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No bank/BS willing to remortgage for Business Purposes!!
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Soz I have not been able to get back any earlier.Thanks again for all the replies.
I have managed to get a few quotes by approaching a whole market broker as previously advised.I am getting slightly higher rates as it is for business purposes.
Being a sum of about £100k apparently they will have to check and ascertain where the fund is going hence I dont think its as simple as just saying "deposit for another property".If it is their criteria that they do not remortgage for business purposes then it might get tricky when they find out where the fund is actually ending up!!
When the remortgage is complete .... do they simply send you a cheque? I never remortgage so I dont know.
Well done, it looks like you are getting there. The solicitor dealing with the conveyancing of the remortgage will pay off the old mortgage and send the balance to you.
Regards
JoeKI am an Independent Financial Adviser.Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.0 -
Soz I have not been able to get back any earlier.Thanks again for all the replies.
I have managed to get a few quotes by approaching a whole market broker as previously advised.I am getting slightly higher rates as it is for business purposes.
Being a sum of about £100k apparently they will have to check and ascertain where the fund is going hence I dont think its as simple as just saying "deposit for another property".If it is their criteria that they do not remortgage for business purposes then it might get tricky when they find out where the fund is actually ending up!!
When the remortgage is complete .... do they simply send you a cheque? I never remortgage so I dont know.
they'll just credit the money to your bank account, and have no idea what you subsequently do with it.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 everybody......Much appreciated and keep up the good work !!Berba0
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