced & emmigrate ..
Assuming you have no kids, sell the UK property and take your half .. if you have kids, chances are she gets the UK house, so just wave it good bye.
If you get divorced latter, she could end up with half your house in Jamaica no matter who paid for it .. as it is, potentially she could end up with half the land...
2007-04-02 07:56:30 · answer #2 · answered by Steve B 7 · 1⤊ 0⤋
Can you get a loan by using your land as collateral to enable you to build your house?
2007-04-02 05:35:35 · answer #3 · answered by SGElite 7 · 0⤊ 0⤋
If you have equity in your current home - you can get a 'further advance' from your current lender.
This way you will have complete control over the situation.
2007-04-02 06:20:49 · answer #4 · answered by matt g 2 · 0⤊ 0⤋