Help Please !!!

Yani-B

Our house is worth circa £250,000 (we have recently had it valued by 3 local Estate Agents at £265,000 - £280,000) we owe just under £20,000 on the mortgage with a further charge of £10,000 by the bank re our business overdraft facility , leaving us with circa £220,000 equity in the house.

Our business has all but collapsed over the last few months after almost 30 years trading due to the current recession , leaving us with no income coming in and a tax bill of £12,000 (which we are currently being pursued for) , I am currently setting up an internet business but it is not yet producing any income and the savings that we had are now dwindling fast.

Is there any way that we can realise some of the substantial equity that we have in the house apart from selling it on the open market (not enough time) or selling it to one of those house buying companies who would give us less than 70% of the real value and thus costing us £80,000 - £100,000. If so what is the best way to do this , bearing in mind that we do not currently have any income.

TEDDYRUKSPIN

Really sorry you have got to this stage. Unfortunately this is the major problem that is happening world wide! Chrysler another example.

Unfortunately, with no income coming in, you have no option on releasing money using the further advance method.

Have you tried to pursue the business loan method? You will need a good business pla in why you need to release this amount of money. With security (depending if you have a mortgage on the house), they may release monies for you.