how to borrow 120k

garyb_4

Hello all,

I'm self employed, my income varies between 35-40k but I have no wage slips etc

I have a chance to invest in a company with very good prospects and become a 50% stake holder in that business. To do that I need to borrow 120k.

My dilema is this. Do I go for self cert mortgage of 120k(I have house worth 220k with no mortgage) or is there a more cost effective way of borrowing the money over 15yrs.

Things to consider. Want to pay back at fixed rate + be able to put in lump sums without penalty

What do we all think?
Garyb

apk1

cheapest way to borrow will always be against your house, whether you want to put your house at risk for a business venture is your choice, but it is unlikely you will raise that sum without security.

As you are only ~ 60% loan to value it is unlikely you will need to proove income, but do you not have accounts or tax returns ?

As regards scheme, most fixed rates will allow you to repay additional lump sums up to 10% pa.

Mr_helpful

Most lenders do not like you capital raising on your house for business purposes. Beware committing fraud on the mortgage ap. If the question is not there dont worry but as apk1 says o you want to put house at risk for business venture