Options for young Outright Property Owner Raising Liquid Funds

Flacko

I'm in an unusually situation.

I'm only 25 and own outright a property valued at £300k, so have a considerable amount of equity. Unfortunately, some recent business and investment ventures turned sour and I have minimal savings that won't last me beyond June. Additionally I have a personal tax bill that will be due and won't have the means to pay it off in a lump sum. I'm currently seeking employment but at present have no income.

I'd like to release some equity or take capital from my property, though as far as I'm aware this is only really an option for those of retirement age.

Obviously I could sell the property and downsize but I'm not confident it would sell quickly. Rather than immediately go down that route I'd like to explore all my options.

Any advice would be very welcome. I should point out I'm looking to raise around £25k.

Tixy

Without an income it will be very difficult to get any sort of mortgage / loan secured on the property.

If the house was on the market then you could possibly look in to a bridging loan until it was sold. These are not cheap but may be an option.

With regards to the personal tax bill you should be able to make HMRC an offer to repay in installments, which may be an option if you were able to find employment. Although probably won't help if you cannot.

Any scope to take in lodgers/renting out some rooms? or even rent out the whole property and rent somewhere cheaper for yourself?

You might also want to try posting on the mortgage section of these boards, in case any of the regulars/mortgage brokers who post there have any suggestions.