What are my chances?

autotim

I need a 2nd mortgage for £150k. I own a property worth £1.2m & have £600k equity in it. All good. However, I've just lost my job. Any ideas?

HappyMJ

How are you going to pay it back? You have enough equity but you need an income to at the very least pay the interest on the mortgage.

_Andy_

autotim wrote: »

I need a 2nd mortgage for £150k. I own a property worth £1.2m & have £600k equity in it. All good. However, I've just lost my job. Any ideas?

Yes, give up this idea.

autotim

Andy, why give up the idea? I have £600k I could realise within 3 months in London. Happy, I will get another job within 2-3 months @ £50k.

Thrugelmir

autotim wrote: »

I need a 2nd mortgage for £150k. I own a property worth £1.2m & have £600k equity in it. All good. However, I've just lost my job. Any ideas?

Sell your property and downsize.

Dave_Ham

When you have that much equity, there will always be someone willing to lend you money.

The costs and rates available will be relevant to your circumstances and therefore very high. You will also be putting immense pressure on yourself to get another job quickly.

High risk but achievable and not going to be anywhere close to high street rates.

Good luck

autotim

Thanks Dave Ham. I know that you don't have much info to go on regarding my personal circumstances but how would you suggest I go about securing the loan and what kind of rates/terms should I expect? Your advice is GREATLY appreciated.

Thrugelmir

Much depends on how you are funding your current mortgage.

Dave_Ham

I would love to be able to tell you where you can achieve and the costs involved, although it would be unfair and unprofessional.

A lot of the potential solutions will be unregulated and there are varying factors to consider in advance. Why do you need the finance, what current rate are you are for the bulk of the mortgage, is there anyone that could potentially be added to the mortgage with an income to achieve lower rates, what does your credit file look like, what professional qualifications/experience do you hold to be so confident about a new job and the finance and these are just a few considerations shooting from the hip.

You are well placed in London as I am confident that there are some creative thinking brokers that would be able to walk you through any potential solutions.

Best of luck