Divorce Settlement Funded via Second Charge in West Yorkshire
£128,000 · 8 months · 1.06% pm. A homeowner was required by court order to pay a settlement to an ex-spouse within 60 days.
The Client
Homeowner
The Challenge
A homeowner was required by court order to pay a settlement to an ex-spouse within 60 days. The family home carried an existing residential mortgage and could not be sold within the court's timeframe. Remortgaging was ruled out as the first charge was fixed for a further three years.
Our Solution
Doulton arranged a £128,000 second charge bridge behind the existing mortgage, enabling the court-ordered payment to be made on time. First charge consent was obtained within five days.
The Outcome
Court-ordered payment made within the 60-day window. The borrower subsequently sold the property six months later at full market value, repaying both the first and second charge and retaining his share of the equity. Key highlights: Court order deadline met; First charge fixed-rate mortgage left undisturbed; Property subsequently sold at full market value.