Need 300k. Quickest and cheapest way to obtain :re-mortgage?

mark101

Hello I need 300k inthe next couple of weeks for an investment. I have the money but it’s currently locked in and Ican’t obtain it until next year.

I currently have a mortgage with the co-op and have a nilbalance, with a 120K overpayment fund. I.e. I can withdraw the 120k. Co-op hassaid if I need more I’ll need to reapply for a new product and having looked attheir products these don’t fit. House worth in the region of 450k
Therefore what is the best way to obtain 300k for a shortduration max 1 or 2 years with a low rate? I’m looking for a product without any penaltiespotentially so I can pay it off as and when money is received.

Cheers.

GMS

What is the investment?

Thrugelmir

mark101 wrote: »

House worth in the region of 450k[/FONT][/SIZE]

You'll be appraised on your ability to repay the debt to schedule as much as the security you have to offer.

The purpose of the equity release will be questioned.

mark101

A property abroad. Don't see an issue with obtaining the money. I just needto be able to secure it quickly without paying over the odds for it for a shortterm until my monies are available.

I considered an extension to the property sometime ago... okay maybe not 300K's worthbut a full extension to the roof, sides etc would be costly anyway

Dave_Ham

Hi there,

There are products that fit the bill do not worry.

Is your credit score ok and do you earn enough for a £300k mortgage, if yes the rest is all achievable..

May be that you can get a % from a foreign bank in the country where you are purchasing.

When I bought in Portugal they were happy to advance me some on a better rate than in UK, given the money I was putting down...

mark101

No issue with credit score. I did consider borrowing the money from the bank abroad also (would havebeen better), but was told by friends I would need to show income etc. for thatcountry (turkey) - i.e. they wouldn't accept details from a non-resident...

So shall I just look up a mortgage broker or check the banks myself for a re-mortgage,though can't see it being available in 2 weeks personally

meer53

How do you get to the stage, when buying a house, that you need 300k within the next 2 weeks ? Surely this isn't an impulse buy ? You say you don't see an issue with obtaining the money, i can't see any lender agreeing to your request in such a short time. What will your repayment source be ? If a lender isn't happy with this, i think you'll find it hard.

Dave_Ham

Issue you have is and yes you are correct with Turkey is that the 2 weeks is just about achievable, although the banks that work quicker are the ones with the less competitive rates...

Get a good solicitor and a good broker (ideally recommended) and potentially is could be done..!

Good luck

Thrugelmir

mark101 wrote: »

I considered an extension to the property sometime ago... okay maybe not 300K's worthbut a full extension to the roof, sides etc would be costly anyway

Lenders certainly should not be taken as mugs. Underwriters are more street wise than you may appreciate.

mark101

No not an impulse buy, mum saw it a while ago and waited for me to pop along to see it also. Most are now sold, left a small deposit with a commitment of 2 weeks, so got to get a move on...!

I'll contact a few brokers tomorrow and see what they say...

They may not be mugs but when money is to be made they'll cough up. especially if its a no brainier!

Thrugelmir

mark101 wrote: »

I'll contact a few brokers tomorrow and see what they say...

Tell us how you get on.