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Releasing Equity for a Business
dibba66
Posts: 33 Forumite
My wife and I have been offered the chance to buy a business. I know the business well and work for them now so I am certain the deal we have been offered is a good one and we'd really like to go for it!
The trouble is, we need to raise £55 000 to buy and don't have the money, though there is approximately £200 000 worth of equity in our house. We had thought we could just remortgage to release this, though the Nationwide mortgage we have says this is possible for any other reason other than raising business capital. Is there any way around this?
We'd go straight for a joint business loan but I have a financial link to a former partner (not a business partner) who is in difficulties financially, and this has caused me to be refused credit recently. We are trying very hard not to link my wife's name with mine i.e. separate bank accounts etc, but we'd dearly love to purchase this business.
Any advice? Thanks in anticipation.
The trouble is, we need to raise £55 000 to buy and don't have the money, though there is approximately £200 000 worth of equity in our house. We had thought we could just remortgage to release this, though the Nationwide mortgage we have says this is possible for any other reason other than raising business capital. Is there any way around this?
We'd go straight for a joint business loan but I have a financial link to a former partner (not a business partner) who is in difficulties financially, and this has caused me to be refused credit recently. We are trying very hard not to link my wife's name with mine i.e. separate bank accounts etc, but we'd dearly love to purchase this business.
Any advice? Thanks in anticipation.
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