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david4598
david4598
Posts: 2 Newbie
Hello I have a mortgage of £80000.00 and have a home worth roun about £240000. The thing is I have a real good opportunity to buy a buisness and its £20000.00 could I remortgage to get the funds for this.
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Comments
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Oops - Misread the numbers totally.Feb 2012 - onwards MF achieved
September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
April 2018 down to 28.00 months vs 30.04 months at normal payment.
Predicted mortgage clearing 03/2047 - now looking at 02/2045
Aims: 1) To pay off mortgage within 20 years - 20370 -
Err - I thit its 20K not 200K.
In which case should be easy (some lenders will not permit raising extra funds on a mortgage for business purposes but many will - assuming your income, not from the new business, supports the total loan)Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
The OP appears to want £20,000 not £200,000, in which case he should probably be OK.0
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"could I remortgage to get the funds for this"
A how long is a piece of string question. Nobody can give you any meaningful advise on such little detail in your post.
If you have the required provable income and a good credit history then yes.
If you have no job and an IVA then no.
More details needed.0 -
Thanks sorry for the lack of detail it is £20000 and I work as a builder self employed. So I take it from your replies that some companies will lend for business use I am with First direct.0
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