• Craig Whyte faces eviction from Castle Grant after failing to meet mortgage payments
• Bank have threatened to repossess home if £800,000 loan is not paid in full
HBOS has given Craig Whyte two weeks to repay the £800,000 mortgage in full, or it is understood the bank will start legal procedures to repossess Castle Grant in Moray.
Whyte, 42, bought the castle in 2006 for £720,000 and reportedly paid for it with a 110 per cent plus mortgage. The loan was originally taken out with the Bank of Scotland, now part of Lloyds. Whyte, who also has a house in Monaco, shares the mortgage with his estranged wife Kim.
A legal source said: “The mortgage he was given on the property is way in excess of the amount he paid for the home and it may not even be worth the sale price now. He has been told to repay the full amount or a court action will be raised with a view to evicting him so the bank can sell the property to claw back some of the cash.”
Whyte bought a controlling interest in Rangers from Sir David Murray in May 2011 for £1 and put the club into administration ten months later. Earlier this month police raided the castle searching for evidence in the investigation into Whyte’s role in the Rangers takeover.
The castle was inherited in 1946 by Nina, Countess of Seafield, but was abandoned a decade later after a fire. It fell into disrepair and was sold in 1983. It has had five owners, including Whyte, since then.
SEE ALSO: Craig Whyte faces bankruptcy