We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Mortgage for business
mtm103
Posts: 45 Forumite
Hi all
First post so I hope I posted in the right thread..
My boyfriend owns a business.. The business is profitable, but due to high loans, credit card repayments the money in= money out, and the credit cards never get paid (apart from min repayments which cover the interest only).
His parents are willing to help... releasing 10% of the value of the house (no mortgage on house) would pay off the credit cards and loans.. But how to go about this? equity release companies appear a bit dodgy, but can you get a mortgage to release the 10%?
Thanks
First post so I hope I posted in the right thread..
My boyfriend owns a business.. The business is profitable, but due to high loans, credit card repayments the money in= money out, and the credit cards never get paid (apart from min repayments which cover the interest only).
His parents are willing to help... releasing 10% of the value of the house (no mortgage on house) would pay off the credit cards and loans.. But how to go about this? equity release companies appear a bit dodgy, but can you get a mortgage to release the 10%?
Thanks
0
Comments
-
Should be pretty easy on a property with no mortgage.
However will all depend on minimum mortgage amounts for the lender, along with incomes and ages of parents.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
Parents have no income apart from pension (they are in their 80s) but my boyfriend would make the repayments on the loan/mortgage..0 -
In that case no.
Options will be very limited.
How much exactly do they/your boyfriend need to raise to clear the debts?
Can your boyfriend not consolidate all onto one loan and pay off that way?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
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards