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loads of equity but how to release it
leppy_2
Posts: 8 Forumite
Hi don't know if anyone can help me but my daughter told me to give it a try, so here goes.
I have a property value estimate £269000 and have an outstanding mortgage of £42000. I am 54 so apparently can't do equity release until 55. I need to raise some cash to pay a debt. Have tried my mortgage lender but as I am self-employed without 2yrs accounts and 1 yr. projection they won't entertain me. Tried my bank, they've done credit check and said my score is "first class and impeccable", (their words) but still a problem with being self-employed. The remortgage would make my outgoings actually less due to current lower interest rates, and I am managing my finances ok, and he said that there was no risk to the bank as there was still more that 75% equity, but still computer say no. I don't know if my options have now run out?
I have a property value estimate £269000 and have an outstanding mortgage of £42000. I am 54 so apparently can't do equity release until 55. I need to raise some cash to pay a debt. Have tried my mortgage lender but as I am self-employed without 2yrs accounts and 1 yr. projection they won't entertain me. Tried my bank, they've done credit check and said my score is "first class and impeccable", (their words) but still a problem with being self-employed. The remortgage would make my outgoings actually less due to current lower interest rates, and I am managing my finances ok, and he said that there was no risk to the bank as there was still more that 75% equity, but still computer say no. I don't know if my options have now run out?
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Comments
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There isn't a risk to the bank more the purpose of the remortgage thats at issue.
Look at other ways of cutting your outgoings in order to repay the debt.0 -
Hi don't know if anyone can help me but my daughter told me to give it a try, so here goes.
I have a property value estimate £269000 and have an outstanding mortgage of £42000. I am 54 so apparently can't do equity release until 55. I need to raise some cash to pay a debt. Have tried my mortgage lender but as I am self-employed without 2yrs accounts and 1 yr. projection they won't entertain me. Tried my bank, they've done credit check and said my score is "first class and impeccable", (their words) but still a problem with being self-employed. The remortgage would make my outgoings actually less due to current lower interest rates, and I am managing my finances ok, and he said that there was no risk to the bank as there was still more that 75% equity, but still computer say no. I don't know if my options have now run out?
What do you have in the way of accounts? What income do they show?I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Only been self employed 9 months so no accounts yet.0
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Only been self employed 9 months so no accounts yet.
Possibilities with 1 years accounts subject to amount, or you could look at a second charge secured loan now but the rates would not be pretty.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Thanks for the advice. Was looking at re-mortgage for £65000 total.0
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Why the £23k debt?0
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