Remortgage advice please

bigwig_2

Hi. I am hoping someone can give me some advice. I currently have my own business and I am looking to remortgage my property to free up some capital to buy a commercial premises and clear some debt. I currently have a mortgage with C&G but they won't give me the full amount. I've used an independent broker instead who has tried to get me a deal with Northern Rock but they want 2 years accounts with profits. Last year was a bad year profit wise so I am unable to fulfil their requirements. My broker has now said I should go for a secured loan at 11%!!! This sounds crazy to me but I feel like I'm stuck between a rock and a hard place and don't really know what to do next.

My company has several years trading but I went through and MBO last year and had to register the business under a new company number, so effectively starting from scratch.

Any advice would be really helpful.

Thanks in advance

emmaHarris_2

Do any mainstream lenders accept self certification in this respect?

herbiesjp

What figures are you looking at here?

Current property value?
Current mortgage?
Proposed property value?
Your income/profits?

bigwig_2

Current property value: £240000
Current mortgage: £177000
Proposed property value: As above ... I recently had a valuation.
Your income/profits? Joint income with partner: £51k pa.

herbiesjp

I think I misunderstood here.

I thought you wanted to raise enough form your current property to buy the commercial property outright, but if the proposed property value is the same (£240k) then this cannot be the case.

bigwig_2

Apologies for the confusion. I should have given you more details. I am jointly buying the property with my business partner 50/50. The property is £85k and I need to raise £50k to cover my share of the deposit and building work (£20k), and use the rest to consolidate debt.