How can I release the equity?

karen03_2

Hello
I own a flat with a buy-to-let mortgage at worth about 80% maket value so I can't re-mortgage as there are no products currently available. The tennant has just been evicted after a 6 month battle and I need to decorate but have no cash. I can't get a loan or credit card as I've been on benefits for nearly a year after being made redundant after having a baby. I work part-time and am trying to build up a business too and getting some of my equity would make it so much easier!

So I have a property with up to £20k equity. How can I get some of it?

Thanks for your help!

VIGILANT22

sell it........

beecher2

karen03 wrote: »

Hello
I own a flat with a buy-to-let mortgage at worth about 80% maket value so I can't re-mortgage as there are no products currently available.

As you can't re-mortgage, the only way to release the equity is, as Vigilant says, to sell it.

karen03_2

I would but the tennant left it in a mess so its not an attractive purchase. That would also leave me paying the mortgage while it was on the market.

_Andy_

As stated, selling is the only option.

SouthCoast

karen03 wrote: »

I would but the tennant left it in a mess so its not an attractive purchase. That would also leave me paying the mortgage while it was on the market.

Put it up for auction as the buyers wil not mind the mess.

beecher2

karen03 wrote: »

I would but the tennant left it in a mess so its not an attractive purchase. That would also leave me paying the mortgage while it was on the market.

You don't have any other options though. Make sure you price it realistically - someone might be looking for a flat to do up.

surreybased

Hi,

As the others sell, really no option but other than sell.

Get an EA to value - just make sure the place is cleaned and anything obvious fixed. Most buyers can see through it. If it's priced realistically you could have it sold in 2 month.

Did you get a deposit from the tenant ?

getmore4less

karen03 wrote: »

So I have a property with up to £20k equity. How can I get some of it?

Whats the equity with it in a state lot less than £20k I guesl

What you do have is a property with a big liability(Mortgage) and no tenant/income.

What about a tenant that will do it up at a reduced/zero rent.

All in all looks like a money pit

SELL and cut your losses.

poppy10_2

karen03 wrote: »

the tennant left it in a mess so its not an attractive purchase...... I need to decorate but have no cash.

Tidying up costs nothing, and it doesn't cost that much to redecorate if you do it yourself rather than hiring in a painter and decorator. A couple of hundred quid should be enough for a lick of paint and a carpet cleaner