Pay off the mortgage?

[footy123]

Hello Nigel.

Not a problem this but your views would be appreciated.
You have a villa with a mortgage outstanding of around 150,000 euros (not a swiss mortgage but one with the Bank of Greece)..Whether it matters or not,there is not a cat in hells chance of getting the title deeds on this villa as there are so many alterations from the original plans.The mortgage on this was got because the developer guarenteed it.
You also own two apartments valued(taking into account the depressed market)of around 100,000euros each.Both with the coveted title deeds.
Do you think some money should be raised (if at all possible)on the apartments which are debt free to pay off some of the mortgage...What do you think is the most you could raise on the apartments.

Thanks Nigel

[Nigel Howarth]

Hi Terry,

Using your apartments as collateral against a loan may prove difficult - as you're probably aware the banks have no money to lend at the moment. I suggest you talk to a a few of them and see what might be available.

You could also speak with Sarah Hordle at Essential Consulting - she may be able to help.

I can't see what you will gain out of raising money on the apartments to repay the mortgage on your villa. You'll still have a loan/mortgage to repay.

Regards,