equity release,urgent advice please

mikeouk

my property is worth around £190000, mortage is approx £75000, im just over 1 year into a 3year tracker deal. Mortage is with the halifax. The £75000 includes an extra £7000 i added to my excisting £68000 last may to buy a car over 5 years. £25000 is interest only and i have a standard life endowment policy that matures in 2 years and is forcast to settle that amount then.
I realy didnt want to alter my mortage at this stage but ive found an investment deal on an overseas property that i would like to buy, an extra £30000 would see me right. I must add that i am a director of my own company, so keep my wage low and draw dividends. Would the halifax entertain another £30000 ontop of what i already owe, payable over 10years say, or would i be best just looking for a secured loan from elsewhere?
thanks in advance for any useful info.
mike

Thrugelmir

mikeouk wrote: »

my property is worth around £190000, mortage is approx £75000, im just over 1 year into a 3year tracker deal. Mortage is with the halifax. The £75000 includes an extra £7000 i added to my excisting £68000 last may to buy a car over 5 years. £25000 is interest only and i have a standard life endowment policy that matures in 2 years and is forcast to settle that amount then.
I realy didnt want to alter my mortage at this stage but ive found an investment deal on an overseas property that i would like to buy, an extra £30000 would see me right. I must add that i am a director of my own company, so keep my wage low and draw dividends. Would the halifax entertain another £30000 ontop of what i already owe, payable over 10years say, or would i be best just looking for a secured loan from elsewhere?
thanks in advance for any useful info.
mike

A lender will look at your Company accounts rather than the means by which you pay yourself. As the financial performance of the Company is what's key to whether you can afford the borrowing.

As for equity withdrawl. Perhaps one of the boards resident Mortgage Brokers can update us on the willingness of lenders to advance funds depending upon the purpose.

VIGILANT22

mikeouk wrote: »

my property is worth around £190000, mortage is approx £75000, im just over 1 year into a 3year tracker deal. Mortage is with the halifax. The £75000 includes an extra £7000 i added to my excisting £68000 last may to buy a car over 5 years. £25000 is interest only and i have a standard life endowment policy that matures in 2 years and is forcast to settle that amount then.
I realy didnt want to alter my mortage at this stage but ive found an investment deal on an overseas property that i would like to buy, an extra £30000 would see me right. I must add that i am a director of my own company, so keep my wage low and draw dividends. Would the halifax entertain another £30000 ontop of what i already owe, payable over 10years say, or would i be best just looking for a secured loan from elsewhere?
thanks in advance for any useful info.
mike

Which country are you looking to invest in?

mikeouk

usa (not orlando)

VIGILANT22

Regardless of where you go your income will be considered (no more self cert)...1st stop should be Halifax for a "further advance"