Hi, i owned a property a relation wanted to buy but he could not get a mortgage because he is self employed and did not have 3 years books.
The property was on the market with an estate agent for £100,000, i sold the property to him for the asking price, he gave me £32,000 deposit and my solicitor drew up a private mortgage for the balance (£68,000), the private mortgage is at approx 5%, he pays approx £350 per month to me.
My question, can i sell this mortgage anywhere so i can get my £68,000
Like i said the guy has £32,000 in the property so there is equity in the property. Any advice welcome, thank you...
The property was on the market with an estate agent for £100,000, i sold the property to him for the asking price, he gave me £32,000 deposit and my solicitor drew up a private mortgage for the balance (£68,000), the private mortgage is at approx 5%, he pays approx £350 per month to me.
My question, can i sell this mortgage anywhere so i can get my £68,000
Like i said the guy has £32,000 in the property so there is equity in the property. Any advice welcome, thank you...