More money required please

ataction

I have my own business, single divorced. My home is worth approx 330K with a 20K mortgage. Not much mortgage I know however I have a business loan and overdraft secured against the property amounting to about another 50K.

Unsecured personal and business debt amount to another 20K. I am a sole trader so it all amounts to the same thing.

My plan ( I think) is to remortgage, invest some money in my business, reduce my bank borrowings and reduce my unsecured debt.

For various reasons my accounts are rubbish and show minimal profit over the last three years. I need a non status mortgage, any suggestions?

By the way I have operated my business for 20 years but now need to invest to develop the internet the site, then trade the business up and sell it and retire.
Well its a plan... how do I do it. I am fed up with trying to work these issues out on my own.

ataction

Any experts out there today?

herbiesjp

Well you can re-mortgage to consolidate debts and/or increase borrowing.

Whether it is right to do in your situation would need careful discussion and analysis.

Some would say an accountant keeping your profits down would be a good thing as you would have less tax to pay - however, when it comes to borrowing it does work against you.

Whilst, self cert could be an option for you, there may be other avenues that a good whole of market mortgage adviser would try first in order to get the best rates possible for you

ataction

I feel now is the time to talk to a mortgage broker for advice. Can anyone advise the way to contact a reputable broker. Thanks

silvercar

I think you need to talk to an accountant first. There are probably good tax reasons why your business borrowing is wiping out your business profits. An accountant may advise keeping it that way.